Short Term Thinking

Most people would assume that the oil companies have some long range goals and faithfully engage in scenario planning to help them envision life after the black gold runs out. Development of alternative energy forms is truly in their best long term interests, with last year's record profits - what better time than now to invest in the future? Common sense says many severe political problems currently gripping the world could be eased by the enabling of American energy independence. If equitably done, the technologies created could engender a new age of growth and development unparalleled in history. Well, apparently, forethought is not something Exxon Oil can be labeled with.

The U.S. government is doing a disservice to the American public by suggesting that the country can become energy-independent, especially since the country has oil and gas resources that are off-limits to development, Exxon Mobil Corp.'s top executive said Tuesday.

America imports 10 million barrels of oil a day while it sits on an abundance of potential, according to Chairman and Chief Executive Rex Tillerson.... Tillerson called it "irresponsible" for the government to withhold U.S. resources from its own people.

Thinking the United States could become completely independent of foreign sources of fuel "is flawed policy." "The notion of energy independence is unrealistic," he said, adding that energy interdependence would be better long-term for energy security.

Wasn't the 'private sector' supposed to be smarter and more efficient than government? Exxon is giving that notion it's comeuppance.
Posted on The Human Stain