According to advocacy group the Center For American Progress, oil companies BP, Chevron, Conoco Phillips, ExxonMobil, and Shell are said to be big misers when it comes to renewable energy investments even though they spend millions of advertising dollars in green energy promotion.
The group's new report says that the five companies made a combined profit of $100 billion last year but they just invested an average of 4% of their total 2008 profits in renewable and alternative energy ventures.
"This reality contrasts with their ads that promote greener, cleaner images," the group says. "Despite their soaring earnings, the big five companies were very stingy with investments in renewable and low-carbon energy technologies and fuels that would reduce oil dependence."
Uh, maybe because THEY ARE OIL COMPANIES that is why they can't
destroy their company by trying to wean people away from oil
consumption immediately?? I spoke to a Shell official a few months ago
and they said they are diversifying their energy resource but they
believe that oil will be here to stay as long as possible.
Below are data about the five companies' 2008 investments:
|Company - 2008 data||Exxon Mobil||Shell||BP||Chevron||Conoco Phillips|
|Amount invested in stock |
buybacks and dividends
|Investments in stock buybacks |
and dividends compared to 2008 profits
|88.7%||50.6%||55.0%||33.4%||(see note below)|
|Amount invested in renewable |
|Investments in renewable |
and alternative energies
and efficiency compared to 2008 profits
|<1%||1.9%||7.1%||5.2%||(see note below)|
|Contributions to federal |
candidates and parties
for 2008 election cycle
|Lobbying in 2008 |
*The net loss by Conoco Phillips is due to its
write-downs of more than $34 billion for domestic oil exploration and
production and an investment in the Russian oil company Lukoil. If not
for these costs, the company would have made a nearly $18 billion
profit, making 2008 the record year $134 billion for the Big Five.