Muckraker: Grist on Politics

ExxonMobil broke its own record for the highest quarterly earnings in U.S. history, reporting $11.7 billion in profits for the second quarter. And as ABC reports, the company spent only 1 percent of its profits last year on alternative energy sources.

“They’re probably spending more on the advertising than they’re actually spending on the actual [alternative-energy] research,” says Bernard Picchi, an economist with Wall Street Access.

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(h/t: Think Progress)