Money talks, but how can we know what it's saying? Exxon Mobil is investing $600 million into a 5- to 6-year algae biofuel project with biotech company Synthetic Genomics. The biofuel will be made from "sunlight, water and waste carbon dioxide by photosynthetic pond scum," writes the New York Times. After the first $600 million is used and if the technology appears to be wor
If you know what the acronym VMT stands for, then this story probably won't come as much of a surprise. VMT stands for vehicle-miles traveled, and Americans drove their VMT numbers way, way down last year. VMT is just one way to measure demand for oil, and the decrease in VMT plus the rise of fuel-efficient vehicles - and f
First, let's get the hard data out of the way: Exxon's $11.68 billion of profit last quarter was the highest ever recorded by any company, topping it's own previous record from the last quarter of '07. For those who like to keep track of such things, that is nearly $90,000 a minute; $1,500 every second. That's a lot of dough, for sure, but it is actually not as high as some investors were expecting, causing a bit of a sell-off this morning following the earnings announcement. It seems that some
General Motors has fallen once again on the Fortune 500 list of America's top-grossers. The General had once stood strong atop the rankings, having fallen from the top spot in 2001 at which time Wal-Mart took over. For the last few years, Exxon-Mobil and the big box retailer have battled for the first two positions on the list with GM claiming third place. This year, soaring demands for energy have allowed Chevron to
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 m
The nation's No. 2 oil producer Chevron had a "disappointing" 4th quarter, earning only $3.77 billion dollars in the closing months of 2006. You may be thinking that $3.77 billion can't be all that bad, but No. 1 oil producer ExxonMobil ended the same quarter with $10.25 billion in profits, nearly tripling its closest rival. Chevron's profit drop of 9% was expected by analysts after total revenue fell from $47.75 billion to $53.79 billion during the same period in 2
To go along with our previous coverage of the newest report on global warming by the Intergovernmental Panel on Climate Change, the Guardian in the U.K. is reporting that the American Enterprise Institute is offering $10,000 each to any scientist willing to undermine the I.P.C.C.'s report. The AEI is funded by... drumroll... ExxonMobil.
The National Science Teachers Association was offered 50,000 free copies of the Al Gore documentary An Inconvenient Truth for classroom use. The group however decided to decline the offer because they didn't want to upset Exxon\Mobil. The oil company is a major financial supporter of the organization and decided it wasn't worth the risk of upsetting a contributor. The NSTA said they didn't want to offer any political
Late last week we pointed you to the Guardian's report on a letter that the Royal Society wrote to ExxonMobil demanding that the oil company stop funding organizations that undermine the theory of global warming. I quite wasn't sure just how Exxon would parry the blow, but now that we have the response I'm not enti
Earlier this month the Royal Society, Britain's premier scientific academy, sent a letter (PDF) to Esso, ExxonMobil's U.K. branch, to demand that the oil giant withdraw support for organizations that undermine scientific evidence supporting the theory of global warming. The Royal Society conducted a survey which found that last year, ExxonMobil distributed $2.9 million to 39 of these think tanks an
At a conference today in Vienna sponsored by the Organization of Petroleum Exporting Countries, Abdallah S. Jum'ah, president and CEO of the state-owned Saudi Arabian Oil Company (Aramco), proclaimed that the world has only consumed about 18 percent of its total crude oil supply. He said that with a 4.5 trillion barrel global potential, there is enough to maintain current consumption levels for 140 years.