11 Mar '12, 6pm

Exxon to Spend (WASTE) $185B Searching For New Oil

Exxon to Spend (WASTE) $185B Searching For New Oil

Exxon to Spend (WASTE) $185B Searching For New Oil 03/11/2012 from Energy Boom Tweet ExxonMobil (NYSE:XOM ), the world’s largest oil company has announced it will spend $185 billion over the next five years to locate and produce new oil and gas resources to meet the globe’s growing energy demand. The fossil fuel giant says it expects global energy demand to increase 30% by 2040 compared to 2010 levels. Therefore, it is increasing its spending on research and development and refining. The company plans to spend $37 billion per year from now until 2016 — a 29% increase from the company’s previous five-year investment plan. Exxon CEO Rex Tillerson said, “An unprecedented level of investment will be needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources. We are developing a diverse portfolio of high-quality opportunities ...

Full article: http://www.solarfeeds.com/exxon-to-spend-waste-185b-searc...

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