What More Can I Say?

by BB2

Skyrocketing Gasoline Prices and
Record Oil Company Profits:
No Coincidence

Since George Bush became President in 2001, the top five oil companies in the United States have recorded profits of $464 billion through the first quarter of 2007:

ExxonMobil: $158.5 billion
Shell: $108.5 billion
BP: $89.2 billion
ChevronTexaco: $60.9 billion
ConocoPhillips: $46.9 billion

The energy bill that President Bush signed in 2005 does nothing to address the U.S. factors that are driving oil and gas prices to record highs. Congress and the White House explicitly rejected efforts to improve fuel economy standards for our cars and trucks (which account for 60% of our oil consumption) or adequately fund fossil fuel alternatives.

Meanwhile, gas prices continue to go up up up - and no oil company is reinvesting their profits into the things that will benefit motorists. For example, in 2006 ExxonMobil spent $37.2 buying back its stock and paying dividends - at the same time, the company spent only $3.3 billion on capital investment in the U.S. So there is a direct correlation between record prices paid by consumers and record profits enjoyed by oil companies. As Americans shell out more dollars at the pump, the profit margin by U.S. oil refiners has shot up 158% since 1999 (the year Exxon and Mobil merged).