Environmentalists got a whopper of news a few days ago when ExxonMobil (formerly headquartered in Fairfax, VA) announced that it was going to invest hundreds of millions of dollars into the research of converting algae into biofuels. The announcement was described by some as a turnaround for the giant oil company, but others saw it as a natural step for the firm to take as it strives to maintain its leading role as an energy producer -- fossil fuel-based or otherwise.
It definitely is a surprise considering that the ExxonMobil CEO is not a public proponent of efforts to combat global warming. According to an article in the New York Times, Mr. Rex W. Tillerson once described biofuels as moonshine. But then again, a lot of fortunes were made back in the days of prohibition from moonshine, so it probably is not too great a leap to think that a profit machine like ExxonMobil would turn to another way of printing greenbacks, even if it means going green.
The move by ExxonMobil means that we're going to have to pay close attention to the old adage, "keep your friends close, and your enemies closer", or better yet, start considering the oil giant as a frenemy.
No comments:
Post a Comment