Why ExxonMobil Stock Rallied Today
Shares of ExxonMobil (NYSE: XOM) rose just over 5.5% in early trading today. That's a notable move for this massive company, and it doesn't appear to have anything to do with oil prices. In some ways, what was announced today could be much bigger than that.
For better or worse, Exxon is one of the world's most recognizable oil and natural gas companies. That has long put it in the crosshairs of clean-energy proponents. Making matters worse, the company has steadfastly stuck to its long-term focus on carbon fuels, even as some competitors have recently begun talking up a shift to clean energy. While Exxon does have some clean-energy initiatives, such as using algae as a replacement for oil, its efforts so far simply haven't been enough to appease the increasingly loud calls for change.
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Source Fool.com
