While it has been exciting to see alternative energy benefit from the recent surge in oil prices, we’ve got to keep an eye on these supposedly green and benevolent corporations. High oil prices mean they will go to new lengths — or in this case, depths — to get at the sticky stuff.
General Electric (GE), for example, which recently green-washed its NBC subsidiary, said it’s invested in a boat — and it’s no Rainbow Warrior. GE will invest $54 million in Peregrine I, a deepwater drilling ship. The ship is capable of looking for oil in water as deep as 5,200 feet and drilling into the ocean floor as far as 25,000 feet. WestLB AG, Pareto World Wide Offshore, and Mike Mullen Energy Equipment Resources are also investing in the vessel.