General Electric Bets Billions on Oil and Gas
The Associated Press reports industry giant General Electric has been investing heavily in oil and gas development, hoping to help maximize corporate profits while mitigating environmental risks:
General Electric Co. is opening a new laboratory in Oklahoma, buying up related companies, and placing a big bet that cutting-edge science will improve profits for clients and reduce the environmental and health effects of the boom.
“We like the oil and gas base because we see the need for resources for a long time to come,” said Mark Little, a senior vice president.
He said GE did “almost nothing” in oil and gas just over a decade ago but has invested more than $15 billion in the past few years.
GE is experienced in renewable energy sources as well. It’s the nation’s largest supplier of wind turbines.
Last year the company invested $170 million in a new battery plant in upstate New York, and those batteries are now being used to help regulate the power flow at a wind farm in Texas.