The Oil Drum: Big Oil and Alternative Energy

The idea of reinvesting profits (by big oil) into alternative energy is something that has been repeated in the media, by politicians, and by ordinary citizens. However, this is just wishful thinking.

While Big Oil is investing some money into alternative energy, for the most part they see the extraction and refining of oil as the core business for a long time to come. From what I have seen, the phrase “We aren’t running out of oil” is not just a line to appease concerned parties. It is the sincere belief of those making the claim. Right or wrong, it is this belief that is driving current investment decisions.

Much more after the jump to The Oil Drum.