Caretaker For a Great American Tradition

Many of you who have read my brief bio, know that I was employed by Exxon Corporation, now ExxonMobil, for 28 of my 45 years in business. As I watch their commercials on television today and see the many capable employees they profile to discuss their work in the important technical areas to conserve energy, develop alternative fuels, and reduce greenhouse gas emissions, I realize how lucky I was to be one of the caretakers of this great company for the period 1960-1988 and what great talent they continue to develop to sustain their important role in our economy.

This year is Exxon’s 127th year in business and they continue to be the biggest and most profitable corporate entity in this great country, even after they were broken up by the government in 1911. In addition, they continue to provide dividends and stock appreciation for their shareholders and are a cornerstone investment for many annuities and retirement funds of middle class America. Exxon has been through the great Depression when demand and prices for their products fell for more than 10 years, tariff wars triggered by the infamous Smoot-Hawley tariff of 1930 which caused the collapse of international trade, nationalization of its assets by dictators and rogue countries in Latin America, the Mid-East, and Russia, the strain of the great wars where their properties and ships were destroyed (they lost 60 tankers during WWII ) and they still delivered the energy our nation needed.

Yes, they had a few oil spills, particularly Valdez in Alaska, which gave them bad publicity but nobody remembers that they paid more than $8 billion dollars to clean up the spill and restore the area and kept many fishermen with fat wallets for many years. Needless to say, they are still the brunt of politicians who think they make too much money, even though their margins are much lower that most of the Silicon Valley, pharmaceuticals and many other companies. They can deliver gasoline at the pump in the U.S. for $1.00/gal (ex-taxes), cheaper than most other places in the world and yet continue to be vilified in the press and Washington.

Exxon has persevered these 127 years through economic cycles and world wars, experienced vast changes in the political landscape, advanced and adapted to major technological developments, brought important products to the industrialized world, and achieved economic success through honesty, discipline, creativity, and innovation and never ASKED ANYONE FOR A BAILOUT! You can bet that President Obama will never have the opportunity to fire Exxon’s CEO.

Now you know why I am so proud of having a small part as a temporary caretaker of a great American enterprise.