Big Oil

ExxonMobil’s profits huge; shares fall anyway

You know we're living in strange and perverse times when ExxonMobil can post a $10.9 billion quarterly profit and still fall short of expectations. This past quarter marked the second most profitable quarter ever for the most profitable company in the history of the world -- a 17 percent increase in year-on profits. And like its competitors at BP and Royal Dutch Shell, Exxon managed to increase its profits despite no increase in production. (Funny what happens when the price of oil literally doubles.) Nevertheless, Wall Street was disappointed and the company's shares fell sharply in early trading yesterday.

Bush, Big Oil offer more of the same

Yesterday, David noted comments by an oil analyst who predicted $200 oil by 2012.

Today, that analyst was joined in his prediction by none other than the chief of OPEC, Chakib Khelil (who's also Algeria's energy minister). Mr. Khelil's comments were not date-specific, though this article leads me to believe he was thinking $200 oil could come much sooner than 2012.

Meanwhile, we saw more of the same from both President Bush and Big Oil.

American Petroleum Institute ad promotes climate catastrophe

Originally posted at the Think Progress Wonk Room.

The American Petroleum Institute, the trade organization for the oil and natural gas industry, has just begun running a feel-good commercial that argues "America's future" lies in drilling out domestic reserves of oil and natural gas. Here's what the ad says:

Oil and natural gas powered the past. But the future? Fact is, a growing world will require more. 45 percent more by 2030, along with greatly expanding alternatives. We have substantial oil and natural gas resources right here. Enough to power 60 million cars and heat 160 million households for 60 years. With advanced technology and smart policies, together we can secure America's future. Log on to learn more. [Text: EnergyTomorrow.org / The People of America's Oil and Natural Gas Industry]

Watch it:

The "facts" in Big Oil's ad are based on a 36-page API document [PDF] entitled "The Truth About Oil and Gasoline." This "primer" was published last week, with numerous figures and charts on oil company profits and gas prices, but nary a single mention of climate change or greenhouse gas emissions. Here are the facts Big Oil left out:

Chevron runs ad attacking Goldman Prize winner

I attended the Goldman Prize presentation last night, and it was, per usual, a spectacular celebration of uncommonly dedicated individuals working to make this world a better place. The stories of their struggles and triumphs wetted every eye in the house, and they serve as a beacon of inspiration to all who care about the future of planet Earth.

Unless you are Chevron.

This morning, Chevron ran a full-page ad in the San Francisco Chronicle attacking one of the recipients, Pablo Fajarado. "Mr. Fajarado is a front man for a group of Ecuadorian and American trail lawyers pursuing a claim against Chevron."

No! Not trial lawyers! Chevron would prefer that anyone bringing suit against them be represented by fishmongers, not trial laywers. Or something.

I've met those trial lawyers -- and they are, as you might expect, incredibly overworked and underpaid individuals doing this work not for love of lucre but desire for justice. And, if I may project some of my own feelings at this very moment, righteous anger against asshole oil companies.

The rest of the ad is unforgivable character assassination and innuendo.

BP-powered no more

Remember that new environmental blog at The New Republic that was "powered by BP"? Apparently it is no longer thus powered. As gratifying as it is, in a schadenfreudey sort of way, to see that other small media operations can be as dysfunctional as, er, some small media operations I’m familiar with. I’m glad this […]

Green TNR, brought to you by BP

The New Republic has a new blog devoted to environment and energy issues. On the bright side, it includes the work of Brad Plumer, one of the most honest, thoughtful, and insightful writers in D.C. For that alone it’s worth bookmarking. On the not so bright side, it’s … "powered by BP." Really. Here’s a […]

The latest primary dispute: Does Obama take oil money?

This is a new ad from Obama, playing now in Pennsylvania: In response, the Clinton campaign rushed out a statement claiming that Obama does too accept money from oil and gas companies: According to the Center for Responsive Politics, Sen. Obama has received over $160,000 from the oil and gas companies. Two major bundlers for […]

Mood in the hood

John Hofmeister, President of Shell Oil Company, was on Charlie Rose Tuesday night.

About 22 minutes into the segment, he says the following [my own transcription]:

If we don't drill more in this country, I am quite concerned about civil disturbances in our urban areas because of the price of fuel.

...

I was meeting in Los Angeles with mayor Villaraigosa and I asked him a specific question because I lived there during the Rodney King civil disturbances. [I] said, "How is the mood in the hood based upon the price of gasoline compared to the mood in the hood at the time of the Rodney King disturbances?" He said it's threshold.

Let us drill or those people will act all crazy again! You know how they can be when it comes to things like this.

And they say environmentalists are alarmist.

ECO:nomics: More evidence of Exxon’s evil genius

ExxonMobil sent one representative to the conference: a beautiful, smart, well-spoken, wryly funny young woman with long blond hair. Next thing I know, there I am talking to her over cocktails, thinking, yeah, Exxon does spend a lot on energy R&D! They really are leading the search for alternatives to oil! Gol she’s purty! Damn […]