Wednesday, May 30, 2007

Exxon to Discuss Alternative Energy

Today the shareholders at Exxon Mobile meet to discuss the future of their investments into the development of alternative energy sources. Of course, company management does not think it to be a profitable endeavor and will discourage shareholders from proposing such investments, citing them as unprofitable and unnecessary.

In it’s yearly proxy statement Exxon said “The corporation’s traditional business areas remain critical and promise far greater value than renewables, which currently lack the scale and economic competitiveness of our core business opportunities”. It makes sense that a company that specializes in fossil fuel production and distribution would make this statement, but the portion regarding the scale and economic competitiveness is somewhat true, unfortunately. The possibility that Exxon’s shareholders could decide to invest in more R&D would be a monumental business move in the green direction, but still looks unlikely. It’s just progressive that they’re even bringing it up at the meeting!

With over $300 billion in sales in 2006 and record profits in the last quarter of 2006, Exxon mobile has the revenue and means to research and develop many types of alternative energy…so here’s hoping the shareholders think of the world as well as their pocketbooks.

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