Word: exxon
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...last sector, and by the size of its companies by far the largest, is energy. Exxon's (XOM) market cap is $347 billion. That may be more than the top ten banks in America combined. It is more than the total for Microsoft and Cisco with some to spare. As a group, Exxon, BP (BP), and Conoco (COP) have not done well during the rally. The simpleton's answer as to why that is true is that the price of oil is too low and that oil stocks trade with the price of oil. Since oil firms have complex structures...
...nearly $300 million. "On the surface, Prince William Sound looks like it has regained its majesty," says Keith Colburn, an Alaskan fisherman and one of the stars of the reality TV series The Deadliest Catch. "But below the surface it's completely different." (Listen to Colburn talk about the Exxon Valdez anniversary on this week's Greencast...
...lost, it's lost forever," says Margaret Williams, the Alaska director for the World Wildlife Fund (WWF), which is calling for Bristol Bay and other parts of the Arctic to be made "no-go zones" for oil and gas development. "There are lessons to be learned from the Exxon Valdez, but they're not being learned well." (See pictures of the fragile earth...
...those lessons is that the Arctic ecosystems are unusually vulnerable to oil spills, according to long-term research funded by some of the $1 billion settlement from Exxon. Scientists found that, thanks in part to the cold environment, oil lingered in the area for years, some of it still biologically active and toxic. Because many Arctic species have long lifespans and slow reproductive cycles, wildlife recovery has been slow. Pacific herring - a keystone of both the commercial fishing industry and the marine food web in Prince William Sound - were spawning at the time of the spill, and were hit particularly...
...petroleum, as soon as the world economy recovers, so will demand for oil and the pressure to drill offshore in Alaska. And that pressure will surely only grow as climate change causes the Arctic ice to recede. But that is precisely the lesson that must be remembered from the Exxon Valdez: that some parts of the world are too precious to be risked for a few million barrels of oil. "This place was a Shangri-la of the Arctic, a very special place," says Williams. "And today it's lost...