Below is my 3-minute presentation of my shareholder proposal at today’s ExxonMobil annual meeting. Although I lost the shareholder vote — both management and institutional shareholders are climate bedwetters or activists — I got enough votes to have my proposal automatically qualify for next’s annual meeting. I’ll be back.
Click the arrow to hear the audio of my proposal and ExxonMobil CEO Darren Woods’ response. The text of my presentation is below. You can listen to the entire shareholder meeting here.
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Good morning, my fellow shareholders. My name is Steve Milloy.
Our share price was rocked this year by an oil production war and the coronavirus lockdown.
You may think these events were unforeseeable and management is simply doing the best it can.
Or, you can realize ExxonMobil operates in a dangerous and unpredictable world where management must be prepared for all sorts of catastrophic events.
I filed my shareholder proposal because I take the latter view and management is letting us down.
Our world runs on fossil fuels.
Nothing in our world happens without them.
Nothing.
And now to recover from the coronavirus lockdown, we will need cheap, reliable fossil fuels more than ever.
But what is management doing?
Management is helping radical left-wing groups scare the public about fossil fuel emissions.
Management is lobbying for a CO2 tax so consumers use less of the product Exxon sells.
Management wants America to rejoin the Paris Climate Agreement — a hoax of a treaty that would limit fossil fuel use in the US while allowing Communist China to do whatever it wants.
Is management incompetent? Or just irresponsible?
One thing is for sure.
When management talks about climate, it is spewing nonsense.
You can read about some of management’s baloney in my shareholder proposal or in my op-ed in today’s Wall Street Journal, but here’s the bottom line:
ExxonMobil could stop selling oil and gas today and forever, and it would make no difference to weather or climate.
In fact, the entire US could stop emitting today and forever, and it would make no difference to weather or climate.
The math is simple.
Management says it is simply preparing for the inevitable low-carbon world.
But remember nothing in the real world happens or will happen anytime soon without oil and gas.
Even left-wing filmmaker Michael Moore was compelled to expose the fraud of renewable energy and the low-carbon world in his documentary “Planet of the Humans.”
The reality of a low-carbon world would be poorer and dirtier, and with a much lower standard of living.
The death and deprivation of a low carbon world would make the tragedy of COVID19 look like a sneeze.
Preparing to knuckle under to a low-carbon world is tantamount to getting used to the idea of a Communist China-dominated world.
Management should be fighting the low-carbon world, not facilitating this global suicide.
Climate radicals want to go from the economic and societal devastation of the coronavirus lockdown straight into to the economic and societal devastation of a climate lockdown. They say this all the time. And they are serious.
Many of you may be thinking, “Oh, that’ll never happen.”
But did you ever imagine the price of oil could go below zero, as it did in April?
We need management to dial into reality.
Yes, there is a real climate risk out there, but it’s got nothing to do with the weather.
Climate and the low-carbon world are not about controlling the weather.
They’re about controlling us.
Just ask Michael Moore, who just had his film yanked down off YouTube because it exposed the ugly truth about renewable energy and the green fraud behind it.
The real threat we face is climate communism a strong, but realistic term.
And management wants to surrender ExxonMobil, our investments, our standard of living and our liberties to it.
No thank you.
I’m not worried about the weather in the year 2050.
I’m worried about the totalitarianism of the year 1984.
And you should be, too. Thank you.