Should The Oil Co. use some of their record profits on researching alternative fuels?

Answer 1

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If we required this of the oil companies, they would just waste time and money on more unworkable boondoggles like hydrogen.
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Instead, take a look at what has been developed without any government or corporate subsidies:
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http://phoenixmotorcars.com/models/fleet.html
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The Phoenix electric car can travel up to 250 miles between charges, carries 5 people plus cargo at 95mph, charges batteries in only ten minutes, and has batteries that will last over 200,000 miles.
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You won't hear anyone in the government talking about this car. Because this is exactly the sort of success story they did NOT want to happen. In fact, you'll have a hard time even finding the Phoenix mentioned in the media.
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But the Phoenix is a real car. Orders have been received, and they begin building cars this month. Cost is expected to be around $45,000. That cost will fall to something more reasonable if enough cars can be built.
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Answer 2

yes and quit making billion's profit