Carbons were made from resol and novolak resins at temperatures from 700 to 1100 degrees C by pyrolysis in inert gas. Using electrochemical methods, we have studied the insertion of lithium within these materials. Resol resin, heated to 1000 degrees C, has a reversible capacity of about 550 mAh/g, shows little hysteresis, and exhibits good cycling performance. Since these resins cost about 2.2 $/kg and the pyrolysis yields are over 50%, we feel that inexpensive carbons for Li-ion cells can be prepared by this route.