Pain at the pump, Profits in the boardroom

[dweller]

October 7, 2005
Americans are feeling pain at the pump. According to a recent CBS News poll, 86 percent of people have been
affected by higher gasoline prices "some" or "a lot." A recent Associated Press/Ipsos poll showed that 70 percent
believe that higher gasoline prices will cause financial hardship for them or their family. Yet while ordinary
Americans suffer under the weight of high gasoline prices, the world's largest energy conglomerates are enjoying
record breaking profits.

According to The Washington Post, the 2004 profits for ExxonMobil, ChevronTexaco, and ConocoPhillips broke
records across all industries. In fact, last year, at over $25 billion, ExxonMobil booked the highest profit of any
company in any year in history. Yet, oil company memos show that they made part of these profits by constraining
refining capacity to drive up prices. These record profits have not only more than doubled CEO salaries, but they
have driven up political contributions, a staggering $450 million in the past six years. So, while consumers are
paying at the pump, oil companies are getting billions in tax breaks and sweetheart deals from the Bush
administration and their congressional allies.

Full report (pdf) available for download: http://www.americanprogressaction.org/site/pp.asp?c=klLWJcP7H&b=1098331

interesting this was released today along with the shameful sham of the House passing the Republican-crafted energy bill.

dp

[Maestro]

1. This pisses me off to no end.

These A$$WIPES are not even trying to help the common man. I can't even respond to this, it makes me so mad. What a socially unconscious bunch of pathetic excuses for humans.

[dweller]

2. well, i guess either you and i are the only mad ones

or everyone else is just too pissed off to comment...

peace
dp