In The Know

• May 1, 2008 7:45 am US/Central
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  In The Know: Strike Out On A New Path

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In The Know: Strike Out On A New Path

(WCCO) As oil prices rise, descendants of the founder of Exxon-Mobil are calling on the company to adjust its focus and concentrate attention on renewable and alternative fuels. Don Shelby said it makes sense. John D. Rockefeller was the first person in the alternative fuel game.

Standard Oil was Rockefeller's company. It not only gave birth to Exxon-Mobil, but it is the sire of Chevron, BP, Shell and Conoco.

When Rockefeller came on the scene, whale oil was the fuel of the day. He said the future was in kerosene. He was right, and being right made him the richest man in America. Now, his descendants are filing a shareholder resolution demanding Exxon-Mobil wake up and smell the coffee.

Exxon-Mobil's efforts in alternative energy is dwarfed by the investments of its aforementioned competitors which have developed huge portfolios in renewables like solar, wind, biofuels and low-carbon technologies.

Not Exxon-Mobil and that chaps the Rockefeller clan who will tomorrow break this story at a news conference in New York City, calling for a change of direction for Exxon-Mobil. John D.'s great-granddaughter, a Ph.D economist, quotes her grandpa: He said, "If you want to succeed, you should strike out on a new path."

She adds: "Exxon is ignoring the rapidly shifting energy landscape."

We shall see.

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