ExxonMobil $pending ten$ of billion$ to locate more oil

While the amount of energy the world demands every year is tremendous, the cost of finding and purchasing that energy is just as staggering. According to this article, ExxonMobil plans to spend between $25 and $35 billion every year for the foreseeable future in search of more oil. Even as established oil reserves dry up, the company is finding more oil through their new operations than they have been losing from closing their old ones. With $40.6 billion dollars in profits last year, the company surely has plenty of cash on hand to go out and search for even more crude.

Although Exxon Mobil is spending a pile to discover new oil sources, the amount pales in comparison to the $1 trillion in total money that the world will spend on new energy projects in the coming years. We wish that more of that money were being spent on alternatives to oil, but, as this article points out, we will undoubtedly consume all of the oil that anyone can find.

[Source: CNN Money]

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