Drill Baby, Drill

So why doesn't 'big oil' diversify and use some of its wealth and expertise to find [fill in your favorite cuddly adjective - clean, renewable, alternative, sustainable, holy] energy technologies to replace their "reprehensible" products? Exxon Mobil CEO Rex Tillerson says it's because if his company were to go into that field then congress would immediately cancel the tax subsidy. Actually what they would do is they would just cancel it for us," he said. He added: “In reality, that is what I fear would happen. So we are not going to go into investments that are dependent on a government providing a tax system to make them viable.”

By the way, Exxon said it was increasing its capital budget by 11% and will spend $29 billion next year on finding, drilling and refining fossil fuels and chemicals. So, they’re not planning on going anywhere, anytime soon.

Oil and Energy Posted by JohnGalt at April 27, 2009 1:48 PM