“In a reset economy, the government will be a regulator; and also an industry policy champion, a financier, and a key partner.” (Jeff Immelt, GE 2008 Annual Report, quoted here)

“What else can be said about how a destructive management philosophy–long warned against by classical liberals–drove a once iconic American company into the bog? Contra-capitalism destroys wealth, not only capitalism.” (below)

A May 27, 2020, piece at EnergyWire (E&E News) reported the latest of how errant leadership, political correctness, and cronyism diminished a once proud, iconic company.

“General Electric Co. cut one of the last remaining links to founder Thomas Edison, as the beleaguered manufacturer wrapped up a three-year process to sell its iconic lightbulb business,” reported Rick Clough. The buyer was the automated ‘smart home’ firm Savant Systems Inc.…

“[Lee Raymond] is a leader among leaders. He’s always encouraged and considered a range of views and opinions on a multitude of issues … including climate change.” – Jamie Dimon, CEO, JPMorgan.

Climate activists got beat in proxy voting at JPMorgan’s recent annual meeting, a good result for investors and employees, as well as consumers and the general economy. The climate will not notice either.

The activists failed to oust JPMorgan’s lead independent director Lee Raymond, longtime head of Exxon Mobil Corp., who never bought into renewables or climate alarmism. Maybe the activists want a different thinker with industry experience such as BP’s John Browne (father of that company’s environmental problems). Ken Lay was the antithesis to Raymond too.

Raymond was Right

Regarding renewables as mass substitutes to mineral energies, Raymond knew decades ago what Michael Moore, Jeff Gibbs, et al.…

Oil “worthless”? Under this standard, the commercial airline and cruise industries are worthless, as are the people who can’t effectively work from home.

Normalcy is not the future the anti-oil Houston Chronicle wants to see, an extreme editorial position that combines Green New Deal advocacy with Trump Derangement Syndrome in an election year.

On Sunday April 26, the Editorial Board of the Houston Chronicle published “Remember the People Behind Industry; Put Those Working in Oil and Gas First, Above Free Market Ideology.” The lead Sunday op-ed was meant to soften up the entrepreneurs, politicians, and citizens of the oil capital of the nation and world.

The op-ed was bad, even offensive, penned by a monolithic editorial board (no conservatives or libertarians allowed) that is beholden to climate alarmism and government-forced energy transformation.…

“Sen. Sanders calls us criminal and Vice President Biden says he would put us in jail, but it would be criminal not to produce the life-sustaining energy that enables a healthy, safe and modern lifestyle.”

– Kathleen Sgamma, Western Energy Alliance, February 24, 2020

The Western Energy Alliance just placed a full-page advertisement in the New York Times with Super Tuesday in mind in which 54 oil and gas executives challenged those calling their livelihood and industry criminal.

It is high time that the major integrated oil and gas companies, not just the independents, play offense rather than defense. Seize the moral high ground and do not appease the disgruntled, obstructionist critics (those with “termite aspirations”).

A half-century ago, Ayn Rand warned business leaders to lead, not capitulate. Remember Exxon’s great value-creator (1993–2005) Lee Raymond?…