Exxon Mobil Corp (XOM) reiterated its position on Wednesday that creating far-reaching policies to reduce harmful greenhouse gas emissions is important but premature. Can the oil giant lead this bull market without embracing global warming?
CNBC Reporter Mary Thompson joins the guys from Exxon’s Annual Meeting in Dallas.
Mary tells the panel that shareholders are not that concerned with Exxon’s environmental policies. Of 4 environmental initiatives that were put up for a vote only 1 received more than 10% approval.
On a related note, Mary adds Exxon was very clear that they don’t see profits in renewable fuels. She explains Exxon believes energy demand is likely to increase 60% by the year 2030. But in the same year only 2% of demand will be met by renewable fuels.
Jeff Macke asks about the environmentalists reaction when the initiatives were voted down?
Mary replies it’s something the company is keeping track of.. and they don’t expect the “greens” to go away.
Eric Bolling says “it’s still the same old Exxon” – then adds “why should they change – they’re in the business of making money!”
Eric jests that his play is Crocs (CROX) because if you don’t like the price at the pump –walk!
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Trader disclosure: On May 30, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Najarian Owns (AAPL), (BIIB), (CBH); Bolling Owns (ICE), (NMX), Gold, Silver, Natural Gas, Coffee, Sugar; Bolling Is Short (FXI) And Is Long (FXI) Puts Coronat Capital Management Owns (GSOL)