How Greedy Can You Get?

In the middle of an energy crisis where many families can’t afford to drive to work, and fuel prices have sent food and other prices soaring, AP reports this:

Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest profit from operations ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares slumped 3 percent.

First of all, why are we allowing the oil companies to so blatantly steal from us and then brag about it?  The Congress scolded the oil co execs, but didn’t do anything.  And if they’re making record profits why are we giving them tax breaks?

But also this — EM posts the biggest profits in history and their shares fell because WALL STREET WANTED IT TO BE MORE!!!!

How Greedy Can You Get?

Solar Power Revolution

Check this out from an article in Scientific Anerican which goes along with Al Gore’s call to invest in renewable Energy.

Development of such a system could provide almost three-quarters of the nation’s electricity by 2050.

The plan is basically:

  • Construct a 30,000 square mile array of solar panels in the Southwest,
  • along with concentrated solar power arrays and,
  • a massive direct-current power transmission backbone to distribute electricity throughout the country.
  • Excess power produced by the photovoltaic arrays would be distributed and stored as compressed air in below-ground caverns.

And here’s the benefits:

  • With a massive investment in solar power plants and infrastructure, solar could provide 69% of US electricity and 35% of total energy (including transportation) by 2050.
  • If wind, biomass, and geothermal power sources were also developed, the US could produce 100% of its electricity and 90% of its transportation energy (in the form of hydrogen) from renewable sources.
  • To make this happen, the US would have to invest $10 billion per year for the next 40 years. For comparison, the US is now spending $12 billion per month for military involvement Iraq and Afghanistan, according to Nobel Prize-winning economist Joseph Stiglitz. The entire solar array would cost approximately 15% of the total bill for both of these operations.
  • A conversion to renewable energy of this scale would displace 300 coal and 300 natural gas-fired power plants, and eliminate all imported oil. Even better, greenhouse-gas emissions would be reduced to 62% below 2005 levels.

Thanks to Gas2.0 for the heads up.