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Today ExxonMobil broke records with the highest profits ever for a U.S. company–making $14.8 billion in the third quarter and posting $37.4 billion for the year so far. That’s great news for the oil and gas business (other o&g companies like BP, Shell and ConocoPhillips have also posted higher profits for the third quarter), but may not continue in the near future given the current price of oil.

While the recent lower price per barrel of oil has been great for consumers, the low price means less money available for research & development in deep offshore drilling and oil sands. That means that in the future, we’ll still be facing decreasing fuel supplies. The lower price at the pump means people will not be inclined to limit travel as they were when the fuel price was more than $4/gallon, which will also decrease fuel supplies. Lower fuel prices also mean less time and money invested in alternative energy sources and greener transportation options.

Let’s not get too complacent when it comes to investing in energy. Just because gas is $2.50 or less per gallon, let’s make sure that we are investing in fuel supplies and energy alternatives for the future.

This entry was posted on Friday, October 31st, 2008 at 12:46 pm and is filed under Alexandra Ferretti Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.