As gas prices spiral upward, ExxonMobil posted record profits for 2007: an astounding $40.6 billion in profits based on $404 billion in sales, and it looks like they are headed for obscene profits again this year, with $10.9 Billion in profits reported in just the first quarter of 2008.  Exxon defends these profits by saying they spent $80 billion on developing energy sources between 2002 and 2006, with an additional $20 billion planned for 2008.  However, almost none of this development money is going to renewable energy research and development that will break our oil addiction and create a secure and green energy future for the US.

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