All Posts from April, 2011
Where do your gasoline dollars go?
Many in Washington would like motorists to think the high prices they are paying at the pump these days are flowing directly into the pockets of ExxonMobil and other oil companies. This misperception helps fuel the demonization of “Big Oil” and the misguided notion that energy prices can be solved by raising taxes on the oil industry. But the facts prove otherwise.
ExxonMobil’s earnings: The real story you won’t hear in Washington
Big numbers make headlines – like our announcement of $10.7 billion in earnings for the first quarter of 2011. What may not make the headlines is the context surrounding that number, so I thought I would share with you what I told reporters following the announcement.
Gas prices and industry earnings: A few things to think about the next time you fill up
Here’s a simple fact of economics that’s getting everyone in Washington pretty excited this week: When prices increase for a commodity like oil, companies that produce and sell that commodity earn more money. So, as we get ready to release our quarterly earnings on Thursday, here are a few things to consider when you see the inevitable headlines and sound bites about high gasoline prices and what to do about them.
World Malaria Day: Progress and Inspiration
Those who spend time in Africa know all too well the toll malaria takes on people, communities and economies across the continent. This disease kills about 800,000 people a year, most of them children under the age of 5. It accounts for about 40 percent of sub-Saharan Africa’s health expenditures and costs an estimated $12 billion in lost productivity annually. That’s why in recent years, corporations – ExxonMobil included – have stepped up their efforts with NGOs and governments to end deaths from malaria.
Algae biofuels update
In the nearly two years since we first announced our alliance with Synthetic Genomics Inc. (SGI), we’ve made good progress in our research aimed at developing next-generation biofuels from photosynthetic algae. Basically, we are working to identify and develop strains of algae that could produce refinery feedstocks for the production of transportation fuels. We also need to design and engineer the systems to do this at scale. It’s a big program, and it will take time.
Deepwater Horizon, one year later
Today marks one year since the BP Deepwater Horizon blowout and spill in the Gulf of Mexico. It is a sad anniversary, most of all for the families of the 11 men who died in the incident. Our sympathy goes out to them. On this day we also recognize those whose livelihoods, communities, and economies were damaged due to the spill and subsequent moratorium. As those of us in the industry look back, we know that this isn’t the standard by which we operate our business.
