The US Cabinet recently held a meeting with key Exxon Mobil executives to discuss the details of deal between the two bodies. This deal holds great promise for a future built on the foundations of affordable and competitive renewable energy sources available to the masses.
In their meeting earlier today, the US cabinet proposed a groundbreaking $1.5 billion in subsidies to be dispersed to the oil giant over the next 5 years. This sum of money will ensure that Exxon has adequate funding to research and develop renewable energy sources and lower the price of oil to be more competitive with foreign nations’ prices. Exxon Mobil has already pledged $500 million of their own to research and develop biofuel, EVs, and carbon captures and plans to review their progress every six months to ensure they are “getting their money’s worth,” according to the company’s press secretary, with a possibility of renewing or increasing funding at the end of the review period.
Everyone involved in the meeting appeared to be quite thrilled to be negotiating a deal with the other party, with the US Secretary of the Treasury proudly remarking “There’s nothing more attractive than oil!” Perhaps another reason for everyone’s joyful demeanors lies in the fact that The US government will be providing subsidies to decrease the price of oil per barrel from approximately $74 per barrel, according to Markets Insider at the time of publication, to below Russia’s cost of $71 per barrel and then slowly decrease to a goal of $65 per barrel over the five-year period. This deal allows Exxon to expand its presence into numerous other European markets, and even China, at a more affordable price than Russian oil which many nations are still forced to purchase over American oil due to its higher price and accomplishes the US’s goal of cutting Russia out of the global economy and lowering the price of oil and gasoline domestically.
This is all great news, for Americans, not so much Russians and their secret allies, however, one member of the US cabinet made it clear that the deal’s emphasis isn’t on sustainability but won’t harm sustainability either, a confusing statement considering where the US government is planning Exxon to employ their subsidies, leaving room to wonder if there will be alternative machinations planned between Exxon and the US government.