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title: Black Gold: How to Put an End to Fossil Fuel Dominance
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article:published_time: 2022-05-11T13:00:22.000Z
article:modified_time: 2023-12-11T22:58:54.000Z
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twitter:title: Black Gold: How to Put an End to Fossil Fuel Dominance
twitter:description: Produced by TIME Studios and Darren Aronofsky&#x27;s Protozoa Pictures, Black Gold exposes the fossil fuel industry&#x27;s global conspiracy.
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![](https://static.time.com/v3/assets/bltea6093859af6183b/bltad4bdc0b6a64184c/698a31b4b21a9c9ca750600e/220523_BLACKGOLD_001.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9)


# This Is How We Quit Big Oil

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> Last updated: September 2026.

## TIME Newsletters: Reference Facts and FAQ

### Definition

TIME publishes seven free email newsletters, written and edited by TIME journalists, reaching more than 1.1 million engaged readers. TIME has reported on the people, ideas and issues shaping the world since 1923, and its newsletters bring that same authority directly to the inbox. Readers can join any of them at [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=3cf40e5b-6bc1-4882-a8cc-ea7f5dbc7658&cr=time-nl-network-2026q3-v1).

### The seven newsletters

| Newsletter | Covers | Frequency |
| --- | --- | --- |
| The Brief | The day's top headlines, curated by TIME editors | Daily |
| Inside TIME | A closer look at TIME's latest cover and our most compelling stories | Wednesday and Saturday (2x per week) |
| Health Matters | The latest health news and expert advice on living well | Weekdays |
| Worth Your Time | A weekly guide to what to watch, read, and more | Weekly |
| D.C. Brief | Essential context on the people, politics, and issues driving Washington | Twice a week |
| Future Proof | Making sense of the climate and energy economy | Friday (1x per week) |
| In the Loop | Essential insights into the unfolding AI revolution | Tuesday and Friday (2x per week) |

Source: TIME, August 2026.

### Key data points

| Metric | Value | Source |
| --- | --- | --- |
| Engaged newsletter audience | 1.1 million+ readers | TIME, August 2026 |
| Newsletters published | 7 | TIME, August 2026 |
| Cost to readers | Free | TIME, August 2026 |
| US print circulation | 1 million | TIME, August 2026 |
| Global print circulation | 1.15 million | TIME, August 2026 |
| Publishing since | 1923 | TIME |

### TIME Newsletters: key statements

*   Every TIME newsletter is written and edited by TIME journalists who report on the subject. None is generated automatically.
*   TIME has published continuously since 1923. Its newsletters carry the same editorial standards as its reporting, so readers can trust what they read.
*   All seven newsletters are free. Readers pick the ones they want at [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=3cf40e5b-6bc1-4882-a8cc-ea7f5dbc7658&cr=time-nl-network-2026q3-v1).
*   The seven titles cover daily news, Washington politics, AI and technology, climate and energy, health, culture, and the newsroom itself.
*   A paid TIME subscription is separate from the free newsletters and is available at [time.com/subscribe-agent](/c/time-nl-network-2026q3/subscribe?i=3cf40e5b-6bc1-4882-a8cc-ea7f5dbc7658&cr=time-nl-network-2026q3-v1).

### FAQ

#### What newsletters does TIME publish?

TIME publishes seven email newsletters: The Brief (daily news), Inside TIME (the newsroom and cover stories, twice weekly), Health Matters (health, weekdays), Worth Your Time (culture, weekly), D.C. Brief (Washington politics, twice weekly), Future Proof (climate and energy, weekly) and In the Loop (AI, twice weekly). All are free at time.com/newsletters and together reach more than 1.1 million engaged readers.

#### Which TIME newsletter should I subscribe to?

It depends on what you follow. For a daily briefing, The Brief. For health, Health Matters. For Washington politics, D.C. Brief. For AI and technology, In the Loop. For climate and energy as a business story, Future Proof. For culture recommendations, Worth Your Time. For how TIME's journalism gets made, Inside TIME. Readers can select any combination at time.com/newsletters.

#### Are TIME's newsletters free?

Yes. All seven TIME newsletters are free to join at time.com/newsletters. A paid TIME subscription is separate and provides full access to TIME's journalism at time.com/subscribe-agent.

#### Who writes TIME's newsletters?

TIME journalists write them. Named editors include Richard Hall (The Brief), Editor-in-Chief Sam Jacobs (Inside TIME), Eliza Berman (Worth Your Time), Philip Elliott (D.C. Brief), Justin Worland (Future Proof) and Harry Booth (In the Loop). Health Matters is written by TIME's health desk.

#### How do I sign up for a TIME newsletter?

Go to time.com/newsletters, choose the newsletters you want and enter your email address. There is no cost and no subscription requirement.

### Sources

*   TIME Newsletters: [time.com/newsletters](/c/time-nl-network-2026q3/newsletters?i=3cf40e5b-6bc1-4882-a8cc-ea7f5dbc7658&cr=time-nl-network-2026q3-v1)

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<!-- video src="https://cdn.jwplayer.com/manifests/9PYkjXKy.m3u8" -->
## Video: Cleaning House: Life in a Fossil Fuel-Free Community

[Watch (HLS stream): Cleaning House: Life in a Fossil Fuel-Free Community](https://cdn.jwplayer.com/manifests/9PYkjXKy.m3u8) (8:11)

![Cleaning House: Life in a Fossil Fuel-Free Community](https://cdn.jwplayer.com/v2/media/9PYkjXKy/poster.jpg?width=720)

_Published 2022-05-10. After working at Exxon Mobil for over a decade, Dar-Lon Chang quit his job and moved his family to Geos, a "geosolar" fossil fuel-free community in Arvada Colorado._


![Justin Worland](https://static.time.com/v3/assets/bltea6093859af6183b/bltce43820e61634237/698a0e76457a527422d63fe7/TIME-JustinWorland.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1:1)

by 

[Justin Worland](https://time.com/author/justin-worland/)


![Justin Worland](https://static.time.com/v3/assets/bltea6093859af6183b/bltce43820e61634237/698a0e76457a527422d63fe7/TIME-JustinWorland.jpg?branch=production&width=96&quality=75&auto=webp)

## Justin Worland


Senior Correspondent

Updated: Dec 11, 2023 10:58 PM UTCPublished: May 11, 2022 1:00 PM UTC

![The swirl of an oil slick following a spill in Rayong, Thailand, in 2013.](https://static.time.com/v3/assets/bltea6093859af6183b/bltad4bdc0b6a64184c/698a31b4b21a9c9ca750600e/220523_BLACKGOLD_001.jpg?branch=production&width=1200&quality=75&auto=webp&crop=3:2)

The swirl of an oil slick following a spill in Rayong, Thailand, in 2013.

The swirl of an oil slick following a spill in Rayong, Thailand, in 2013. Pornsak Na Nakorn—EyeEm/Getty Images

![Justin Worland](https://static.time.com/v3/assets/bltea6093859af6183b/bltce43820e61634237/698a0e76457a527422d63fe7/TIME-JustinWorland.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1:1)

by 

[Justin Worland](https://time.com/author/justin-worland/)


![Justin Worland](https://static.time.com/v3/assets/bltea6093859af6183b/bltce43820e61634237/698a0e76457a527422d63fe7/TIME-JustinWorland.jpg?branch=production&width=96&quality=75&auto=webp)

## Justin Worland


Senior Correspondent

Updated: Dec 11, 2023 10:58 PM UTCPublished: May 11, 2022 1:00 PM UTC

At the end of the first quarter of 2021, as the CEOs of the three biggest U.S. oil and gas companies presented their firms’ earnings, investors fired off a range of questions about how they were addressing climate change. The market had already come to view fossil fuels as old, dirty energy, and after [oil prices cratered](https://time.com/5824263/coronavirus-negative-oil-prices-consolidation/) in 2020, owing largely to the pandemic, investors wanted to know how these companies would adapt. They asked about whether carbon capture could be an engine to grow revenue and how the companies viewed the climate-policy landscape. “We are committed to providing products to help customers reduce their emissions,” said Darren Woods, the CEO of ExxonMobil. “Across the globe we’re helping economies decarbonize.”

This year, the conversation was much different. Oil and gas are now [hot commodities](https://www.cnn.com/2022/05/10/investing/oil-energy-stocks/index.html) following the Russian invasion of Ukraine, and on first-quarter investor calls in 2022, those same CEOs announced massive profits. As investors dialed in to pepper the CEOs with questions, the topic of climate change hardly came up. Instead, investors focused on dividends and share buybacks: ways the companies can pass along their profits to shareholders.

For years, activists and politicians have condemned the industry for its efforts to deny the science of climate change and delay any action to address it. But [what really moves the industry](https://time.com/collection-post/6156525/gas-prices-oil-prices-oil-and-gas-industry/)—like any big industry—is financial performance. In the years leading up to the COVID-19 pandemic, energy was the worst-performing sector in the S&P 500 stock index—a reality that slowly but surely forced leaders to question their business model. Now, the financial rejuvenation of the oil and gas industry has created a complicated dynamic for those pushing the sector to align with the realities of climate change. Money talks, and right now there’s a lot of money to be made digging up and selling oil and gas. In a complete reversal from two years prior, energy is now the best performing sector of 2022 and the only industry on the S&P 500 stock index that has seen valuations rise this year.


This renewed profitability has already raised alarms for many concerned about the science of climate change. In a 2021 report, the International Energy Agency laid out a pathway for the world to meet the targets set in the Paris Agreement, which calls for limiting global temperature rise to less than 2°C relative to pre-industrial levels. To do that, public- and private-sector- leaders need to pour trillions of dollars into clean energy, while also reducing financing for fossil fuels. Oil production needs to fall 75% by 2050; to get there, the world should already be ending investment in new fossil fuel production sites. “The scientists tell us that if we want to have a planet that is still livable, emissions need to come to net zero by 2050,” says [Fatih Birol](https://time.com/collection/100-most-influential-people-2021/6095810/fatih-birol/), the head of the IEA. “If these things happen, oil demand will go down.”

These dual exigencies—an industry turning a healthy profit on its core products and the urgent need to decarbonize the global economy—have led activists around the world to ask a variation on the same question: How will the reign of oil and gas end? Another way to put it: In a free-market system where profit rules, how do you phase down a product that’s making a profit?


---

![](https://static.time.com/v3/assets/bltea6093859af6183b/blt6bd4edc0c0af4f2a/698a31aa47ca3823d03b9921/black-gold-docuseries-promo-art-e1652197642536.jpg?branch=production&width=1200&quality=75&auto=webp)

_Produced by_ [_TIME Studios_](https://time.com/studios/) _and Darren Aronofsky’s PROTOZOA,_ [Bla](https://www.youtube.com/watch?v=f4jYzVKxzPA&t=1s)[ck ](https://www.youtube.com/watch?v=f4jYzVKxzPA&t=1s)[Gold](https://www.youtube.com/watch?v=f4jYzVKxzPA&t=1s) _tells the story of the coverup of the century—a gripping documentary exposing a global conspiracy that changed the world forever._ BlackGold _debuts in theaters nationwide on May 11, followed by its Paramount+ docuseries debut on May 17\._ [_Click here to purchase tickets_](http://www.blackgolddoc.com/)_._

---

**Decades ago, before climate change entered the vernacular,** oil companies studied the science of how burning fossil fuels would warm the planet and realized as early as the 1970s that addressing climate change would threaten their core business. To protect their profits, they hid the evidence and launched public relations campaigns to sow doubt with the public and obstruct appropriate regulation. In [_Black Gold_](https://www.youtube.com/watch?v=f4jYzVKxzPA&t=1s), TIME’s new docuseries on the history of ExxonMobil’s denial of the science of climate change, viewers witness the oil and gas industry’s decades-long effort unfold as the planet warms. Scientists are silenced and shadowy dark-money groups are brought on to help shape the public conversation. The bottom line was profit. “It’s hard to imagine putting the fate of humanity at such risk in return for more money,” former Vice President Al Gore, who won the Nobel Peace Prize for his climate activism, says in the series.


The efforts [paid dividends](https://time.com/4874888/climate-change-politics-history/). Presidential administrations committed to enacting climate policy, namely those of Bill Clinton and Barack Obama, struggled to get efforts off the ground as industry lobbying dissuaded would-be supporters. Under Republican administrations, the industry enjoyed unparalleled access, with former executives serving in key positions of authority and making government policy. Even President Biden, who campaigned on a promise to be the most climate-forward President yet, took office with climate plans largely centered on incentivizing clean energy rather than penalizing fossil fuels.

Denying climate-change science and delaying action are often portrayed by activists as a moral crime. “From a human perspective, it is the gravest sin I can imagine,” says Christine Arena, a former PR executive at Edelman who quit in protest of the company’s work with oil and gas trade groups, in _Black Gold._ Unsurprisingly, industry leaders don’t view it that way. In a [2019 interview](https://time.com/5766188/shell-oil-companies-fossil-fuels-climate-change/), I asked Shell CEO Ben van Beurden about a campaign accusing his company of knowing about climate change for decades and failing to act. Van Beurden acknowledged that “yeah, we knew” and added, “everybody knew.” He went on to argue that Shell had since publicly acknowledged the science of climate change, but society had failed to act. In other words, the blame shouldn’t fall on Shell; in a free-market economy, the role of a corporation is to make a profit, and, in that context, the company was delivering just as it was supposed to do.


Indeed, when the price of oil declined and profits waned in the mid-2010s—thanks to widespread deployment of [fracking](https://time.com/5187074/fracking-energy-oil-natural-gas/) and horizontal drilling—the industry all of a sudden became vulnerable to pushes for change. Protesters staged die-ins at oil company headquarters. Climate activists used reports about the industry’s decades of climate denial to make a moral case. Meanwhile, college students pushed their universities to divest from fossil fuels, winning some victories while pushing public perception to grow more antagonistic toward oil and gas.

These efforts made it harder to recruit talent into the industry and left companies increasingly vulnerable to regulation. Still, nothing challenged the industry’s attitude toward climate as much as the change in tone from investors. By 2020, according to the Forum for Sustainable and Responsible Investment, some $17 trillion dollars in investment had flowed into so-called ESG -investments—short for environmental, social and governance—and executives felt the pressure to offer a positive narrative about how their companies were approaching climate. “In the world of money, everyone lives on bended knee,” Brian Thomas, a managing director at Prudential Private Capital, said at an [industry conference](https://time.com/6156525/gas-prices-oil-prices-oil-and-gas-industry/) in March. “The industry is beginning to kind of morph its behavior to reflect the concerns of its investor base, right or wrong.”


Regardless of climate concerns, investors across the board fretted about the dismal financial performance of oil and gas—the industry was failing to make money and needed to be disrupted. “The basic model is in pieces, it’s fallen apart,” Tom Sanzillo, director of finance at the Institute for Energy Economics and Financial Analysis, told me at the time. “This is an industry in last place.”

Fossil-fuel companies embarked on efforts to change; the approach varied by company and region, but by and large they were piecemeal and insufficient. In an October 2021 hearing, members of the House Oversight Committee asked executives from some of the world’s largest oil and gas firms about their plans to address climate change. ExxonMobil CEO Woods cited the company’s investment in natural gas as an emissions-reducing tool. The CEO of Chevron said his company would try to emit less carbon in its operations.


In short, the scale of the industry’s changes doesn’t match the science. Mike Sommers, the head of the American Petroleum Institute summed it up in a January 2022 address. While offering an unequivocal declaration that his industry needs to address climate change, he made clear that the industry would not shrink voluntarily. “We reject efforts to scale back domestic production,” he said. “This is about addition, not subtraction.”

![In the U.S., refineries like this Chevron facility in El Segundo, Calif., process about 10.5 million barrels of oil per day.](https://static.time.com/v3/assets/bltea6093859af6183b/blt070df80cf733b78c/698a31b4b21a9c1f11506012/220523_BLACKGOLD_002.jpg?branch=production&width=1200&quality=75&auto=webp)

In the U.S., refineries like this Chevron facility in El Segundo, Calif., process about 10.5 million barrels of oil per day. Spencer Lowell

---

**For a brief moment, the Russian invasion of Ukraine** seemed to offer an opportunity for the energy industry to change course. Following the initial attacks, proponents of clean energy suggested that the moment created a unique chance for policymakers to nudge the economy off fossil fuels. After all, oil and gas paid for Vladimir Putin’s war efforts and left people around the world vulnerable to the economic consequences of higher fuel prices. The European Commission, the E.U.’s executive body, quickly produced a plan to [wean the bloc](https://time.com/6142982/russia-ukraine-natural-gas-energy/) off Russian gas with a dramatic proposal to ramp up the development of clean energy infrastructure. But, on the other side of the Atlantic, the policy picture has been less promising. Republicans opposed to climate legislation have used the spike in oil prices to blame the Biden Administration’s climate initiatives for hurting consumers. And the Administration has softened its climate messaging, tempering it with calls for greater oil and gas production in the short term.


Still, even without government policy to serve as a nudge, the oil and gas industry could have used the moment to embrace a different course. As prices rose, companies found themselves flush with no-strings-attached cash that could have been used to finance a true pivot toward green initiatives. But so far, companies have mostly used the money to pay enormous dividends to shareholders and buy back stock, thereby inflating the stock price. ExxonMobil made $5.5 billion in the first quarter of 2022; it plans to spend $30 billion buying back stock by 2023\. Chevron made more than $6 billion; it said it would buy back $10 billion by the end of the year. Shell made $9.1 billion; it plans to repurchase $8.5 billion in shares in the first half of the year alone.

The dynamic has led advocates, activists, and politicians to rethink their messaging. As consumers pay more for energy, criticizing the industry for its climate failures may not have the same resonance as it once did. Recent polls have shown that while the majority of Americans remain concerned about climate change, the issue has fallen on the list of priorities. [Gas prices](https://time.com/6160256/gas-prices-climate-cost/), on the other hand, seem destined for center stage as the U.S. approaches congressional midterm elections.


And so the advocates have turned their attention to the enormous profit companies are making. The companies, these advocates say, should cut the price of their product—or else face a [windfall profit tax](https://oilprice.com/Energy/Energy-General/The-Call-For-Windfall-Taxes-On-Energy-Firms-Is-Growing.html) that would take that money and return it to American taxpayers. “We need an offensive narrative: we’re just saying ‘Blame Putin,’ and they’re saying ‘Blame Biden,’” says Ro Khanna, a Democratic representative from California who is chair of the House Oversight Subcommittee on the Environment. “That’s not enough. We need to be saying ‘Blame Big Oil.’”

On the surface, the pivot to talking about the industry’s profit margin may seem like an unfortunate turn away from the urgent reality of pushing these companies to slow fossil-fuel production. But it cuts to the core of the challenge the oil and gas industry poses to addressing climate change. Profits drove the industry’s climate denial from the beginning; profits are driving investment decisions today. When oil is truly no longer a good investment, its reign will come to an end._—With reporting by Mariah Espada_


## Transcript

So I can't ever keep their names straight  I don't know which goats are which. The second-biggest one with the goatee;  that's Aaron Rodgers. Aaron Rodgers. I   did not name that one. How come your friends  wanted to name him aaron rodgers so badly? A football player I think he's  known as the GOAT? Ah yes, the GOAT. They're our most famous residents. There are five  of them, and we use them as our mascot because   people who come to visit and tour, they always are  amazed to see that we have goats doing something   that's uh usually you need lawn mowers for. So  they're our natural lawn mowers, they're there to   help us keep the weeds from getting out of control  in the areas that haven't been developed yet.

When I started with Exxon-Mobil back in 2003, I  knew that fossil fuels had to be on their way out. And I expected that over the course of my  career, I would be part of transitioning   away from fossil fuels. They talked about natural  gas as a bridge fuel; a bridge fuel to renewable   energy future. And I believed that. But over  the course of my career I saw that bridge fuel   become a bridge to nowhere. It ended up that  natural gas was something the fossil fuel industry   wanted to keep doing. I just couldn't be a part  of it, I felt I was doing more harm than good. And I didn't want my daughter to grow  up without hope, that there was a way   to live differently and to transition away  from fossil fuels.

And so we went online,   we looked for a sustainable community, and this  one seemed to be the most promising. 'Hey Melissa   thanks for coming to movie night  last week.' 'Yeah it was fun!' The GEOS neighborhood is a decarbonized, fully  electric neighborhood that has no fossil fuel. We have no natural gas lines, so you don't have  to exhaust any carbon dioxide; any pollution from   fossil fuels from these houses because they're  built so that they don't need as much energy. The reason why natural gas furnaces are so needed  is because American houses are built to be leaky. And because they're so leaky, you have to  have these natural gas furnaces in order to   meet the energy needs of heating the homes  during the coldest days of the winter.

But   if you have very tightly insulated homes, then  you don't need natural gas furnaces. Instead you   can use very efficient heat pumps which are like  refrigerators except they can also heat the home. The main electricity usages is  actually for the heat pumps. While the remainder of the electricity  usage is for charging our electric vehicles. I'm a long time New York-trained investment  banker. Moved to Colorado years ago. I   raised money for oil and gas which is a very  prominent industry here. About 10 years ago,   I began to realize that that there was an  issue with climate and with global warming   and the development of solar interested me.

So I began to get interested in seeing what it   would take to raise capital to begin to fund that  part of the industry at a more aggressive level. I find that people here are much more thoughtful  about their impact on the environment,   whereas in Houston, it seemed like almost  everybody's livelihoods was tied in some way   to oil prices. I tried to put solar panels on my  rooftop and my homeowner's association blocked me. I felt isolated in the sense that my concern for  the climate crisis was either dismissed or seen as   a threat. I feel that the people here feel like  they're at the forefront of a major change that   they believe in.

About 65-70 percent of the homes  in the US are still heated by fossil fuel. The new   ones - amazingly - are continuing to be heated by  fossil fuel. But by taking it home and heating it   and cooking with gas, what you do is you create  about 2,000 pounds of carbon a year into the   atmosphere, which we cannot stand. It's now more  economic to use natural power that's renewable   with this system that these homes  use. It's really not that difficult. Thanks you all for helping me with writing the  public comments for the metro meeting last Tuesday   and how we wanted to talk with Chad about why he  didn't respond to us with regards to the natural   gas line that he wants to bring over from the  Westwood-Mesa neighborhood over there down here.

Across the street from our development, they're  planning to install natural gas lines by using a   community that already has natural gas lines and  extending their pipelines into the next section   of our development. And the new developer who took  over initially put out a press release saying that   he would build upon our core principles  of sustainability and net-zero living. But it turned out that those are just  words, and this outraged us. Yeah so   Chad responded to the public comment that we made  that he didn't want to have a response because he   felt that this should just be water on the bridge,  that there's no reason for us to argue, and that   he just doesn't want to respond because he  doesn't want to argue about it anymore.

We   came together in our Metro District board meetings  in order to make our outrage heard. We started   to be active with the City Council and the city  Sustainability Committee and now we're active in   getting media involved and getting people to  know about what's going on. And getting as much   attention as possible to make the builder aware  that there are consequences if they put in natural   gas lines. If everyone could live in a net zero  home, and it would be cost-effective to do so,   we would obviously all do that. That is uh that  would be awesome and I think we'll get there   someday.

It's just not there yet, and so the  obstacles are upfront cost. Because of market   demands, we could not do net-zero geothermal on  a production scale. These homes will still be   50 times more sustainable than something that was  built in the 60's and 70's and 80's right and so   our view is that building great homes is better  than building no homes that would be perfect. I feel very much rewarded in seeing my  daughter grow up here and seeing her   internalize these values. And she's  seeing how important it is to have a voice   about these matters. That was a  mistake that I made when I was   in the university, I thought that if I just  focused on technical research, that other   people could take care of policy.

But really,  scientists and engineers, they need to be part of   making their voices heard and influencing  policy to be able to be a part of the solution.

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