Sometimes I feel like the curtains are parted just a little bit and us mortals are given a glimpse at what makes the world go 'round. Yesterday a moment like that happened for me as I was listening to Marketplace
. During a report on the insane profits ExxonMobil reported for the second quarter, reporter John Dimsdale spoke with energy consultant Philip Verleger, who is often quoted in the media on oil and energy issues. Verleger explained what the market (investors, Wall Street, etc.) expects from companies like Exxon: "What we do not want is for Exxon to go off and start pursuing new technologies. They did that once, they weren't successful. What we want Exxon to do is find oil. If they find the oil, and add refining capacity, we'll have lower gasoline prices."
Sigh. So many investors want oil, oil and more oil, nothing more. And the system is set up so that companies will keep giving it to them. The great and wonderful market.