After describing stock repurchases and so forth, he goes on to say: "There is a phrase for that strategy: gradual liquidation. It is an excellent strategy for a company in a declining industry with few investment opportuniies. Let us hope that not is the case here."

Norris, in the end, puts his hands over his eyes and says: "We can hope others are will make the investments Exxon Mobil is unwilling to make, in both oil and alternative energies. If not, the easing of energy prices may be further off than it needs to be."

I happen to know that Exxon is coldly and relentlessly rational in its focus on the bottom line. If they don't invest, it's for a reason that they believe impacts the bottom line.