Exxon chief explains why company not invested in inefficient alternative energy
The CEO of one of the world’s largest oil companies downplayed the effects of climate change at his company’s annual meeting Wednesday, telling shareholders his firm hadn’t invested in renewable energy because “We choose not to lose money on purpose.”Inefficient alternative energy using current technology is not viable without substantial subsidies and without government intervention in the market place. The Obama administration attempted a policy of artificial scarcity with also "investing" heavily in alternative energy. Their investments failed in many cases and the fracking revolution overwhelmed their attempts at creating scarcity.
“Mankind has this enormous capacity to deal with adversity,” ExxonMobil CEO Rex Tillerson told the meeting, pointing to technologies that can combat inclement weather “that may or may not be induced by climate change.”
The comments, which met with applause, were first reported by The Associated Press.
At the meeting, shareholders sided with the company’s board and voted against a measure proposed by Father Michael Crosby and Sister Pat Daly, representatives of a Milwaukee-based Roman Catholic organization, to add a climate change expert to the company’s board.