Exxon isn’t totally dumb – it didn’t get to be the biggest company in the world for nothing… with big chemicals and plastics interests, althought it’s not going to be playing too large in the biofuel business, the hyrid market may well come strongly to its aid.

Unless crude oil prices really start to swing down and stay down (much less likely) ie below fifty dollar a barrel mark Exxon hasn’t got too much to panic about – profits will be down, but there’s still a lot of money in there.