22 Dec '11, 4pm

BP spends $20 billion on oil but can’t afford solar

BP gave being green a try, guys, really! They had a solar panel business going, but they had to kick it to the curb , because they just couldn't afford it. Times are tough, you know? Heck, the company only has $20 billion to spend on oil and gas every year. They have to pinch ... well, not pennies, exactly, but $10,000 bills.* Mike Petrucci, chief executive of BP Solar, wrote to his remaining 100 staff last week, saying "the continuing global economic challenges have significantly impacted the solar industry, making it difficult to sustain long-term returns for the company." A spokesman for the wider group said the plunging value worldwide of solar panels – partly as a result of low-cost competition from China – had convinced BP that it had no future in a "commoditised" business. BP has committed to spending $8 billion on renewable power through 2015, and the company says ...

Full article: http://www.grist.org/list/2011-12-22-bp-spends-20-billion...

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