Energy companies not betting on EV for the long haul

[ocdart]

Chevron buys oil driller Hess Corporation for $53 billion.
ExxonMobil acquires shale driller Pioneer Natural Resources for $60 billion.
It appears the energy companies are betting on fossil fuels in the long run over alternative energy sources.

MSN

 

[33IMP]

GOOD!!

 

[YY1]

Actually, it means they're consolidating via M&A.

Remember how CPD, and Fiat...and Peugeot, and...consolidated through mergers and acquisitions?

 

[69conv]

Consolidating, not diversifying. They probably know the grid won't be ready for decades and billions spent.

 

[toolmanmike]

Consolidating, not diversifying. They probably know the grid won't be ready for decades and billions spent.

Agreed. We are a long way offbefore electric is viable.

 

[S'cuder]

When a major builds a new, modern refinery in the U.S. you can view that as a long term commitment to oil.

Edit - *North America

 

[LocuMob]

Agreed. We are a long way offbefore electric is viable.

How many wind farms are near you, or are they farther north? I sure drive by a ton of them on my way to your hamlet.

 

[toolmanmike]

How many wind farms are near you, or are they farther north? I sure drive by a ton of them on my way to your hamlet.

None close but tons around the Webster city. Fort Dodge area. There are a few around the Charles City area north of here.

 

[LocuMob]

None close but tons around the Webster city. Fort Dodge area. There are a few around the Charles City area north of here.

Mason city are has a ton. Cute as they are, they are not the answer.

 

[toolmanmike]

Mason city are has a ton. Cute as they are, they are not the answer.

Agreed. The millions they cost they will never pay for themselves. We both know where the money to build them came from but no reason to discuss that here.

 

[Charrlie_S]

If IC engines were going away anytime soon, the oil companies would not be spending multi millions of dollars on new gas stations. I can't count how many mega pump stations have been built just in my county in the last two years, alone. Buckie's recently got a permit to build a 100+ pump station on I-75 in my county.