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	<title>Grist: Tyler Clements</title>
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		<title>Grist: Tyler Clements</title>
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			<title>Which is thicker, blood or oil? A longtime shareholder reflects</title>
			<link>http://grist.org/article/clements/</link>
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			<dc:creator>Tyler&nbsp;Clements</dc:creator>
			<pubDate>Wed, 02 Aug 2006 07:41:48 +0000</pubDate>

					<category><![CDATA[Business & Technology]]></category>
		<category><![CDATA[Climate & Energy]]></category>
		<category><![CDATA[commercial and industry organizations]]></category>
		<category><![CDATA[oil]]></category>

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			<description><![CDATA[My family has been intimately involved with Exxon through the years. My great-great-grandfather Maurice Clark went into the provisioning business with John D. Rockefeller around the time of the Civil War, but ended up selling the nascent oil-refining part of the business to Rockefeller in the late 19th century. Years later, my grandmother&#8217;s uncle ran Standard Oil of New Jersey, later to become Exxon; and most recently, my father spent his career working for the company in New York, London, and Rome. Never mind the shoreline &#8212; who&#8217;s gonna fix the ship? Photo: EPA Exxon has always been the reflexive &#8230;<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=grist.org&#038;blog=5104299&#038;post=13630&#038;subd=grist&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>

			
									<content:encoded><![CDATA[<img width="180" height="130" src="http://grist.files.wordpress.com/2006/08/exxon-valdez-spill1.jpg?w=180&amp;h=130&amp;crop=1" class="attachment-post-thumbnail wp-post-image" alt="exxon-valdez-spill.jpg" title="exxon-valdez-spill.jpg" /> <p>My family has been intimately involved with Exxon through the years. My great-great-grandfather Maurice Clark went into the provisioning business with John D. Rockefeller around the time of the Civil War, but ended up selling the nascent oil-refining part of the business to Rockefeller in the late 19th century. Years later, my grandmother&#8217;s uncle ran Standard Oil of New Jersey, later to become Exxon; and most recently, my father spent his career working for the company in New York, London, and Rome.</p>
<div class="media alignright"><img src="http://grist.files.wordpress.com/2006/08/exxon-valdez-spill.jpg" alt="" width="px" />
<p class="caption">Never mind the shoreline &#8212; who&#8217;s gonna fix the ship?</p>
<p class="credit">Photo: EPA</p>
</p></div>
<p>Exxon has always been the reflexive place where everybody in the family put their faith and their money. My brother and I grew up drinking out of Esso mugs and wanting foremost to go see the tigers at the zoo because that was Esso&#8217;s logo. When somebody forced Esso to change its name to Exxon in the United States, we found it petty. And when the <a href="http://grist.org/comments/interactivist/2005/03/14/ott/">Exxon Valdez ran aground</a> in Alaska, we wondered what all the hue and cry was about. Wasn&#8217;t it bad enough to lose all that oil and have your boat dinged up?</p>
<p>Our family involvement paid off, sending generations of children to college, helping them to purchase houses, and allowing aspiring novelists to take time off to write books. In 2000, I was trying to write my first novel after quitting my job. At some opportune instant, in between paragraphs, this thought lodged in my head: &#8220;I need to solve global warming.&#8221; Being alone and sedentary in the basement, my novel bogged down, I was probably a perfect host organism for this rather gargantuan impulse.</p>
<p>I set about installing <a href="http://grist.org/advice/ask/2006/06/21/replacing/">compact fluorescent bulbs</a>, I bought a hybrid, I purchased <a href="http://grist.org/advice/ask/2005/03/07/umbra-greentags/">renewable electricity</a> for our house, I resolved with my wife to stop at two children &#8212; and after a spasm of such activity, I sat back with some premature, smug triumph, and wondered what else I could do.</p>
<p>Five years passed. One day I found myself idly reading a missive from Greenpeace about the evils of the ExxonMobil Corporation. I shook my head. Why was it always Exxon that people set their sights on? Why not Chevron or GM? Why not themselves, for that matter?</p>
<p>And yet, Exxon did seem basically indifferent to global warming. According to the literature, Exxon was donating heavily to the <a href="http://gristmill.grist.org/story/2006/5/17/15336/5459">Competitive Enterprise Institute</a>, an organization at the forefront of debunking climate science. For several years, I&#8217;d been marking a solid &#8220;yes&#8221; next to the ever-present call for a global-warming study on the Exxon proxy statements &#8212; the one that was always rejected.</p>
<p>I mentioned the Greenpeace crusade to my wife that night at dinner.</p>
<p>&#8220;Don&#8217;t you think you should sell your Exxon stock?&#8221; she responded.</p>
<p>&#8220;Why? So someone else can buy it?&#8221; Selling Exxon wouldn&#8217;t solve anything, I told her. They&#8217;re just a cog in a larger machine. It was the insatiable larger machine that needed to be reconfigured.</p>
<p>Yet, I reflected over the following months, to continue on as if my involvement meant nothing was subversive to my values. Perhaps it would be prudent to sell some Exxon as a sort of protest. What the heck &#8212; it might even work out in terms of portfolio diversification, in terms of making money when Exxon went down and something else went up.</p>
<p>&#8220;Well, I sold some Exxon,&#8221; I told my wife eagerly one day last year, feeling almost heroic.</p>
<p>&#8220;Good,&#8221; she said. &#8220;How much?&#8221;</p>
<p>&#8220;A lot,&#8221; I said, defensively. &#8220;The taxes will be humungous.&#8221;</p>
<p>&#8220;Really?&#8221; she said, disengaging, as I anticipated. She doesn&#8217;t like to hear about possible financial decay.</p>
<div class="media alignleft"><img src="http://grist.files.wordpress.com/2006/08/oil-tained-dollar.jpg" alt="" width="px" />
<p class="caption">Tainted love.</p>
<p class="credit">Photo: iStockphoto</p>
</p></div>
<p>At tax time, the local H&amp;R Block woman peered at my Schedule D reporting. &#8220;Does that Exxon stock say 1927?&#8221; she asked, clearly amused. &#8220;Never seen a 1927 stock before.&#8221;</p>
<p>She placed one finger under the final tally and turned the page toward me.</p>
<p>&#8220;Crap,&#8221; I said out loud. It was worse than I&#8217;d expected. Saving the world was one thing; reducing my net worth was another.</p>
<p>I returned home, chastened. I&#8217;d paid the global-warming doctor&#8217;s bill, and I suddenly felt cured of all my save-the-world impulses. For a couple months, I went on a carbon bender. I turned up the thermostat. I let our renewable-electricity plan expire. I pretended to separate the recycling, and threw it all away instead.</p>
<p>Sometimes I looked at my remaining Exxon holdings and I thought, that&#8217;s the only solid stock I own, the only one that doesn&#8217;t have a hope-and-wish-and-pray quality to it. It can flip the bird at everyone and not drop a cent in value.</p>
<p>Then, several weeks ago, a buddy of mine came over all in a lather. He&#8217;d seen <cite><a href="http://grist.org/advice/books/2006/05/24/roberts/">An Inconvenient Truth</a></cite>. Describing it to me, he said, &#8220;Al Gore: yawn. And a movie about global warming: double yawn. And, on top of it all &#8212; it&#8217;s a friggin&#8217; PowerPoint presentation: 10 yawns in a row. But dude, it&#8217;ll blow your mind!&#8221; For a good 20 minutes, he carried on about global warming.</p>
<p>Poor bastard, I thought, sympathetically. Yes, of course, we must do something, I said. Absolutely. We should all do what we can, given our smallness. But the most important thing, I said, is just to talk about it, to pass the word along.</p>
<p>He looked at me in a miserable, crumbling sort of way.</p>
<p>Not long after, on a &#8220;date night&#8221; with my wife, I found myself breathlessly watching Gore rise on his mechanical crane to show the path of atmospheric carbon dioxide concentrations. On that night, when I&#8217;d frankly wanted to see <cite><a href="http://gristmill.grist.org/story/2006/7/17/112841/446">Superman Returns</a></cite>, I came face to face with my own inconvenient truth: when it came to global warming, I&#8217;d given up.</p>
<p>On our way home, shaken, we discussed the various things we could do: start an awareness club, re-sign up for renewable electricity, buy a more fuel-efficient car. &#8220;What about the rest of your Exxon?&#8221; my wife asked.</p>
<p>What about it? Hadn&#8217;t we already sold our protest shares?</p>
<p>And yet &#8230;</p>
<p>Here&#8217;s the thing I&#8217;ve learned about values: not only do they essentially work to your disadvantage, but you give them a bone, and they want your whole steak.</p>
<p>The following day, I called our longtime family broker. I had a pen ready, because I was sure I could get a good story out of this dramatic transaction.</p>
<p>&#8220;I need to sell the rest of my Exxon,&#8221; I said.</p>
<p>&#8220;OK,&#8221; the broker responded.</p>
<p>There was a pause on the line. &#8220;Anything else?&#8221; she asked.</p>
<p>&#8220;No, but I want to sell <em>all</em> of my Exxon,&#8221; I said. After a good century and a half of family involvement with the company, I expected something more &#8212; an argument, at the very least. Or, <em>You&#8217;re *#@! kidding me!</em> I was ready. Al Gore had made me ready.</p>
<p>Instead, the conversation ended there. I had her few measly words written down. I crumpled the paper up and tossed it aside. So much for the movie version.</p>
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