Exxon Mobil Excess

From CNN Money:

Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.

The company’s prior record was $11.68 billion in the second quarter of 2008.

What is your reaction to this news release? It is no mystery that this figure was a direct result of the record oil prices we have seen this past summer. Now that global economies are on the ropes, we have seen the price of oil plummet almost as drastically as it rose. Obviously, Exxon Mobil will not set a record next quarter.

What galls me is that instead of using these staggering profits to diversify their energy portfolio, Exxon Mobil will only look for new oil fields or new oil rich shale deposits. Just imagine these billions being invested in wind farms or solar farms. These energy technologies are not as immediately profitable as oil, but long term could provide generous profits.

Obviously, Big Oil is uninterested in alternative energies and focused solely on massive profits.

Welcome to Oil Free Now!

Hello Friends!

Welcome to the Oil Free Now! Blog, where we will examine our unhealthy addiction to oil and discuss the alternatives to its use. Along the way, we will discuss, solar, wind, geo-thermal, natural gas, biofuels, wave generation and any new technology that comes down the pike. Every day we see new and exciting headlines in energy technology and development and this blog will attempt to keep you abreast of all the news.

Along with looking to the future, I would like to look to the past and present so that we remember where we came from and how we got in our present predicament. Obviously, we will keep our eye on the mammoth oil companies that continue to haul in unprecedented profits and seemingly hold hostage the majority of civilized society.

Please join in the discussions and let me hear from you. Are you as disgusted as I am with the lack of energy options available today? Can you believe the wild price fluctuation in the oil market and at the pump? Is there anything you and I can do about it?

Come back early and often!