Every time oil and gas prices jump, as they have in the past year, a great cry goes up: If only America had an energy policy.
Well, we do have an "energy policy," it's just being directed by ExxonMobil (XOM), not Washington, D.C., according to Steve Coll, president of the New America Foundation and author of Private Empire: ExxonMobil and American Power.
"They're closer to a consistent source of energy policy than the federal government in part because of their scale," Coll says, noting the company's roughly $450 billion in annual revenue dwarfs the annual budget of the Department of Energy, which was $27 billion in fiscal 2011.
Because of their consistent long-term strategy, Exxon has been able to "achieve their objectives much more successfully than presidents who come and go declaring they're going to end our dependency on foreign oil," he says.
To get a sense of where Exxon is going, the company earlier this year announced plans to spend $185Read More »from U.S. Energy Policy…Brought to You by ExxonMobil