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25 Oct, 2019 11:25

Why is the largest US oil company going on trial? RT’s Boom Bust explores

Why is the largest US oil company going on trial? RT’s Boom Bust explores

US oil giant Exxon Mobil is being sued for misleading investors and consumers for decades about the role fossil fuels play in climate change.

Boom Bust talks to oil and gas historian Doug Elenbaas about the historic climate fraud case.

“For quite a number of years Exxon understood the impact of fossil fuels and climate change,” the expert says, adding that the company recognized “the cost of carbon was going to be going up.” 

However, Exxon kept that valuation lower for investors so that people would buy the stock, Elenbaas explained.

New York accused the oil firm of defrauding investors out of up to $1.6 billion.

For more stories on economy & finance visit RT's business section