Updated: Apr 16, 2022
What is ‘Big Oil’? There is no clear definition of the term, but everyone seems to understand its meaning. Generally, when referring to the six or seven largest oil and gas companies, you would use Big Oil. There are many reasons why people despise these companies. Some believe that overtly centralized power is inherently evil. Ask any environmental organization, and they will say that Big Oil should be removed from power. I agree that they should but in due time.
There is an absolute necessity for these companies due to their money and clout that they typically have. Their donations to political campaigns (both Democrat and Republican) make them targets for attacks if they support the other candidate. Alternatively, you will often see oil and gas companies fund research on a wide range of topics. Whether that research is on renewable energy or not, their results are often suspect. Despite this, they can develop more efficient extraction practices like ExxonMobil’s LNG involvement, reducing the amount of CO2 emissions of each natural gas drill.
If we want to expand the green revolution, companies like ExxonMobil must be included in the discussion. Their money has allowed for investment in electric vehicles, and renewable energy has led to developments that make a sustainable future a reality. They are far from perfect, but they will be encouraged to shift their focus from oil and gas to renewable energy with consumer pressure. With this change from Big Oil, the energy industry and all other sectors will follow. We, as a world, must first vote with our dollar to express our desire for change.