Business
Exxon Doubles Down on Oil
As rivals embrace renewables, the energy giant is betting on continued crude demand.
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In the late 19th century, inventors including Thomas Edison created electric lighting that all but ended demand for kerosene, then the biggest product made from petroleum. Oil magnate John D. Rockefeller, the forefather of Exxon Mobil Corp., was unmoved, seeing any price dip as a chance to buy up competitors.
“We must try and not lose our nerve when the market gets to the bottom as some people almost always do,” the founder of Standard Oil instructed his senior management in 1884. “We will surely make a mistake if we do not buy.”