Crude Oil is one of the most in-demand commodities. In January, a lawsuit targeting the oil market was brought to the Supreme court. The case was brought by the city of Baltimore against 20 major oil and gas companies including BP, ExxonMobil and Shell.
The government argued that the fossil fuel giants must pay for the costs of climate change, and the reason here was that the fossil resource products could bring catastrophic global warming. "These cases have the potential to be quite powerful if they finally see their day in court," says Karen Sokol, a law professor at Loyola University of New Orleans who has written about climate cases.
According to The Wall Street Journal reports, recently, The Supreme Court ruled this case to be moved to a federal court. And this could be considered a big win for the defendants. This case may not shake the price of oil, however, we should be aware that some other industry giants are not friendly with fossil resources, like Toyota and Tesla. As we know, Elon Musk has the power to shake Bitcoin with a Tweet, so one day, he may aim at fossil energy resources one day. This can only mean one thing for Crude Oil.
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