Exxon Mobil Explores Alternative

After lagging behind other integrated oil companies in the development of alternative energy sources,Exxon Mobil has listened to many of its shareholders and gotten down to the future-distant though it may be.It is to spend 600 million dollars to develop transportation fuel from algae.The production of algae-based fuels is at least 5-10 years off.One acre of algae can yield about 2,000 gallons of fuel.
Chevron and BP have been multisource energy companies for some years now,while Exxon limited itself to improving batteries for hybrid and electric vehicles,and funding basic research.The Rockefeller family,whose ancestor John D. Rockefeller founded Standard Oil,the precursor of Exxon,have been especially vociferous about Exxon's reluctance to embrace alternative energy production.