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Leonardo DiCaprio visits Tesla's Gigafactory

Leonardo DiCaprio visits Tesla's Gigafactory

(3:00) Only 100 Gigafactories are needed to power the world! Elon Musk explains the role of the Gigafactory in the transition to a world powered by renewable energy.

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FactCheck FactCheck (296 days ago)

"The fossil fuel industry is the biggest industry in the world."

1. Retail and Food - $5300 billion

2. Alcohol Industry - $1161 billion

3. OPEC Revenue - $1027 billion

If, by the biggest industry, you mean those which the average person spends the most money on, then automobile, housing, telecommunications, and pharmaceutics are large too. Combine all your energy expenses each month and compare it to how much you spend in housing, for example.

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Original comment

"The fossil fuel industry is the biggest industry in the world."

1. Retail and Food - $5300 billion

2. Alcohol Industry - $1161 billion

3. OPEC Revenue - $1027 billion

If, by the biggest industry, you mean those which the average person spends the most money on, then automobile, housing, telecommunications, and pharmaceutics are large too. Combine all your energy expenses each month and compare it to how much you spend in housing, for example.

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Guest: (295 days ago)

OPEC does not equal the fossil fuel industry. Keep on checking.

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Original comment

OPEC does not equal the fossil fuel industry. Keep on checking.

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FactCheck FactCheck (295 days ago)

If you disagree with me, then why don't you enlighten us with what you claim is the dollar amount associated with the fossil fuel industry.

But like I said in my comment, most people spend more money on housing and cars than they do in energy costs each month. Check your own stats. Add up your electric, oil, and gas bills and tell us if that's greater than or less than your rent or mortgage payments.

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Original comment

If you disagree with me, then why don't you enlighten us with what you claim is the dollar amount associated with the fossil fuel industry.

But like I said in my comment, most people spend more money on housing and cars than they do in energy costs each month. Check your own stats. Add up your electric, oil, and gas bills and tell us if that's greater than or less than your rent or mortgage payments.

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Guest: (294 days ago)

I'm not really a fact checker, but what the heck. Adding up the revenue of these companies would be a start. LINK

That amounts to 5.8 trillion. Then one has to add the coal producers, which I'll be leaving to the professionals fact checkers.

(On a side note, I don't think revenue is the right way to measure the size of an industry. Imagine an industry producing a product worth 1 trillion/year, with annual costs amounting to 100 billion. Let's call this industry A. Then you have an industry B buying all the products of industry A for 1 trillion/year and reselling it to the consumers for 1.1 trillion/year.

Industry A has a revenue of 1 trillion/year, while industry B has a revenue of 1.1 trillion/year. Yet industry A is clearly the largest industry.

The fossil fuel industry is similar to industry A, and the retail and food industry which you listed on top, is similar to industry B. And the financial sector which is not even on your list, is industry B on steroids.)

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Original comment

I'm not really a fact checker, but what the heck. Adding up the revenue of these companies would be a start. LINK

That amounts to 5.8 trillion. Then one has to add the coal producers, which I'll be leaving to the professionals fact checkers.

(On a side note, I don't think revenue is the right way to measure the size of an industry. Imagine an industry producing a product worth 1 trillion/year, with annual costs amounting to 100 billion. Let's call this industry A. Then you have an industry B buying all the products of industry A for 1 trillion/year and reselling it to the consumers for 1.1 trillion/year.

Industry A has a revenue of 1 trillion/year, while industry B has a revenue of 1.1 trillion/year. Yet industry A is clearly the largest industry.

The fossil fuel industry is similar to industry A, and the retail and food industry which you listed on top, is similar to industry B. And the financial sector which is not even on your list, is industry B on steroids.)

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FactCheck FactCheck (294 days ago)

I added all those numbers up and came up with 5759.521. Not sure how helpful that is for you. Some of those companies drill for oil, others refine the oil. Without looking up what all the companies do, some might deliver and some might sell to the consumer. Since that is based on revenue, you need to determine the revenue to the final consumer just like you do with GDP otherwise you're duplicating figures.

For example, if you sell a loaf of bread for $1, but it has ingredients like the eggs for $0.10, flour for $0.30, and sugar for $0.20, your method is adding up all those figures to come up with a total of $1.60 for the food industry. However, the final product to the consumer is only $1. This is basic economics that they teach in freshmen year college.

Again, if you disagree with my numbers, then provide your own. Otherwise, I will continue to disagree that the fossil fuel industry is the biggest industry in the world.

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Original comment

I added all those numbers up and came up with 5759.521. Not sure how helpful that is for you. Some of those companies drill for oil, others refine the oil. Without looking up what all the companies do, some might deliver and some might sell to the consumer. Since that is based on revenue, you need to determine the revenue to the final consumer just like you do with GDP otherwise you're duplicating figures.

For example, if you sell a loaf of bread for $1, but it has ingredients like the eggs for $0.10, flour for $0.30, and sugar for $0.20, your method is adding up all those figures to come up with a total of $1.60 for the food industry. However, the final product to the consumer is only $1. This is basic economics that they teach in freshmen year college.

Again, if you disagree with my numbers, then provide your own. Otherwise, I will continue to disagree that the fossil fuel industry is the biggest industry in the world.

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Guest: (294 days ago)

For one who equates OPEC with the fossil fuel industry, you sure pretend to know a lot about the oil industry. Historically, the oil companies have been vertically integrated, meaning that the same companies that produce the oil, refine it and sell it to you at your local petrol station. But these days the oil companies spin off and sell out some of their downstream activities, so you actually have a fair point.

Like a true fact checker, I went to the CIA factbook and got the annual production of oil, natural gas and coal, and multiplied that with the respective prices. Unprocessed, the annual oil production is worth 1.6 trillion, and the coal and natural gas production 1/3 trillion each. That's a total of 2.3 trillion. Retail prices after refinement and distribution, I would guesstimate to be around 75% higher (gasoline is close to 100% higher, natural gas and coal probably way less). This adds up to 4 trillions/year.

Btw, the CIA factbook says that 6.4% of worldwide GDP comes from the agriculture sector. This is 7.6 trillions/year.

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Original comment

For one who equates OPEC with the fossil fuel industry, you sure pretend to know a lot about the oil industry. Historically, the oil companies have been vertically integrated, meaning that the same companies that produce the oil, refine it and sell it to you at your local petrol station. But these days the oil companies spin off and sell out some of their downstream activities, so you actually have a fair point.

Like a true fact checker, I went to the CIA factbook and got the annual production of oil, natural gas and coal, and multiplied that with the respective prices. Unprocessed, the annual oil production is worth 1.6 trillion, and the coal and natural gas production 1/3 trillion each. That's a total of 2.3 trillion. Retail prices after refinement and distribution, I would guesstimate to be around 75% higher (gasoline is close to 100% higher, natural gas and coal probably way less). This adds up to 4 trillions/year.

Btw, the CIA factbook says that 6.4% of worldwide GDP comes from the agriculture sector. This is 7.6 trillions/year.

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FactCheck FactCheck (294 days ago)

You put guesses in your figures but that's okay because it's still less than the Retail/Food industry which makes Musk's comment wrong.

If the Agriculture sector in your research is 7.6 trillions a year, that inflates my figures for Retail/Food even more. Puts the fossil fuel industry below half of that industry.

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Original comment

You put guesses in your figures but that's okay because it's still less than the Retail/Food industry which makes Musk's comment wrong.

If the Agriculture sector in your research is 7.6 trillions a year, that inflates my figures for Retail/Food even more. Puts the fossil fuel industry below half of that industry.

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Guest: (294 days ago)
Latest comment:

I am just pointing out that OPEC does not equal the fossil fuel industry.

But as I said revenue is probably not the right way to look at this. I believe EBIT would be a better estimate for the value added by an industry and hence the size of that particular industry. I wouldn't be surprised if Elon is right.

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Original comment
Latest comment:

I am just pointing out that OPEC does not equal the fossil fuel industry.

But as I said revenue is probably not the right way to look at this. I believe EBIT would be a better estimate for the value added by an industry and hence the size of that particular industry. I wouldn't be surprised if Elon is right.

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