The Big Oil Company Scam
We are all feeling the prices at the pump and the ramifications of increased oil prices throughout our economy, so why are the big oil companies still making record profits? Not only are these big oil companies reaping in record amounts of money while consumers suffer, they are also still receiving federal subsidies. What’s up with that?
Personally, I don’t understand how the oil companies can justify passing the entire burden off on the American people of the rising cost of gasoline considering our current economic recession. Exxon Mobil Corp., BP America Inc., Shell Oil Co., Chevron Corp., and ConocoPhillip know high fuel prices are hurting consumers, but on Tuesday they defended their profits of $123 billion last year as in line with other industries. “Our earnings, though high in absolute terms, need to be viewed in the context of the scale and cyclical, long-term nature of our industry as well as the huge investment requirements,” said J.S. Simon, Exxon Mobil’s senior vice president.
