Tuesday, September 06, 2005

Declare Martial Law on Big Oil Looters

It's time to declare martial law on oil company looting,
says Derrick Z. Jackson in the Boston Globe.
In a thinly disguised attempt to act as if it cared about the people wading in the water, Chevron has pledged $5 million to relief efforts. ExxonMobil and Shell have pledged $2 million apiece. British Petroleum and Citgo have pledged $1 million each.

This is nothing next to their wealth. Of the world's seven most profitable corporations, four are ExxonMobil, Royal Dutch Shell, BP, and Chevron. The [four] had combined profits last year of $72.8 billion...

And that was last year. A month ago, ExxonMobil, Chevron, and ConocoPhillips announced record second-quarter profits of $7.6 billion, $3.7 billion, and $3.1 billion, respectively. Royal Dutch Shell's quarterly profits were up by 34 percent.... Continue