Home
/
RELIGION & LIBERTY ONLINE
/
Father Crosby and ‘Losing Money on Purpose’
Father Crosby and ‘Losing Money on Purpose’
Jun 30, 2026 2:58 AM

Shareholder resolutions intended to force Exxon Mobil Corp. and Chevron Corp. to adopt greenhouse gas reduction goals and name environmental experts (i.e. any scientist who believes human activity causes climate change) to their respective board of directors were defeated last week. Not only were they defeated, they were crushed. Chevron shareholders mustered only 9 percent support for GHG reductions and 20 percent for the environmentalist board member. Eighty percent of ExxonMobil shareholders rejected the additional board member, and only 10 percent voted for reducing GHG emissions.

Naturally, such progressive outlets as The Guardian sympathetically reported the proposals by touting the highly anticipated climate-change encyclical of Pope Francis, which is epected later this month. Of course, few outside the Vatican know exactly what the Pope will say in the document, but the Guardian goes so far as to draw a connection between the ExxonMobil and Chevron resolutions and the Pope. Readers are led to conclude that shareholders (As You Sow, the Interfaith Center on Corporate Responsibility and the Tri-State Coalition for Responsible Investment, among others) introducing the shareholder resolutions represent all Catholics. The Pope also is Catholic, understand, so it should follow the panies oppose Catholics in favor of fossil fuels:

ExxonMobil boss Rex Tillerson has a long history of civil but strained sparring with Father Michael Crosby and Sister Pat Daly at its annual shareholder meetings. Crosby is leading a group of investors calling for Exxon to give a seat on its board to an eminent climate expert, while Daly is pressing for emission targets that would set pany on the path away from fossil fuels.

All this is taking place against a backdrop of mounting external pressure on the oil group that makes the confrontation at this year’s gathering in Dallas, Texas, especially significant. es just weeks after Exxon dispatched a lobbyist and a planning executive to Rome in an attempt to brief the Vatican on global warming. Pope Francis is shortly to publish his encyclical on the environment, which could make fortable reading for many in the oil and gas industry.

Good grief, Guardian! I don’t think that lobbying Catholics of any stripe – left-wing, progressive, and conservative or even the Pope – on a scientific matter as undecided plicated as climate change should have as its aim the crippling or outright destruction of ExxonMobil or Chevron. They’re too busy supplying cheap and plentiful fuels to the world’s poorest, richest and middle-classiest, guaranteeing shareholder returns and hiring both low-skilled and high-skilled labor. As noted by ExxonMobil CEO Rex Tillerson:

“Mankind has an enormous capacity to deal with adversity and those solutions will present themselves as the realities e clear, either through proved modeling…or as they are evidenced to us,” he told the audience. “I know that is a very unsatisfying answer to a lot of people. But it’s an answer that a scientist or engineer would give you.”

It’s going to be an “extraordinary challenge” to meet the world’s energy demands over the next several decades, “an important piece of which will be oil and natural gas, whether people like it or not. As to investment in renewables, quite frankly, Father Crosby, we choose not to lose money on purpose.” Tillerson’s response drew loud applause.

The CEO said it was not true that alternatives such as solar power were making any money. The “only way” alternative energies “survive is on the back of enormous government mandates and subsidies, which are not sustainable. We choose not to invest in businesses that require government mandates and subsidies for them to exist…”

ExxonMobil actually receives government subsidies for fossil fuels, Crosby argued. However, Tillerson shot him down. “We do not receive any subsidies,” he said. “We operate under the tax code, which applies broadly to businesses everywhere.”

I wasn’t present at the shareholder meeting, but had I been I would have joined in the applause following ments directed toward Father Crosby. Tillerson is a businessman who understands science, engineering and economics while Crosby is a priest and an ideologue. Guess which one’s efforts are more beneficial for the majority of humanity?

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Samuel Gregg: Mitt de Tocqueville
Writing in National Review Online, Acton Research Director Samuel Gregg weighs in on Mitt Romney’s remarks about the “47 percent”: Ever since the modern welfare state was founded (by none other than that great “champion” of freedom Otto von Bismarck as he sought, unsuccessfully, to persuade industrial workers to stop voting for the German Social Democrats), Western politicians have discovered that welfare programs and subsidies more generally are a marvelous way of creating constituencies of people who are likely to...
Why Religious Liberty Should Be the Moral Center for American Diplomacy
In his magisterial work on the twentieth century, Modern Times, historian Paul Johnson highlights how in the 1920s Germany transformed from being “exceptionally law-abiding into an exceptionally violent society.” A key factor, according to Johnson, was an erosion of the rule of law and partisan acceptance of political violence against groups disdained by the State. Johnson notes that from 1912-1922, there were 354 murders by the Right (proto-Nazis) and 22 by the Left (Marxists). Those responsible for the every one...
Review: Fr. C.J. McCloskey on ‘Defending the Free Market’
A review of Rev. Robert Sirico’s Defending the Free Market is featured in the National Catholic Register, written by Fr. C. J. McCloskey. The National Catholic Register is reviewing a number of books, in an effort to help readers discern issues pertinent to the ing election. In Fr. McCloskey’s review of Defending the Free Market, he notes: Father Robert Sirico could not have written a timelier book than his latest, Defending the Free Market: The Moral Case for a Free...
October 15 Scholarship Deadline
The deadline to apply for a scholarship through the Calihan Academic Fellowship program is one month away! If you or anyone you know are looking for financial aid opportunities for next semester, I invite you to visit the Calihan Academic Fellowship page on Acton’s website for details about petitive scholarship program. This page is where you can: download the application form and obtain additional information about eligibility, conditions, the selection process, application requirements, and deadlines. To qualify for the ing...
Samuel Gregg: Constitutions, Culture, and the Economy
Writing in Public Discourse, Acton Research Director Samuel Gregg notes that while Constitutional law has often been used to shape economies, there are limits to the law’s ability to influence economic culture: The Supreme Court’s decision to uphold Obamacare sharply reminds us of constitutional law’s significance for economic life. NFIB v. Sebelius, however, is not the first or even the most controversial effort to use constitutional law to shape economies. Both America and European countries have a decades-long history of...
Bill Gates: ‘Capitalism has worked phenomenally’
Bill Gates, easily one of the richest men in the world, recently talked about his wealth and his children’s inheritance, philanthropy and taxes in an article in the the UK’s The Telegraph. He acknowledged that “[c]apitalism has worked phenomenally” and one need only look at North Korea vs. South Korea to see evidence of that. He also noted, “Capitalism has shortfalls. It doesn’t necessarily take care of the poor, and it underfunds innovation.” Gates made several remarks to the British...
Samuel Gregg: Islam and the Closing of the Secular Mind
Writing in the American Spectator, Acton’s Director of Research Samuel Gregg says the “enlightened” Western mind can no longer think seriously or coherently about religion: Given the decidedly strange response of the Obama Administration and much of the mentariat to the violence sweeping the Islamic world, one temptation is to view their reaction as simple prehension in the face of the severe unreason that leads some people to riot and kill in a religion’s name. But while the Administration’s response...
Hobby Lobby’s Billionaire CEO Says ‘God Owns It’
Forbes recently ran a profile of Christian billionaire and Hobby Lobby CEO David Green. According to Forbes,Green is “the largest evangelical benefactor in the world,” giving “at upwards of $500 million” over the course of his life, primarily to Christian ministries. Yet, for Green, his strong Christian beliefs don’t just apply to how he spends his wealth; they’re integral to how it’s createdin the first place: Hobby Lobby remains a pany in every sense. It runs ads on Christmas and...
ResearchLinks – 09.21.12
Book Note: “As If God Existed” Maurizio Viroli. As if God Existed: Religion and Liberty in the History of Italy. Princeton: Princeton University Press, 2012. Religion and liberty are often thought to be mutual enemies: if religion has a natural ally, it is authoritarianism–not republicanism or democracy. But in this book, Maurizio Viroli, a leading historian of republican political thought, challenges this conventional wisdom. He argues that political emancipation and the defense of political liberty have always required the self-sacrifice...
Economists and Clergy
Tyler Cowen fielded an interesting topic on his blog last week, focusing on economists who are (or were) clergy. There’s an interesting list, including notables like the Salamancans, Paul Heyne, and Heinrich Pesch. I didn’t realize that Kirzner is a rabbi. Malthus is named first, but as the ment on Cowen’s post notes, anytime you mention Malthus you should mention Anders Chydenius in the following breath. How about Edmund Opitz of the Foundation for Economic Education, or even Rodger Charles,...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved