As former Exxon Mobil Chief Executive Officer Rex Tillerson hits choppy waters in his confirmation as Donald Trump's secretary of oil - err, state - his former company marches onward in its quest to suck up all that remains of the world's petroleum reserves.
Following news this week that the oil giant found huge amounts of oil off the Guyana coast, Exxon Mobil announced a $6 billion deal to buy 275,000 acres in the Permian Basin from the legendary Bass family. The oil rich basin stretches from west Texas into New Mexico.
In a scenario that would have made an intriguing episode of the old TV soap "Dallas," in this case Fort Worth, Tillerson before leaving to join Trump Bizarro world personally negated the deal with the legendary Sid Bass, according to Forbes. Sid is one of four Bass brothers known for their oil and real estate wheeling and dealing, including projects to remake downtown Fort Worth.
The Permian Basin once pumped enough oil to keep the Allied armies going in World War II, according to The New York Times, but its fields were considered depleted a few years ago. Thanks to fracking and other extraction technologies, the basin's remaining oil is again profitable, even at today's relatively low prices. Exxon Mobil says 60 billion barrels of oil lie beneath the Bass land, according to Forbes.
Once again, more oil drilled and turned into gasoline will translate into more carbon emissions into the atmosphere, already at the danger point.
Exxon Mobil announced the deal. The Fort Worth Star Telegram sought to get a statement from the clannish Bass family, whose oil roots go back to the old Texas wildcatter days, but was told by a spokesman, "the Bass family does not generally speak about business deals."