ExxonMobil $pending ten$ of billion$ to locate more oil
While the amount of energy the world demands every year is tremendous, the cost of finding and purchasing that energy is just as staggering. According to this article, ExxonMobil plans to spend between $25 and $35 billion every year for the foreseeable future in search of more oil. Even as established oil reserves dry up, the company is finding more oil through their new operations than they have been losing from closing their old ones. With $40.6 billion dollars in profits last year, the company surely has plenty of cash on hand to go out and search for even more crude.
Although Exxon Mobil is spending a pile to discover new oil sources, the amount pales in comparison to the $1 trillion in total money that the world will spend on new energy projects in the coming years. We wish that more of that money were being spent on alternatives to oil, but, as this article points out, we will undoubtedly consume all of the oil that anyone can find.
[Source: CNN Money]
Reader Comments (Page 1 of 1)
Nicholas 7:52AM (3/10/2008)
I hope they find no more oil what so ever.
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tankd0g 10:28AM (3/10/2008)
Someone tell them a huge deposit was discovered on Mars, we'll be setting up shop there in no time.
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Mike Z 12:00PM (3/10/2008)
Actually there are massive hydrocarbon reserves on Titan, a moon of Saturn (something like 300x the Earth's).
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Prinn 12:32PM (3/10/2008)
So after we locate more of this oil... How are we going make OPEC actually pump more of it?
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Tim Russell 2:52PM (3/10/2008)
Not news really, you could replace ExonMobil with the name of any other major oil company.
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Wildgoosechase 3:39PM (3/10/2008)
It's a shame to be wasting that money searching for what we know sits in AWAR and off the California coast.
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KarenRei 3:22PM (3/10/2008)
Wait a minute... I thought we usually slam Exxon-Mobil for not investing enough money in finding new reserves, and called that evidence for peak oil. Now we're criticizing them for investing too much money and we're calling that evidence for peak oil. What gives?
This is starting to sound like the Bush administration's logic about tax cuts. "The economy is doing great? Let's keep it going by giving a tax cut! Wait, the economy is doing poorly? Let's give it a tax cut to perk it back up!"
I say this as someone who is no fan of Exxon-Mobil. They're hands-down the worst oil company out there in terms of human rights, pollution, sustainability, propagandizing, and so on. But can't we at least have our attacks be on substantive issues?
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Mark 4:35PM (3/10/2008)
There's plenty of reserves in Alaska, off the shores of California and elsewhere, but everyone in North America, it seems, has the 'NIMBY' disease (Not In My Back Yard), so no one will LET oil drilling take place there..
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ug 4:40PM (3/10/2008)
I hope ANWR gets drilled so we can experience how little it will actually stall peak oil. Nobody understands the true scale of world oil consumption.
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scott 3:19PM (5/17/2008)
We need to save what little bit of oil ANWAR (and all other reserves on U.S. soil) have to offer us. Sooner or later, it is very possible that global events will remove us (at least temporarily) from the OPEC supply stream.
let's face it; we are decades away from being remotely independent of oil. If you want to see the U.S. turn into a third-world cesspool in the blink of an eye, just isolate us from the global oil supply and let us use up all of our 57 day supply of the Strategic Petroleum Reserves.
We should drill out ANWAR and cap it off so we'll have rapid access to use it when our lives depend on it, not use it up now when there are few tangible benefits to doing so.
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mike 7:10PM (3/10/2008)
GE going to kick their butts. GE has got Nuclear, Wind, and now Electric Cars in it's portfolio. The Future is Electric.
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Bob 12:50PM (3/11/2008)
It's estimated that there are 200 billion barrels of oil in the bakken formation of North Dakota. Here's the link. http://www.nextenergynews.com/news1/next-energy-news2.13s.html
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