I just don't get Exxon

[vlyons]

Exxon makes billions and billions every year. I just don't get why they haven't invested heavily in solar panels, solar batteries, and other solar technologies. If you had been the Exxon CEO 10, 20 years ago, wouldn't you have invested in the R&D for solar technologies to get an edge up on an emerging technology and cornered the market, when the technology became cheap enough for working families and small business owners? That at least would have enabled a way to gracefully exit the oil business. Ditto for the coal industry.

I just don't get it.

[TreasonousBastard]

1. Actually, they did back then. Past managements took a hint from the old AT&T and...

set up research centers preparing for the day when they would sell fewer petroleum products. Alternate energy products were in the mix as both a hedge and broadening their markets.

The money guys ended up running things, though, and now nothing is more important than shareholder value which is too often measured by quarterly profits.

[Delmette2.0]

2. I have wondered the same thing for at least 10 years.

Fracking was the worst idea of all time, yet there we have it.

[TexasBushwhacker]

3. BP was heavily investing in solar several years ago

But in the world of publicly traded companies, shareholders want a return on their investment NOW, not 10 or 20 years down the line. Even though it certainly makes sense to invest in renewable technologies for future profits, it just doesn't make sense for an O&G compamy to sink a lot of money them now when they're raking in profits from fracking.

[Pope George Ringo II]

4. After Kodak and Blockbuster, they'll have to work harder than that to surprise me by ignoring tech

In other news, the UK just had a report suggest that the sale of new petrol- and diesel-powered cars should be made illegal in 2032 instead of waiting until 2040. The petroleum industry may be rolling now, but it clearly has some hard times ahead.