Oil Companies Discuss Global Energy Challenges

A number of the oil industry's top executives are going to meet next week in Houston to discuss the challenges of global energy. One expected agenda item is alternatives to traditional fossil fuels. This article also mentions that, according to ConocoPhillips Chairman James Mulva, U.S. oil companies have invested about $11 billion on renewable and other forms of energy in the past five years. What it doesn't mention is what percentage that investment is of the total amount of R&D spending that oil companies have done in the same period of time. Throwing out a number like that is less meaningful without a comparative figure. That is not to discount the fact that it's a significant number and undoubtedly a great deal more than most people probably realize is invested.