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TUESDAY, NOVEMBER 24, 2009
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15

Big Oil Blows Off Obama's Clean-Energy Push

Firms say alternatives won't replace oil anytime soon

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(Newser) – As the Obama administration seeks to spearhead a $150 million clean-energy overhaul, oil firms are conspicuously not getting on board—they're staying on the sidelines and, in many cases, betting against it, the New York Times reports. Shell is freezing its development work on wind, solar and hydrogen power, after selling its solar businesses and pulling out of a huge wind project. BP has been shrinking its renewable-energy efforts since 2007, and Exxon Mobil is ignoring the initiative.

The firms argue that while clean energy is a good goal, it's not near-term enough to be an imperative. Exxon says the proportion of hydrocarbon in global energy supplies will barely change by 2050. “In my view, nothing has really changed,”  Exxon Mobil's CEO said after the presidential election. “To hang the future of the country’s energy on those alternatives alone belies reality.”

In this Jan. 31, 2009 file photo, Rex Tillerson, Chaiman and CEO of Exxon Mobil Corp. speaks during the World Economic Forum in Davos, Switzerland.
In this Jan. 31, 2009 file photo, Rex Tillerson, Chaiman and CEO of Exxon Mobil Corp. speaks during the World Economic Forum in Davos, Switzerland.   (AP Photo/Michel Euler)
An Exxon tanker truck makes a refueling stop at an Exxon station in Arlington, Va., Friday, Jan. 30, 2009.
An Exxon tanker truck makes a refueling stop at an Exxon station in Arlington, Va., Friday, Jan. 30, 2009.   (AP Photo/J. Scott Applewhite)
A sign at a BP gas station is seen in London, Tuesday, Oct. 28, 2008.
A sign at a BP gas station is seen in London, Tuesday, Oct. 28, 2008.   (AP Photo/Kirsty Wigglesworth)
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15 comments
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Doctor_Zaius
Apr 8, 09 8:25 AM CDT
This "Telephone" has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us. -Western Union Internal Memo, 1876. Reply
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Robert_Dada
Apr 8, 09 8:38 AM CDT
LOL - That was priceless. Bravo!
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Anonymous
Apr 17, 09 11:55 AM CDT
This explains what they are doing. Good to know how history repeats itself.
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Robert_Dada
Apr 8, 09 9:06 AM CDT
"Wind. Solar. Hydrogen. Why, those would be ubiquitous for millions of years. How could we ever make them scarce enough to rape the public of what little wealth we let trickle down to them? No, we're sticking with hydrocarbon. And water, yeah water - We need to make sure we own as many water rights as possible as it becomes more and more scarce and what better way to do that than to keep people paying through the nose for hydrocarbons" - Source: Big Oil Gang Bang Orgy, 2008. Reply
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woody66
Apr 8, 09 1:03 PM CDT
Don't believe Tillerson. ExxonMobil is spending a lot of cash on renewable energy R&D. They want to keep it low key to get a competitive advantage on the rest of big oil....but please be rational in your thinking about big oil. Exxon and others are publicly held companies with shareholders and debtholders like every other company. They are not darth vader behind the black curtain. They act in a rational capitalist way, investing money where they believe it will return the most for their shareholders. It boggles the mind when some complain about these oil companies who deliver a highly refined product like gasoline for less than the price of bottled water and spend billions limiting emissions. What more do you want ? The profit rate (% return on assets) is no bigger than other companies such as bottled water co's. It's just that you need a huge global enterprise to find oil, extract it from the ground, process it and get it to market so the annual profits are bigger in good years.This is capitalism working well. Making a profit, providing jobs and delivering value for consumers.....otherwise we'd be riding bicylces. Some need a darth vader to fight in order to justify their "cause" I guess. All I ask is that you think logically rather than letting emotion and ideology rule your view. Reply
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