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..: oil gluttony [Nov. 9th, 2005|12:01 pm]
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[my current state of mind: |annoyedannoyed]
[listening to right now: |psychedelic furs / here come cowboys]


Excerpt from:
Big oil CEOs under fire in Congress
Lawmakers spar with execs from Exxon, Chevron over high prices, record profits, consumer pain.
http://money.cnn.com/2005/11/09/news/economy/oil_hearing/index.htm?cnn=yes

The industry's third-quarter profits jumped 62 percent to about $25.9 billion as Exxon Mobil, the nation's biggest oil company, posted the largest corporate profit in history in the quarter. Oil company's stocks are up some 40 percent from a year ago, giving big gains to shareholders.

Sen. Barbara Boxer, D-Calif., criticized the CEOs' pay and bonuses and urged them to make significant personal and corporate contributions to energy assistance programs.

"To my constituents, today's hearing is about shared sacrifices in tough times versus oil company greed," she said. "Working people struggle with high gas prices and your sacrifices appear to be nothing."

But none of the executives volunteered that they would make personal or corporate contributions to energy assistance programs.

...

Exxon Mobil CEO (Oil Glutton) Lee Raymond

Image hosted by Photobucket.com

Exxon Mobil CEO Lee Raymond and Chevron CEO David O'Reilly said their companies and others in the industry invest billions in developing new sources of energy no matter the market price of oil or the level of the industry's profits.

"Since 2002...we invested what we earned," O'Reilly said.

Several executives said that the industry faces costs of between $18 billion to $30 billion to repair damages from hurricanes Katrina and Rita.

Raymond argued that industry profits as a percent of revenue were in line with other industries, adding that companies had to use earnings to invest in new sources of oil.

...

My two cents: sell your gas-powered car, buy a hybrid if you still need a car, take the public transportation as much as you can ... ride a bike!

And, if you live in the US (especially CA), write to Senator Boxer and ask her to demand an independent audit of the oil companies to find out if they are telling the truth about investing their profits ... and where indeed they are investing, that is the real question here.

:-)
linkReply

Comments:
From: [info]tekoki_fan
2005-11-09 05:58 pm (UTC)

(Link)

He also kinda looks like Preparation H raymond (notice the ears).

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[User Picture]From: [info]thirdstreet
2005-11-09 07:12 pm (UTC)

(Link)

Frightening and depressing stuff. And naturally, we have do destroy the Arctic wildlife refuge to ensure record profits... errrmm.. I mean an uninterrupted flow of clean energy into the hands of consumers.

We have a car, but we only use it once or twice a week. I ride public transit to work daily, and we are looking at shifting to a SMART car or a hybrid.

It's disgusting to think of the greed that drives the oil industry and the short-sightedness of the elite. What's the point of earning all this money if you can't enjoy it in a clean and healthy world? Oh, right... The billions they invest into research in clean energy will save us.