Shell President: Profits Invested in Alternative Energy
Marvin Odum, Shell President, defends profits and gives energy advice.
Aug. 22, 2008 — -- At a time when many average Americans are being pinched at the gas pumps, big oil companies are reaping enormous profits.
On "Good Morning America" today, Robin Roberts sat down with Shell Oil Co.'s new president, Marvin Odum, who defended his company's multibillion dollar profits and advised consumers on keeping their energy costs down.
"We're a technology company," Odum said. "And so what we're doing this year in 2008 is we're investing between $35 [billion] and $36 billion into new energy projects. So you can see that's more than the profits we made in 2007 are being reinvested into the business this year.
"The other things that are in the conversation now are alternatives -- wind, solar, biofuels, hydrogen, nuclear," he said. "All those pieces are going to play a very important part as we go forward."
Odum said that he understands consumer frustration concerning gas prices but claims there could be a silver lining.
"What I like about this situation ... it's bringing this topic to the top of the agenda, in the campaign and everywhere else," he said.
While gas prices remain high, Odum also gave a few tips on how average consumers can save day-to-day by changing their driving habits.
"The cabdriver that I rode over to the studio with this morning is doing the kind of things that I think a lot of people are out there doing now," Odum said. "He's changing the way he drives. He doesn't speed up as fast, you know, he doesn't brake as fast. He moderated how he drives his car."
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