EXXON-MOBIL MERGER SPELLS POTENTIAL DISASTER FOR THE PLANET'S CLIMATE (fwd)

[Robert Weissman <rob@essential.org>]

RAINFOREST ACTION NETWORK


For immediate release - December 1, 1998

Press contact: Mark Westlund, Shannon Wright - 415/398-4404


EXXON-MOBIL MERGER SPELLS POTENTIAL 

DISASTER FOR THE PLANET'S CLIMATE


ENVIROS ASK: WILL BIG OIL'S SEVEN SISTERS 

BECOME THE THREE FATES?


"Now that Exxon and Mobil have merged to form the world's largest
fossil fuel company, it has the responsibility as the industry leader
to do all it can to stem the tide of climate change.  This requires a
rapid move out of fossil fuel and into renewable energies, and ending
new fossil fuel exploration, beginning with projects slated for fragile
ecosystems.  Our climate and our rainforests depend on it." 


- Shannon Wright, Clean Energy Campaign Director


Environmental and human rights activists expressed concern today as
Exxon Corporation announced it agreed to acquire Mobil Corporation in a
transaction that will create the world's largest oil company.  Unless
the company, to be called Exxon Mobil Corp, makes an immediate shift
into renewable energy sources, greens fear, the world's climate,
endangered natural areas, and last remaining traditional indigenous
communities could face catastrophe.


"When energy companies put brute profitability ahead of environmental
and human rights concerns, we can expect the worst," said Shannon
Wright, RAN's Clean Energy Campaign Director.  "I am deeply concerned
that at no point in this transaction, either company has addressed
plans to phase out new petroleum exploration in rainforests and other
delicate ecosystems, or a plan to transition into renewables."


The companies said in a joint press release: "This merger will enhance
our ability to be an effective global competitor in a volatile world
economy and in an industry that is more and more competitive. It allows
us to manage our expanded, combined asset base to deliver increasing
returns and growth to our shareholders while reducing our operating
costs." 


Rainforest Action Network and campaign partner Project Underground
released a report assessing the threat of new petroleum exploration to
the climate, the environment and indigenous people. Key findings
include that the oil and gas industry spends over $150 billion annually
on new exploration, and that the area covered by new exploration
activities in the last decade roughly equals the land area of the U.S.
and Europe combined. The ongoing exploration threatens old growth
frontier forests in 22 countries, coral reefs in 38 countries, and
mangroves in 46 countries. In addition, indigenous peoples on every
inhabitable continent and at least eight isolated groups face an
immediate or near-term threat from exploration. 


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