Silke Jasso
Earlier this week, China announced its plan to become the undisputed leader in electric cars.
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In a policy described in a report by Forbes as an “aggressive mandate,” the world’s biggest frenemy is working to ensure its companies take the lion’s share of future electric vehicle sales.
China sums up its plans in three main points: 1) improve air quality; 2) maintain and build leadership in emerging technology; and 3) reduce dependence on foreign oil.
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After undoubtedly waking up in a pool of cold sweat upon learning the news, Exxon’s new chairman and CEO Darren Woods had a few words of his own to say. In a meeting Tuesday, Woods reportedly reassured company investors that Exxon is on track to boosting its production worldwide, including anticipated commencement of five new projects by 2018 in Russia, Canada, the UAE, Qatar, and Angola.
Exxon’s announcement comes after oil prices tanked last year and continue to show signs of lackluster improvement. And all of this sounds like something corporate leaders say right before they’re sued in a shareholder class action suit for company stocks’ loss of value.
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Texas-based Exxon has a large presence in Houston, and shares after Tuesday’s meeting were up 2.2 percent to $83.14, holding pretty steady at $83.02 by close Wednesday.
But, as we know, one day oil is in, and the next it’s out.
