The Great Oil Companies rip-off
Posted: September 2nd, 2005, 11:42 pm
This article (in part) came out in the Boston Globe today )(9/02/05) -
"In a thinly disguised attempt to act as if it cared about the people wading in the water, Chevron has pledged $5 million to relief efforts. ExxonMobil and Shell have pledged $2 million apiece. British Petroleum and Citgo have pledged $1 million each.
This is nothing next to their wealth. Of the world's seven most profitable corporations, four are ExxonMobil, Royal Dutch Shell, BP, and Chevron. ExxonMobil is the world's most profitable company, making $25.3 billion last year. It and the other three corporations had combined profits last year of $72.8 billion. ExxonMobil is also the world's most valuable company, with a market value, according to Forbes magazine, of $405 billion. The combined market value of ExxonMobil, BP, Royal Dutch Shell, and Chevron is nearly $1 trillion.
And that was last year. A month ago, ExxonMobil, Chevron, and ConocoPhillips announced record second-quarter profits of $7.6 billion, $3.7 billion, and $3.1 billion, respectively. Royal Dutch Shell's quarterly profits of $5.2 billion were up by 34 percent over the same period last year. Other well-known companies like Sunoco also had record second-quarter earnings.
If ExxonMobil were to maintain its current pace of profits, it would cross the $30 billion barrier for 2005. The company's chief financial officer, Henry Hubble, bragged in classic corporatese, ''Our disciplined project management and operating practices deliver the benefits of strong industry conditions to our shareholders."
Those disciplined operating practices are hardly confined to the oil fields. Everyone knows that Bush does not really mean what he says about price-gouging at the pump, since he just gave energy companies the bulk of $14.5 billion in tax breaks in the new energy bill. Surprise, surprise. In Bush's two elections, oil and gas companies gave Republicans 79 percent of their $61.5 million in campaign contributions, according to the Center for Responsive Politics."
And SooZen heard today that P Diddy donated one million dollars to the relief effort... matching Walmart!!! Good-fucking-grief
"In a thinly disguised attempt to act as if it cared about the people wading in the water, Chevron has pledged $5 million to relief efforts. ExxonMobil and Shell have pledged $2 million apiece. British Petroleum and Citgo have pledged $1 million each.
This is nothing next to their wealth. Of the world's seven most profitable corporations, four are ExxonMobil, Royal Dutch Shell, BP, and Chevron. ExxonMobil is the world's most profitable company, making $25.3 billion last year. It and the other three corporations had combined profits last year of $72.8 billion. ExxonMobil is also the world's most valuable company, with a market value, according to Forbes magazine, of $405 billion. The combined market value of ExxonMobil, BP, Royal Dutch Shell, and Chevron is nearly $1 trillion.
And that was last year. A month ago, ExxonMobil, Chevron, and ConocoPhillips announced record second-quarter profits of $7.6 billion, $3.7 billion, and $3.1 billion, respectively. Royal Dutch Shell's quarterly profits of $5.2 billion were up by 34 percent over the same period last year. Other well-known companies like Sunoco also had record second-quarter earnings.
If ExxonMobil were to maintain its current pace of profits, it would cross the $30 billion barrier for 2005. The company's chief financial officer, Henry Hubble, bragged in classic corporatese, ''Our disciplined project management and operating practices deliver the benefits of strong industry conditions to our shareholders."
Those disciplined operating practices are hardly confined to the oil fields. Everyone knows that Bush does not really mean what he says about price-gouging at the pump, since he just gave energy companies the bulk of $14.5 billion in tax breaks in the new energy bill. Surprise, surprise. In Bush's two elections, oil and gas companies gave Republicans 79 percent of their $61.5 million in campaign contributions, according to the Center for Responsive Politics."
And SooZen heard today that P Diddy donated one million dollars to the relief effort... matching Walmart!!! Good-fucking-grief
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