Scientists offered cash to dispute climate study

Now who in the world would do something like that? Can you say ExxonMobil through the American Enterprise Institute? I new you could.

Scientists and economists have been offered $10,000 each by a lobby group funded by one of the world's largest oil companies to undermine a major climate change report due to be published today.

Letters sent by the American Enterprise Institute (AEI), an ExxonMobil-funded thinktank with close links to the Bush administration, offered the payments for articles that emphasise the shortcomings of a report from the UN's Intergovernmental Panel on Climate Change (IPCC). Travel expenses and additional payments were also offered.

The UN report was written by international experts and is widely regarded as the most comprehensive review yet of climate change science. It will underpin international negotiations on new emissions targets to succeed the Kyoto agreement, the first phase of which expires in 2012. World governments were given a draft last year and invited to comment.

The AEI has received more than $1.6m from ExxonMobil and more than 20 of its staff have worked as consultants to the Bush administration. Lee Raymond, a former head of ExxonMobil, is the vice-chairman of AEI's board of trustees.

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The price of gasoline

Think its too high? You might well be right.

Oil giant Exxon Mobil topped its own record for the biggest annual profit by a U.S. company last year, racking up earnings that amounted to $4.5 million an hour for the world's largest publicly traded oil company.

Yes you read that right, earnings of $4.5 million an hour!

It reported the record net income - $39.5 billion - despite a 4 percent drop in earnings in the final three months of 2006, as prices for oil and natural gas fell from extraordinary levels earlier in the year.

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