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ExxonMobil needs to invest in new energy

Tuesday, July 31, 2007 | 2:00 a.m. CDT; updated 11:32 a.m. CDT, Monday, July 21, 2008

Exxon Mobil Corp. is reporting yet another quarter of staggering profits near $10 billion. While we pay the high gas prices that pump up Exxon’s profits, we are also paying for Exxon’s campaign to block action on global warming.

ExxonMobil is the only oil giant directly funding global warming denier groups. The company’s own public records show that through 2006 ExxonMobil has spent up to $21 million bankrolling global warming denier groups like the Heartland Institute — who describe global warming as nothing more than “environmental alarmism.”

Although ExxonMobil says it is taking action on global warming, the company’s latest Corporate Citizenship Report shows that its own global warming pollution levels actually increased by over 5 percent last year.

Other oil giants are taking global warming seriously while continuing to make healthy profits. They invest their profits in renewable energy and set limits on their own pollution or support a federal bill that would do so. But ExxonMobil does none of these things.

Studies used by Congress show that if we increase our use of homegrown renewable energy resources — wind, solar, geothermal and biomass — then consumer energy prices will drop and new high-paying jobs will be created. ExxonMobil is the only oil giant still refusing to invest in renewable energy.


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