ABC: Exxon spends 1 percent of profits on alternative energy.

[War on Want]

So, why should an oil company spend money in its competitors' business?

To not go the way of GM or Chrysler, maybe?

Oil will be in demand for decades (oil is used in so many things), and it doesn't require to be retooled constantly like a car.

MODU you do know we are running out of oil at alarming rates and that most of it that is left is shale oil, which means you have to spend 2 barrels of oil to get it out, and get 3 out of it compared to the 1:20 ration in most other oil fields. So pretty much all oil companies are screwed and they know this but they will still tout that there is much oil left or there would be a big investor shift from them.

[War on Want]

Oil companies have no reason to switch to alternative energy production.  Even if the gasoline market dries up, they'll still have plenty of money to make in the diesel and natural gas industry.

Plus, I'm sure if something like electric or hydrogen powered vehicles become popular that there will be plenty of revenue left over from oil for ExxonMobil to just buyout a hydrogen or lithium battery company and join that market.

Natural gas is also running out in alarming rates so that is a fail too. Oil companies have every interest to start switching now but really MODU is right in some aspects that it is more of the government's fault because I do agree it is not the oil companies' job to invest in alternate energy but it would be smart if they did.

[War on Want]

MODU you do know we are running out of oil at alarming rates and that most of it that is left is shale oil, which means you have to spend 2 barrels of oil to get it out, and get 3 out of it compared to the 1:20 ration in most other oil fields. So pretty much all oil companies are screwed and they know this but they will still tout that there is much oil left or there would be a big investor shift from them.

Easily accessible oil will not be running out any time soon, especially if the government gets their act together and starts getting more nuke plants online.  No one here is advocating an "oil only" future, which would be the only way for oil to run out "at alarming rates." 

Facts, Data etc. Besides you do know that nuclear power still does not fix the problem of our transportation industry and the fact that there is increasing global demand. Also there are very few new places to drill, really only ANWR, a few offshore drilling sites and a few areas in ND and MT.

[War on Want]

Facts, Data etc. Besides you do know that nuclear power still does not fix the problem of our transportation industry and the fact that there is increasing global demand. Also there are very few new places to drill, really only ANWR, a few offshore drilling sites and a few areas in ND and MT.

You have roughly 60 years of easily accessible domestic oil supply (both onshore and off the coast) at the current usage rate.  You have another 80 years of natural gas.  This does not include the shale oil which can be harvested like coal for consumption (it does not have to be liquified and extracted as Shell was attempting).  There's your data.

As far as nuclear power and transportation, if you are ever going to get off of gas to power vehicles, you are left with either electrical cars (which currently run off of electricity provided through burining oil and natural gas) or hydrogen.  While Hydrogen will be the gas/oil of the future, current electrical cars can run off of power provided by nuclear power.  AND, converting a car to be electric is cheaper and easier than converting one to run on hydrogen, so if someone cannot afford to go out and buy a new electric car outright, they can convert their current vehicle.  This would reduce roughly 10% of our oil consumption in 10 years (since it will take time to get more nuke plants up and running), and probably 30% in 20 years when people start buying new vehicles (typicaly life cycle of a car is 10 years).

Anything else you need to know?

haha Did you get this data from the oil comapnies? That's not the data I have and besides if you haven't noticed most remaining oil under the oilfields left is decreasing at extremely rapid rates. The North Sea will probably run dry in 2-3 years, and as usual oil companies/OPEC will continually lie about how much oil reserves are left because it is in their interest that investment is up.