New Clear Vision


constructive commentary for the chronically farsighted


The Windfall of Renewable Energy

May 07, 2011 By: NCVeditor Category: Ecology, Economy, Politics, Robert Reich

Stopping The Oil Company Gusher

by Robert Reich

Exxon-Mobil’s first quarter earnings of $10.7 billion are up 69 percent from last year. That’s the most profit the company has earned since the third quarter of 2008 — perhaps not coincidentally, around the time when gas prices last reached the lofty $4 a gallon.

This gusher is an embarrassment for an industry seeking to keep its $4 billion annual tax subsidy from the U.S. government, at a time when we’re cutting social programs to reduce the budget deficit.

It’s especially embarrassing when Americans are paying through their noses at the pump.

Exxon-Mobil’s Vice President asks that we look past the “inevitable headlines” and remember the company’s investments in renewable energy. What investments, exactly? Last time I looked Exxon-Mobil was devoting a smaller percentage of its earnings to renewables than most other oil companies, including the errant BP. (more…)