Exxon Mobil once again sets the record for the highest corporate quarterly profits ever for any business in history, beating themselves. This is called profiteering because if they only raise prices in response to underlying costs then their profits should not rise. They are intentionally racking up the biggest gains they can because their scenarios undoubtedly show a fall off down the road.

OPEC announced that they will not increase production or artificially lower prices despite our President getting his hands and knees and piteously begging them to. Reason? See above.

The population of the planet will grow by 50% in the next 40 years and they are all going to expect better living conditions, as is their right. If you think oil prices are high now imagine when there are 3 billion more people using it.

Meanwhile, a new solar film plant, one of the largest solar manufacturing plants in the world, was opened by NanoSolar in California and they announced that their entire next 18 months of production are sold out. To whom, you may ask. The answer is the country of Germany which intends to have solar on every building in the country, regardless of current high costs. They intend to wean the entire country off of oil, coal and nuclear. Visionary yes, practical here? Nope, we can’t even set emissions standards in states where everyone wants them because the EPA chief overrules his own experts and forbids it.

In a world where senior executives make so much money, regardless of performance, there is no incentive whatsoever to take a long term perspective when building a business. I’d even argue that when a CEO has hundreds of millions in personal net worth, running the business is nothing more than a game. I often wonder if these people ever think of the world their grandchildren will inherit. Probably not because those grandchildren will be completely insulated from reality by their own inherited money.

Our politicians and leaders of society know these things- that is why they are going overboard trying to enrich themselves and their friends as soon as possible. This cannot mesh with the greater needs of the planet as a whole.

I hear derisive laughter from the sheiks and the boardrooms.