"Rockefeller family members, whose patriarch founded Exxon Mobil's corporate ancestor, Standard Oil, said they backed the proposal out of concern about Exxon Mobil's strategy and what they see as the company's refusal to accept new ideas — notably investment in alternative and renewable energy beyond funding research." quote from Tillerson, Exxon Mobil chairman and CEO "Continuing to do everything we can to supply oil and natural gas is the core of our business. That's what we have been doing for 125 years. We are not going to abandon that when we know it is a requirement society has in the future," he said. ''Whether people like that or not, that's just a fact. You can run, but you can't hide. That's what you're going to be using 25 years from now." i think the CEO just came up with Exxon's slogan for the next generation---"you can run but you can't hide" maybe to the tune of "disco inferno" Exxon Mobil leader keeps chairman and CEO posts | Chron.com - Houston Chronicle
I am not the biggest fan of "Big Oil", but that is not exactly an accurate picture. It is more about Exxon and their indifference to marketing their efforts in this area. Oil companies are some of the biggest $ supporters to R&D in renewable energy. With most of them, it comes down to subsidies and unproven markets. BP and Chevron are prime examples. Actually the amount of $ being spent on R&D is staggering and most energy guys realize it is the future. Exxon, money, and alternative energy - Aug. 22, 2006
They don't want to research it because it is about the bottom line. They know it is the future. Basically their strategy is to let someone else pay for the research, then when the technology and know how is there and it is profitable, they will buy the company with the technology and go from there. They are in the business of making money, not making others have a warm fuzzy feeling about them. Right now there is no profitable alternative and they don't want to spend the money to research for it because they don't have to, when others will and they can buy the tech./company at a later date.
Why not, they have been saying that for a long time. All he is saying is show us where the money is and we will make money there. Right now the money is in oil and when it moves to the "alternative" energy then they will make their money there too. I agree it is a little shocking to say it the way he did this time, I just don't think it is anything they haven't already been saying. He is just being more blunt.
There definitely is that possibility. There is also the possibility that they are snoozin' and they are losin'. Time will tell. The early bird gets the worm, but the second mouse gets the cheese.
Exxon is not going to miss the boat. Yes, they are profiting huge on an industry that is doomed to extinction. But does anyone really think they don't know that or are not prepared to change course when either alternative fuel becomes profitable or oil becomes less profitable? Fact remains that "Big Oil" as the title alludes, is not fighting renewable energy but instead pumping huge $ into R&D, while profiting on their main business - oil. Remember, they are trying to make money for their stock holders and seem to be doing an adequate job. While Exxon may seem indifferent, they will not go the way of the dodo bird.
