Published April 9, 2009
Obama's green policy not gelling with oil giants
Many balk at new tech investments, or stray from earlier commitments.
Perhaps not surprisingly, most investments in alternative sources of energy are coming from pockets other than those of the oil companies.
In the last 15 years, the top five oil companies have spent around US$5 billion to develop sources of renewable energy, according to Michael Eckhart, president of the American Council on Renewable Energy, an industry trade group.
This represents only 10 per cent of the roughly US$50 billion funnelled into the clean-energy sector by venture capital funds and corporate investors during that period, he said.
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It's no surprise the oil industry acts contrary to new alternative energy's interest wich they consider rightfuly saas competitors .
They're the same people who hired mercenary scientists to come up with data contradicting global warming and subsidising the bush govt. to deny global warming .
It's the same kind of attitude the tobaco industry cultured for so long to them killing people or destroying the planet is just collateral damage in their greedy quest.
Nobody thinks the oil industry will disappear soon but it's a matter of survival for so many to switch to alternative energies as fast as possible . Those guys are dinosors unable to adapt .
Thank's to people like that the car industry in America never got anywhere with electric car, and now hundreds of thousands of people have lost their jobs and will lose some of their benefits as well , it's the same kind of ignorant leaderhip that looks behind trying to reproduce the past instead of looking ahead .
