Exxon’s Natural Gas Holdings Grow With $31 Billion Deal - Investment Is A Bet That "Fossil Fuels" Will Remain A Critical Energy Source For Decades

The news just seems to be all bad for Greenies lately.

This morning, we learned that Africans care so little about Global Warming that they are willing to walk out of the Copenhagen Summit EN MASSE, if they are not assured their slice of the Western pie. In other words, they have to be bribed to participate, even though it will be no skin off their backs.

Amazing.

And now, we find Exxon is betting big on Natural Gas. Will we never move on to a Green Economy? Will we never live peacefully with the Leviathan of Utopia?

From the New York Times:

In the biggest energy deal in years, Exxon Mobil said on Monday that it had agreed to buy XTO Energy, a domestic producer of natural gas, in an all-stock deal valued at $31 billion to increase its holdings in unconventional resources in the United States.

The deal includes the assumption of $10 billion in debt.

The purchase allows Exxon, the world’s largest publicly traded oil company, to expand in shale gas, an area that has grown tremendously in the last few years. It will give Exxon the equivalent of about 45 trillion cubic feet of natural gas throughout the United States.

The acquisition extends Exxon’s bet that fossil fuels will remain a critical part of the nation’s energy supplies for decades to come.

In recent years, energy companies have discovered large reserves of natural gas tightly trapped in shale rocks in Texas, Colorado and Wisconsin, as well as in the Northeast. The discoveries have led to a gas drilling boom that has greatly expanded domestic resources, while also raising some environmental concerns.

Exxon will set up a production unit to manage its global portfolio of unconventional resources, which include shale gas, tight gas, coal bed methane and shale oil. It will be based in Fort Worth in XTO’s current offices.

It brings a tear to you eye, don't it?

Bwa ha ha ha ha ha ha ha!

Anyway, you might be interested to know that it is unlikely Natural Gas is a "Fossil Fuel" in the first place. Check this out, from Wikipedia:

Natural gas is a gas consisting primarily of methane. It is found associated with fossil fuels, in coal beds, as methane clathrates, and is created by methanogenic organisms in marshes, bogs, and landfills.

Add to this, the fact that oil has also been found to be a naturally-occurring substance, not a "fossil fuel", and it just seems like every argument Greenies make is just coming down like a house of cards.