Entrust Our Energy Destiny to Big Oil?

Wednesday, July 19, 2006

Petroleum and Natural Gas Watch, July 17, 2006, Vol. 5, Number 2
by Michael Vickerman, RENEW Wisconsin


Lately, I’ve been wrestling with a nagging question: What are Exxon Mobil and the other oil majors going to do with the Everests of cash that will pile up in their vaults when U.S. gasoline prices reach $5.00 a gallon?

Drill for more oil? Certainly a reasonable expectation, but unlikely given what happened a generation ago, when oil companies large and small plowed their profits back into finding new fields rivaling Prudhoe Bay or the North Sea in productivity. Though the sums they spent were impressive, the results weren’t.

Continue reading on Renew-Energy-Blog.org.

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