Friday, May 30, 2008

Exxon Mobil Corp Holds Off Rockefeller Revolt

John D. Rockefeller, Sr. founded Standard Oil in 1870, which became Exxon in 1911. Now 73 of 78 of his great great grandkids recently sought to (percent of vote):

1) Separate the Chairman and Chief Executive positions (39.5)
2) Look beyond fossil fuels by developing a renewable energy policy (27.4)
3) Set specific goals for greenhouse gas emissions (30.9)
4) Produce a report on the impact of climate change on poor communities (10.4)

Current Chairman and CEO Rex Tillerman rejects the philosophy and effort of the Rockefeller family descendants, led by Neva R. Goodwin and Peter O'Neill, and does not believe nonfossil fuels will make a significant contribution in global energy demand until at least 2050. Today the Rockefeller family owns only 0.006 percent of ExxonMobil.

The Standard Oil Trust either bought competitors or drove them out of business and controlled the majority of the U.S. oil industry in the first decade of the 20th Century. In 1911 the U.S. Supreme Court broke up Standard Oil. The companies springing from the break up included:

1) Standard Oil Company of New Jersey (now Exxon)
2) Standard Oil Company of New York (now Mobil)
3) Standard Oil Company of Indiana (later Amoco and now part of BP)
4) Standard Oil Company of California ( now Chevron)
5) Standard Oil Company of Ohio (later Sohio and now part of BP)

(The Washington Post, The Wall Street Journal)

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