I read an interview this morning by former Massachusetts Representative Joe Kennedy, who runs the nonprofit Citizens Energy Corp., which provides discount heating oil to Americans in need in 15 states and the District of Columbia.
On quote of his that stuck out for me was this:
The U.S. oil industry in the last five hears has made over $800 billion in profits. None of them is putting profits back into developing new sources of crude. ExxonMobile put zero percent of profits into renewable or alternative energy; BP, six tenths of 1%; ConocoPhillips, seven tenths of 1%; Shell, 1.3%; Chevron, 0.5%. And everybody says we’re running out of oil. You know, 74% of the earth’s surface – as we all learned in the third grade – is covered with water. And we have developed less than 1% of the energy supplies contained underneath the surface of the ocean. So there’s nothing to suggest to me that right now there’s an imminent crisis
It’s amazing how little these companies are putting towards alternative fuels. It makes me think all those BP commercials I see on the Discovery Channel are totally hypocritical.