Tuesday, December 15, 2009

ExxonMobil adopts the Pickens Plan with purchase of XTO

Perhaps ExxonMobil is implementing its own form of the Pickens Plan in announcing the stock purchase of XTO, as on this announcement page yesterday. XTO is said to excel in “unconventional” sources of natural gas. XTO’s own home page features an interesting picture of the Australian outback.

"I've got a PL-AN!" -- remember?

Fox News provided an embeddable video.

The purchase seems to represent a belief that ordinary American fuel production and consumption, including personal automobile fuel, will soon have to result in much less carbon emissions. The United States is also much better poised in terms of natural gas than oil in reducing dependence on imports as peak oil production occurs.

No comments: