2008-08-01
ExxonMobil Rakes It in, But Gives Little Back in Alternative Energy Development. Posted by Satyam, ThinkProgress.org, July 31, 2008. "Exxon Mobil today broke its own record for the highest-ever profit by a U.S. company, with net income this quarter rising to $11.68 billion. While Exxon officials regularly tout the company's investment in alternative energy, ABC reported today that Exxon spends only 1% of profits on alternative energy sources. Watch [the video]. 'They're probably spending more on the advertising than they are on the research,' noted an oil analyst contacted by ABC. BP invested the most out of the big five oil companies, at 2.9 percent."
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