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Energy

Exxon Mobil Corporation (XOM) Takes A Firm Stand Against Those Calling For A Ban On Fossil Fuels

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The Country Caller takes a look at how Exxon defended use of fossil fuels

Many are asking questions over the future of fossil fuels in electricity generation. In recent times, the amount of carbon emissions have increased substantially and thus has led to an increase in global temperatures. Now countries around the world are pressing hard for a cleaner greener environment by reducing their dependency on fossil fuels. But is the sudden change from these fossil fuels a pragmatic move?

Some companies such as the largest integrated public oil and gas producer, Exxon Mobil Corporation (NYSE:XOM) have different views. Exxon Mobil is a company that has come under immense pressure from environmentalists and presidential candidates against climate change. Bernie Sanders for instance asked US regulatory authorities to take action against the company. Mr. Sanders accused the company of knowing the repercussions of its activities on the climate and accused of misleading the public.

Rex Tillerson, CEO of Exxon, also believes that a sudden change in global energy mix isn’t a practical option. Currently, fossil fuels constitute a significant part of the world’s energy mix and a move to go away from them all of a sudden isn’t a viable option.

As reported by the Wall Street Journal, Exxon Mobil, in an energy conference in San Antonia again talked against people calling for a cut in fossil fuel consumption. A commercial adviser for Exxon, Ken Golden regarding the issue said that “There are billions of people who need to read, need to learn, need to improve their standard of living; you simply cannot do this without fossil fuels.”

Natural gas is a relatively environmental friendly form of electricity generation. However, there are some people calling to ban fossil fuels completely. This is a highly impractical move as renewables are more costly to install and everyone wont be able to employ the new technology. Regarding the efforts of other environmentalists, Mr. Golden said that “They can sit around in the dark and talk about how it worked out.”

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