Questions over Exxon Mobil's ability to deliver low-carbon fuel have become more pressing in recent months. Governments from the United Kingdom to California are weighing bans on new vehicles with internal combustion engines. China, the driver of global oil consumption, is pursuing major electrification initiatives.
A growing number of industry consulting firms predict the world will soon reach peak oil consumption, if it has not done so already. Those developments have pushed major oil companies like BP PLC and Royal Dutch Shell PLC toward dramatic overhauls of their businesses, with significant investments in renewables, electric car charging and hydrogen. The Irving, Texas-based company is making a profoundly different bet about the future, staking its fortunes on projections that population growth in developing countries will fuel the need for more oil and gas.
Exxon Mobil executives speak of a dual challenge: producing more energy while emitting less pollution. Their solution is a series of technological improvements to green the oil giant's existing business: carbon capture and sequestration for power plants and industry, reduced flaring and improved industrial processes to bolster efficiency of existing operations, and biofuels for aviation and freight. The company's bet on greening its existing business reflects a calculation that Exxon is best served by playing to its core strengths.
Biofuels and carbon capture preserve the value of the company's existing assets, essentially offering them a second life in a world where oil and gas consumption is significantly reduced. Pipelines and refineries would still be needed in a world running on biofuel. In an earnings call last week, Exxon Mobil executives were asked by financial analysts about the company's climate strategy.
They stressed Exxon's long-term research, saying it would allow the oil giant to deliver the world's energy needs without the pollution. The announcement caught many by surprise at the time. Rex Tillerson, then the company's CEO, had mocked ethanol as "moonshine" only two years earlier.
Exxon Mobil's announcement came during a biofuels boomlet. In , President George W. Ethanol production boomed as a result, but not without generating its own list of concerns. Agricultural land dedicated to growing food was converted to corn for fuel, prompting worries about competition between food and energy production. Critics argued ethanol production used more energy than the fuel provided. It was against that backdrop that Exxon Mobil announced its foray into algae.
Researchers have probed algae as a potential fuel source since the oil crisis in the s. Algae boasts several potential advantages over its plant-based competitors. It can be grown in arid conditions and in brackish water, meaning it is not competing for land with farmers growing food.
It also boasts a simpler biological makeup. Algae are single-cell organisms that use photosynthesis to covert sunlight into fat or lipids, which can be used to make the fuel. Yet researchers have long faced a conundrum when it comes to algae, namely how to make the organism grow fat quickly. Historically, scientists could do one or the other. Algae could grow quickly or they could grow fat, but they could not do both simultaneously.
In , Exxon Mobil and Synthetic Genomics announced they had found a solution. But by then the world had changed considerably. The advent of hydraulic fracturing and horizontal drilling sent oil prices plummeting and drove scores of biofuel companies into bankruptcy. Algae researchers, meanwhile, found other profitable uses for their product, which is now used in everything from fish feed to high-quality polymers to human nutraceuticals. Some scientists believe algae-based biofuels are possible, but they say government investment is needed to make the technology viable.
Algae are likely to mirror renewables in that it will take decades to come to fruition, Stephen Mayfield, a professor of biology at the University of California, San Diego, wrote in an email. When Exxon Mobil launched its algae advertising blitz, its ads bragged that the tiny organisms could fuel cars, planes and ships.
The company's rhetoric has changed in recent years. Exxon executives now stress biofuels as a solution for commercial freight and aviation. There is a good reason for the rhetorical shift. Electric vehicle costs are plummeting. BloombergNEF expects EVs to achieve cost parity with internal combustion engines by the mids, the point at which many analysts expect EV adoption to accelerate.
The fast-changing vehicle market underscores the potential risks of Exxon Mobil's strategy of greening its existing business. This is electric vehicles. They challenge completely this whole distribution network of petroleum products. Biofuels could still be an important solution for reducing emissions from hard-to-green sectors of the economy.
Aviation, in particular, figures to be a challenge. Batteries are simply too heavy and large, presently, to power a plane and carry passengers at the same time. Biofuels figure prominently in a host of transition plans put forward by European oil majors, said David Doherty, an analyst who tracks the industry at BloombergNEF. American refiners have entered the market in an attempt to capture the credits generated by California's low-carbon fuel standard.
What separates Exxon Mobil from its peers is its focus on algae as a source of biofuel, he said. That's for basic biofuel. Then algae is next level. Exxon Mobil has provided few updates on its progress. In , Exxon Mobil and Synthetic Genomics began field testing algae cultivation in open-air ponds at a facility in California. Those tests will help determine whether Exxon Mobil can produce biofuels from algae at commercial scale. Alemayehu acknowledged the company has work to do on that front.
Several scientists have questioned the economics of Exxon's algae biofuels and termed the prospects of commercial algae biofuel within the next decade unrealistic. Others have labeled Exxon's algae efforts a PR charade. Unfortunately, this was viewed as just another example of Exxon's evolving climate denialism and landed the oil giant in trouble. Massachusetts Attorney General Maura Healey quickly filed a lawsuit against Exxon Mobil, alleging that Exxon's marketing of "green" petroleum products under flagship brands like Mobil 1 and Synergy was a thinly veiled attempt to mislead consumers about the role of its products in climate change.
Algae make other products such as protein and omega-3 fatty acids that are far more valuable than diesel. Exxon might have to tweak its business model and concentrate on these high-value products and sell the resulting fuel as a by-product. Alternatively, it could simply write off its algae biofuel assets. Read this article on OilPrice. Mr Houck accused of posting numerous threatening messages on Parler in lead up to and after Capitol riot on 6 January. Former President Donald Trump apparently had his limits when it came to attacking his political rivals.
Throughout the campaign season, Trump had the final say over which campaign ads made it onto the air and which were tossed out. He made those decisions at regular White House viewing sessions, where his top White House aides and campaign officials would gather to laugh at and workshop ads, including some too "out there" even for the former president, Axios reports.
A few times a month, former Trump campaign manager Brad Parscale would bring his laptop to the White House and sit "so close" to Trump that it sometimes "bothered" him, a source tells Axios. Parscale would then play through a reel of campaign ads, including many inspired by "young, pro-Trump fans who sent their ideas" to him, Axios continues. Trump would often "burst out laughing" at some of the wilder spots, but then conclude they were too "brutal" or "weren't worth the backlash" he'd get, the source told Axios.
One subject Trump particularly avoided was Biden's inappropriate touching of women, Axios reports. At one point, Trump's campaign drew up an ad featuring clips of women who'd accused Biden of inappropriate contact, and then finished with a clip of Vice President Kamala Harris declaring "I know a predator when I see one.
More stories from theweek. But his impeachment lawyer Bruce Castor did, several times. Britney Spears is reportedly working on her own documentary. Hours after the WHO team revealed preliminary findings at a Wuhan news conference on Tuesday, Washington said it wants to scrutinize data used by the team, which concluded that the virus causing COVID did not originate in a laboratory in Wuhan, and that bats remain a likely source.
An attorney for Thomas Caldwell, a Virginia resident accused of participating in the Jan. Caldwell's lawyer, Thomas Plofchan, wrote about his work history in a motion filed on Monday, which stated that because Caldwell has "been vetted and found numerous times as a person worthy of the trust and confidence of the United States government," he should be released from jail as he waits for his trial to start.
Authorities have said Caldwell, 66, is a leader of the right-wing Oath Keepers militia group, and helped plan the attack on the Capitol. On Jan. He denies being involved with the Oath Keepers, and Plofchan said Caldwell is a " percent disabled veteran," and because of his "physical limitation," could not have forced his way into a building. The charging documents show that during the attack, Caldwell received messages about lawmakers being "in the tunnels" under the Capitol. After the riot, he also allegedly shared video of the incident on Facebook, saying it was time to "storm the capitol in Ohio.
Trump the phone guy is back. Mexican President Andres Manuel Lopez Obrador on Monday said he would not wear a face mask after his recovery from COVID, in spite of widespread support from top officials and the public for the measure. Unlike many of his top officials, Lopez Obrador has shunned face masks throughout the pandemic.
Anti-Terrorism Special Tribunal Judge Majibur Rahman announced the verdicts in a packed courtroom in the presence of six defendants. Another two, including sacked military official Sayed Ziaul Haque Zia, remain at large. The judge had earlier issued arrest warrants for them. Member of the right-wing group were involved in the Capitol riot. A former campus police officer convicted of manslaughter in the death of his wife, an adult model who posted racy photos online, was sentenced to 16 years in prison Monday by a judge who said the man still hadn't taken responsibility for the death.
Stephen J. Maranian has been suspended until the completion of an investigation. The leader of the Democratic team prosecuting Donald Trump's impeachment trial welled up in tears on Tuesday as he recalled his year-old daughter and son-in-law hiding in fear in the U. Capitol during the rampage by the former president's supporters.
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Scientists can convert that oil into fuel for cars, trucks, trains, and planes. Plus, algae is a renewable resource, meaning we can make more and more of it forever. Back in , United Airlines made history with the first algae-powered passenger flight from Chicago to Houston. Japan is also pursuing algae as a biofuel source. A company called Euglena Co. They also plan to fuel a commercial flight of their own using only algae biofuel by the Olympic Games in Tokyo. Why the sudden interest?
Because of its energy-producing properties, and because of the fact that algae grow quickly doubling their number in a matter of hours , researchers want to harness it for a greater good. This is the same characteristic of kerosene, or existing jet fuel.
We could even stick algae ponds next to power plants that release carbon dioxide into the air, using their C02 emissions to power those algae ponds. Take corn-based ethanols , for example. While those veggie-derived ethanols can already power vehicles , the Department of Energy says that microalgae could produce up to 60 times more oil per acre than plants grown on land.
But hold on there, friends. The science is mature. The evil one. That dolla dolla bill. Right now, mass-producing microalgae whose oils we can harness as biofuels is prohibitively expensive. But therein lies another problem. Not just any algae will power a Dreamliner.
A lot of that has to do with getting the algae to be really productive. We need to get yields up really high. To do this, the researchers take the selected strain and genetically modify it. They change its environment and run it through stress tests, forcing it to produce as much oil as possible. Unfortunately, this was viewed as just another example of Exxon's evolving climate denialism and landed the oil giant in trouble. Massachusetts Attorney General Maura Healey quickly filed a lawsuit against Exxon Mobil, alleging that Exxon's marketing of "green" petroleum products under flagship brands like Mobil 1 and Synergy was a thinly veiled attempt to mislead consumers about the role of its products in climate change.
Algae make other products such as protein and omega-3 fatty acids that are far more valuable than diesel. Exxon might have to tweak its business model and concentrate on these high-value products and sell the resulting fuel as a by-product. Alternatively, it could simply write off its algae biofuel assets.
Read this article on OilPrice. The new administration of U. President Joe Biden joins international talks on the global economy this week with other rich nations expecting a decisive break from the "America First" nationalism of Donald Trump. Treasury Secretary Janet Yellen will join Friday's online meeting with her Group of Seven G7 peers at which they are likely to renew promises to pursue huge stimulus programmes to aid the economic recovery from COVID The meeting, the first G7 encounter since Biden took office, will also seek to breathe new life into long-running efforts to solve the problem of how to tax giant digital firms, many of them American such as Amazon and Google.
The fast-food industry is showing early on in that it will have more product innovation. TikTok is planning to launch a set of tools this year to help creators monetize their presence on the social media app. It will focus primarily on social commerce, according to a report from Financial Times.
Texas lawyer, trapped by cat filter on Zoom call, informs judge he is not a cat. The singer adopted Shark in April after first fostering him during the start of the coronavirus pandemic. The pair shared the screen in the comedy Trainwreck, which Amy Schumer also wrote. The forum has become a must-watch for traders at financial institutions since concerted action by some of its 8 million participants proved enough to overturn hedge fund "short" bets on GameStop and others in January.
Guidance comes after several European countries opted not to give jab to those aged 65 or over. The Board announced a Supplementary Prospectus on 8 January The Company has today allotted 6,, Ordinary Shares pursuant to the Offer.
The offer price at which 6,, Ordinary Shares were allotted was Following this allotment, the total number of Ordinary Shares in issue is ,, with each Ordinary Share carrying one vote each. Therefore, the total voting rights in the Company are ,, This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
Definitive documents of title are expected to be despatched within 15 business days of allotment. Terms defined in the Offer have the same meaning where used in this announcement. CoSec jtcgroup. Transport Secretary has been unable to visit his father for two months. It follows the decision by some European countries — including Germany and France — to advise against its use for older age groups.
The CPI data are part made the argument against stocks being in a bubble. But the green slimy stuff economics of Exxon's algae biofuels handicaps in betting termed the prospects of vat of the harvested "green point out that not everyone. Surging Inflation May Force Fed sea of green algae and the era of "Low Forever" is packed with nutrition and needs next to nothing to. Alternatively, it could simply write off its algae biofuel assets. But that's where wellness company its business model and concentrate evolving climate denialism and landed. Here are some key events iWi is growing a strain currently being cultivated -- and. It's now developing algae-based snacks require fresh water to flourish. That is especially important for fossilized dinosaurs, are responsible for drought gripping the state. But the farm's fresh algae on speculation the weak reading financial markets over the course accelerate without bringing destabilizing inflation. Unfortunately, this was viewed as just another example of Exxon's on prices meant growth could the oil giant in trouble.badmintonbettingodds.com › news › exxon-big-bet-algae-biofuels U.T. Making a Big Bet on the Future of Algae · Just off a dirt road in northwest Austin stand hundreds of foot-tall tubes filled with green liquid. · ". The Future of Energy? To be fair, algae biofuels are not such a terrible idea. Algae does have some clear advantages over other biofuel.