Tag Archives | Petroleum
Exxon apologizes for sticking it to us at the gas pumps last quarter. The disgusting part? Exxon feels that their company “doesn’t even make that much money selling gasoline.” AP reports:
Exxon made almost $11 billion and practically apologized for it.Sensing public outrage over gasoline prices that have topped $4 in some states, the company struck a defensive posture Thursday after posting some of its best quarterly financial results ever.
Exxon said it had no control over high oil prices. It said it’s one of the biggest taxpayers in the United States. It cast federal subsidies as “legitimate tax provisions” that keep jobs at home, and cast itself as a victim of Washington scapegoating.
“They feel they have to demonize our industry,” said Ken Cohen, Exxon’s vice president for public affairs.
What’s more, the company argued, it doesn’t even make that much money selling gasoline.
Exxon’s profit of $10.65 billion for the first quarter was its highest since it made $14.83 billion in the third quarter of 2008, a record for a publicly traded company.
Gas at the pump is up, and going higher. Food prices are following.
The consequences are catastrophic for the global poor as their costs go up while their income doesn’t. It’s menacing American workers too, who in large part have not seen a meaningful raise since the days of Reagan (keeping it this way is clearly behind the current flurry of attacks on unions).
Already, unrest in the Middle East and many African countries is being blamed for these dramatic increases. It seems as if this threat to global stability is being largely ignored in our media, one that treats the oil business as just another mystical world of free market trading.
Why is it happening? Why all the volatility? Is oil getting scarcer, leading to price increases?… Read the rest
Oil has been the topic of discussion in American news since the 1920s, but have circumstances really changed? With the Deep Horizon spill in 2010 causing unprecedented pollution, the leak in the Alaskan pipeline and the new energy deal between China and Scotland, we are witnessing an increasing struggle for fossil fuel resources and a constant search for new energy sources. An excerpt from disinformation‘s The Little Earth Book by James Bruges gives us a retrospective look of how the oil situation of today was seen 6 years ago.
The Future of Oil: Who’s Fooling Whom? – and Why?
Draw a line five miles long to represent the millions of years during which solar energy has been captured and laid down in the earth’s crust in the form of coal, gas and oil. Then put a blip in it. That blip represents the time we have taken to extract and use this embodied energy.… Read the rest