Petroleum & Resources Corp., the oldest U.S. oil fund, plans to invest in solar and wind power production for the first time since its founding in 1929 as governments crack down on fuels linked to greenhouse gases. The $555 million closed end fund, whose biggest holdings are Exxon Mobil Corp. and Chevron Corp., is analyzing wind power, biofuels, solar and hybrid car battery makers with an eye to making investments as soon as the second quarter of 2010, Chief Executive Officer Douglas Ober said.
Aside from an investment in an ethanol producer two years ago and a wind turbine manufacturer in the 1990s, the Baltimore based fund never before ventured into so called green energy, Ober said. That’s changing now because of legislative efforts to discourage use of oil based fuels and concern that global crude supplies are getting harder to find. “Climate legislation looks like it may become a reality in Washington, and that’s going to usher in significant changes for the oil companies,” Ober said yesterday in a telephone interview. “We realize there isn’t going to be oil forever, so we need to look for other types of stocks and find the right place to be”.....Read the entire article.
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