27 feb 2015 letter to us senate ctee on energy & natural resources
TRANSCRIPT
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 1/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Lisa Murkowski, ChairmanSenate Committee on Energy and Natural Resources709 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Chairman Murkowski,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
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Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Lamar AlexanderSenate Committee on Energy and Natural Resources455 Dirksen Senate O!ce Building Washington, DC 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Alexander ,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
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Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator John BarrassoSenate Committee on Energy and Natural Resources307 Dirksen Senate O!ce Building Washington, DC 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Barrasso,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
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8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
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Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Bill CassidySenate Committee on Energy and Natural Resources703 Hart Senate O!ce Building Washington, DC 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Cassidy,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 6/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Steve DainesSenate Committee on Energy and Natural Resources1 Russell Senate O!ce Building Courtyard Washington, DC 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Daines,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 7/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Jeff FlakeSenate Committee on Energy and Natural ResourcesRussell Senate O!ce Building 368 Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Flake,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 8/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Cory GardinerSenate Committee on Energy and Natural ResourcesDirksen Senate O!ce Building SD-B40B Washington, DC 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Gardiner ,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 9/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator John HoevenSenate Committee on Energy and Natural Resources338 Russell Senate O!ce Building Washington DC, 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Hoeven,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 10/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Mike LeeSenate Committee on Energy and Natural Resources316 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Lee,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 11/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Rob PortmanSenate Committee on Energy and Natural Resources448 Russell Senate O!ce Building Washington, DC 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Portman,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 12/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator James E. RischSenate Committee on Energy and Natural Resources483 Russell Senate O!ce Building Washington, DC 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Risch,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 13/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Maria CantwellSenate Committee on Energy and Natural Resources511 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Cantwell,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 14/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Al FrankenSenate Committee on Energy and Natural Resources309 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Franken,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 15/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Martin HeinrichSenate Committee on Energy and Natural Resources702 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Heinrich,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 16/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Mazie HironoSenate Committee on Energy and Natural Resources330 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Hirono,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 17/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Joe ManchinSenate Committee on Energy and Natural Resources306 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Manchin,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 18/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Debbie StabenowSenate Committee on Energy and Natural Resources731 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Stabenow,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 19/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Elizabeth WarrenSenate Committee on Energy and Natural Resources317 Hart Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Warren,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 20/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Ron WydenSenate Committee on Energy and Natural Resources221 Dirksen Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Wyden,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 21/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Bernie SandersSenate Committee on Energy and Natural Resources332 Dirksen Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator Sanders,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt
8/9/2019 27 Feb 2015 Letter to US Senate Ctee on Energy & Natural Resources
http://slidepdf.com/reader/full/27-feb-2015-letter-to-us-senate-ctee-on-energy-natural-resources 22/22
Douglas A. Grandt PO Box 6603
Lincoln, NE 68506 (510) 432-1452
February 27, 2015
Senator Angus KingSenate Committee on Energy and Natural Resources359 Dirksen Senate O!ce Building Washington, D.C. 20510
Re: Oil Refining - Considering future eventualities versus the myopia of the present
Dear Senator King,
Two weeks ago today would have been my father’s 98th birthday.
Four years ago today, we celebrated his 94th. It took him 12 days to die on his own terms.
One thing I learned from him was to do the best I can based on good information, to avoidrumors and speculation, to think for myself, to do what is right, to stand up for what I believe.
Two weeks ago I wrote that I know something disturbing that I must share with you, urgently:
For the past several years I have observed and pondered how the CEOs and Boards ofDirectors of the petroleum drilling, production and refining companies have been going abouttheir business. I am not pleased with what I have observed, nor how I believe they willbehave in the future. I have come to the conclusion that their invoking “proprietary” and“trade secret” and a total lack of transparency could destroy our economy and society.
I studied Industrial Engineering & Operations Research and Petroleum Engineering at UC
Berkeley. My career positions have always entailed looking into the future and preparing forchange. What I observe in the U.S. is a paradigm of myopiaan avoidance of the future. Ifear that the petroleum industry will behave out of self interest not in the Public Interest.
Stock buy-back programs, declining earnings, paying dividends with borrowed money whilespending more and more in attempts to discover replacement reserves, shooting themselvesin the foot with a short-term production boom of tight formation oil and gas, relying ontarsands bitumen to feed starving refineries that should by all rights be retired, pushing toexport the glut of domestic oil and gas stockpiled with no ready marketsall of these point tonear-term collapse of the once-profitable house of cards. What will they do at break-even?
I again suggest that you ask Rex Tillerson if ExxonMobil will remain in business as profitabilitydeclines, as earnings erode, as dividends begin to fall below expectation. Call Mr. Tillerson and
CEOs of all petroleum refiners in the U.S. to Congressional hearings and ask tough questions.
We cannot afford to let refineries go out of business or declare bankruptcy unexpectedly. Wemust require the oil refiners to operate until their very last refineries refine their very last drop.With a serious effort to avert the worst case climate scenarios, this is now upon our doorstep.
Sincerely yours,
Doug Grandt