Oil Companies eschew renewable energy

The reasons why Big Oil does not invest significantly (say, 10% or more of their revenues) in solar and wind power is not conspiratorial.  It is more in the cultural makeup of an organization that is used to doing business largely one way (selling a consumable item) versus one that lasts a long time.  This is causing them to miss the bigger picture, of being in the energy business, not just...

Integrated oil companies have several strengths - finding oil and getting it out of the ground and refining this oil into fuel and chemicals.  They are expert in capital usage and developing efficient technology to ensure a highly profitable business.  But their expertise does not necessarily include resources needed to develop greener fuel from renewable resources.

Michael Erman and Tom Bergin, both of Reuters reported in the International Herald Tribune on June 2 that oil companies are under pressure from shareholders to invest in alternate energy. This in conjunction that greenhouse gases cause global warming. Some investors claim the oil companies do not appreciate the jolt that climate change policy could have on them. Others note that oil companies lack...