ExxonMobil - no alternate energy plans

ExxonMobil, which stunned Americans on Thursday by reporting nearly $10 billion in profit for the third quarter, says it has no plans to invest any of those earnings in developing alternative or renewable energy — something other oil companies do.

The Sierra Club, an environmental group often critical of the auto and energy industries, said : "Americans want clean sources of energy that protect public health, reduce pollution, curb global warming, and save consumers money. Instead, ExxonMobil has worked to make America more dependent on oil."

Investments by oil companies in alternative and renewable fuel development are common, which makes Exxon's stance stand out. For instance Shell, which reported third-quarter earnings of $9.03 billion, up 68% from a year earlier, has a unit dedicated to solar and wind energy. It's called Shell Renewables, and the energy company considers it one of its five core business operations.

(2005-10-28 17:56:25 SGT) [Energy] Permalink Comments [1]

Comments:

USA Today thinks that Americans were "stunned" that ExxonMobil made record profits the past quarter?

When Hurricane Katrina ripped through the Gulf of Mexico, the "front month" futures for unleaded gasoline (petrol) jumped from $1.85/USGallon to $2.41/USGallon in the space of five days. Retail pump prices followed about two days behind the futures prices.

But when the futures prices began dropping again last month, the retail prices did NOT follow. Front month futures for Unleaded gas closed yesterday at under $1.60/gallon - 25 cents BELOW the pre-Katrina prices - but across the country, unleaded gasoline is still selling for well ABOVE the pre-Katrina retail prices.

There's been a lot of news coverage of this disparity, and I can't imagine that the average American is at all "stunned" by EM's profit windfall. I think that the correct word is "outraged."

Posted by Doug on October 29, 2005 at 01:34 AM SGT #

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