Ed Markey: “When I asked the number two executive at ExxonMobil what he was doing with his $42 billion worth of profits last year in…”

“When I asked the number two executive at ExxonMobil what he was doing with his $42 billion worth of profits last year in terms of investing in renewable energy resources, the CEO said that he was going to invest $10 million in renewable energy resources. $42 billion worth of profit, $10 million going into renewable energy resources. When I said to him, you know, the Bush administration and the Republican Congress gave you $18 billion worth of additional tax breaks 3 years ago and now at $119 a barrel you don't need them anymore, can we take those and give them as tax breaks for renewable energy resources, all of the oil executives said, no, we want the tax breaks. We don't want that to go over to renewables. And, secondly, we love our profits, and we are not going to invest them in renewables.”