Congress Slams Oil Execs
Unless you live off of the grid, oil prices affect you on some level. And the rise in fuel prices is one of the most frustrating daily issues for consumers.
That said, we all know that the oil companies rake in incredible profits. Last year was no different.
As noted in an article from today’s San Francisco Chronicle, Congress recently laid into oil executives for enjoying the spoils of profits without earmarking surplus funds for alternative fuels.
Executives from San Ramon’s Chevron Corp. and four other major oil companies defended their record profits Tuesday before a hostile Congress, led by Democrats who criticized the oil giants for doing little to cut gas prices or invest in renewable energy.
Exxon Mobil Corp. Senior Vice President Stephen Simon, whose company recorded the largest profit in U.S. history last year at $40.6 billion, said that in a boom-and-bust industry, his company needed the huge profits to pay for future oil development.
Of course, the oil companies have their own rationale for how to manage profits. But it rings hollow when they say one thing and do another:
…lawmakers noted that Exxon Mobil had also used much of its recent profits to buy back stock, making the remaining shares more valuable for investors. Democrats said the record earnings came at the expense of consumers, who are already reeling as the economy slows.
“This whole situation has been nothing more than manipulation around greed,” said Rep. John Larson, D-Conn.
The oil companies are not going away. Even if every household bought a Prius, we would still need them for a wide array of purposes (fuel, shipping, air flights, etc.).
I’m posting this article because of the sheer disbelief I feel when reading through it. If you have something to add, please do. I guess I’m left a little grouchy by this info!
