So Exxon announced a $600 million investment in algae biofuels today. The company reported profits over $45 billion last year, and this investment will be spread out over 5 or 6 years. Furthermore, half of it will go for in house research. So it's safe to say that this one annoucement may just be greenwashing and certainly doesn't change Exxon's reputation as the most polluting company on earth.
Given that, why did I tell CNBS's Power Lunch that it was a good type of investment for Exxon to make and the right direction for energy companies to be heading? Check out the video clip below to hear my answer.