The major international oil companies have touted their alternative energy and efficiency programs in recent years, but Big Oil has in fact dedicated only a small portion of its substantial profits to such initiatives, according to a report by the Center for American Progress (CAP). Despite combined earnings of over $650 billion between 2000 and 2008, Exxon Mobil, Chevron, BP, Royal Dutch Shell, and ConocoPhillips have been "very stingy with investments in renewable and low-carbon energy technologies and fuels that would reduce oil dependence," the progressive think tank said.
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