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Monday, Jul 06th

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ExxonMobil CEO Defends High Profits

ExxonMobil CEO and chairman Rex Tillerson defended his company's staggering $11.7 billion in profits for the second quarter, saying that the company's earnings reflected the magnitude of its business operation.

"I can understand why people are very upset and why they're very worried and concerned about their ability to deal with these high prices," Tillerson said. "It does bother me that much of that is directed at us. Our job is to provide energy, to provide it in a means that is reliable. And we hope we can provide it in a means that's convenient as well to the consumer."

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BP shuts down Georgia pipelines

The oil pipeline, which BP owns as part of a consortium, can carry up to 90,000 barrels of oil per day.

Another key oil pipeline, which runs from Azerbaijan through southern Georgia into Turkey, is already shut.

TVNL Comment: Just another reason to raise prices.

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'Major discovery' from MIT primed to unleash solar revolution

Requiring nothing but abundant, non-toxic natural materials, this discovery could unlock the most potent, carbon-free energy source of all: the sun. "This is the nirvana of what we've been talking about for years," said MIT's Daniel Nocera, the Henry Dreyfus Professor of Energy at MIT and senior author of a paper describing the work in the July 31 issue of Science. "Solar power has always been a limited, far-off solution. Now we can seriously think about solar power as unlimited and soon."

TVNL Comment: Let's see if we are allowed to have this technology!

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New Lithium Nanowire Technology Boosts Lithium Ion Battery Capacity by 1000 Percent

This could extend the driving time of electric cars and the life of mobile devices such as cell phones, music players and cameras by the same amount, making a typical laptop battery last 40 hours instead of four..

"It's not a small improvement," researcher Yi Cui said. "It's a revolutionary development."

Cui expressed optimism that the technology could be commercialized within "several years."

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MIT develops way to bank solar energy at home

A U.S. scientist has developed a new way of powering fuel cells that could make it practical for home owners to store solar energy and produce electricity to run lights and appliances at night.

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First European Solar Power Tower

The new plant, PS10 (Planta Solar 10), is the first commercial solar thermoelectric power plant in the world and has a peak capacity of 11MW - sufficient to generate 23 million kWh of electricity per year powering 6,000 homes and saving 18,000 tonnes of carbon emissions per year. The plant took four years to build with construction finishing at the end of 2005 and has so far cost 35 million Euro. Construction was led by Solucar, an Albengoa company.
A second power tower, PS20 is being constructed which will produce around a peak of around 20MW of electricity. Construction began in October 2006.

PS10 is the first of a series of concentrated solar power plants which will total 300 MW of peak capacity by 2013 - enough to power almost 200,000 homes. The total cost of the project is in excess of 1.2 billion Euro.

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Exxon has record profit again on soaring oil prices

Exxon Mobil Corp said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.S. company.

Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year.

TVNL Comment: They had lowered production based on much less demand and still posted record profits Do you understand what this means? Do you know the laws of supply and demand? This is simple and plain extortion made possible by Dick Cheney's energy policies.

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