The energy giant, which is a favorite pinata of environmentalists, is now attacked by Forbes, of all outlets. Columnist Martin Sosnoff pounds Exxon as nothing more than a “tired octopus squirting out gallons of blank ink to conceal its flabby belly.” Ouch!
Exxon, which earned a cool $11.7B during the second period, reminds Sosnoff of the hubris displayed by General Motors in the `50s and `60s when the auto giant owned half of the U.S. market. It sneered at Volkswagen’s compact cars and “trouble-free” models from Japan. GM’s grand strategy: intro of two-toned Chevys. GM is paying the piper these days.Sosnoff sees nada from Exxon’s bunkered-down management on the “issues of global warming, air pollution or supporting the case for more stringent specs on catalytic converters of gas-savings vehicles.” More nimble internationals like Shell and BP are allocating “serious money for developing biofuels.” They could emerge with a worldwide network of satellite plants making cleaner-burning diesel fuel, while Exxon is stuck at the pump.
Marty may be a tad harsh on CEO Rex Tillerson and the gang of Exxon. The firm is, after all, a proud corporate member of the Alliance to Save Energy. Exxon is partner of the Alliance’s “Drive Smarter Campaign,” sharing that august platform with Wal-Mart, American League of Bicyclists, AutoZone, EPA, Natural Resources Defense Council and the Dept. of Energy’s Oak Ridge National Laboratory.
In a doff of the cap to Barack Obama, the campaign lists “keeping tires properly inflated” as the top auto maintenance tip to save gas. Carpooling, combining errands/trips, motorcycling and driving slower are some of the other tips cooked up by Exxon and its partners.
Who says Tillerson isn’t an environmentalist at heart?