Friday, January 12, 2007

A turning point in the climate change controversy?

Am I naive to think that this is a significant development?

Update: As of now, it doesn't seem to have had much effect on Exxon Mobil's stock price. (The gain for Exxon today appears to have been caused by a jump in the price of crude - see here.)

More on the oil front: Lord Browne, who was the first major oil CEO to break ranks on the greenhouse emissions issue and strove to create a "green" image for his company, is stepping down earlier than expected. This Wall Street Journal article implies that his departure was caused by dissatisfaction over BP's poor safety record over the past several years, not over his environmental stance. The sidebar on his successor, Tony Hayward, now head of BP's exploration and production, doesn't give any indication of his environmental views. Nevertheless, it seems unlikely he would try to reverse BP's course, especially in light of Exxon's action.