By Jon Nones
27 Jun 2007 at 12:50 PM
ExxonMobil’s chairman and CEO Rex Tillerson says the proposed reform of U.S. energy policy passing through Congress “almost defies any sense of logical or rational thinking.” He remains sceptical about the potential development of biofuels in the U.S.
The energy bill sets a target of 36 billion gallons (160 billion litres) a year of biofuel production by 2022. The bill also includes measures to punish “price gouging” by petrol suppliers, raise fuel economy for cars and support research into energy technologies.
Oil companies successfully fought off an amendment to create $32 billion of tax breaks and incentives for alternative energy, paid for by taxing oil companies.
Exxon, the world’s largest oil company, is the one remaining energy giant opposed to diversifying into alternative energy. BP, Chevron and Royal Dutch Shell have spent billions on alternative energy, while Total and ConocoPhillips have spent 100s of millions.
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