Posts Tagged ‘oil company profits’

Oil company profits—are we being played for fools?

July 31, 2010

The AP reports that Chevron’s income tripled last quarter. Exxon Mobile reported income of $7.56 billion in the quarter. Shell…up 15 percent. Cononco…profits tripled.

BP blew it in the Gulf. But the other companies had essentially the same disaster plan. And the Gulf is a mess. There’s a big leak in the Kalamazoo River in Michigan. And so on and so on. The oil companies get huge taxpayer subsidies. They make enormous profits. And we’re on the hook to clean up the mess? And just like the tar bars on the beaches of the Gulf, it doesn’t look right to me.

It’s time to do things differently. We need to hold not just BP but all oil companies accountable. And we should stop subsidizing their astronomical profits and rather start investing in our own economic and energy security. We can start weaning ourselves off oil. And energy-efficiency is one of the cornerstones. Investing less one-quarter of what the BP spill is costing in energy-efficiency could save 30 times the energy of the oil spilled. That’s exactly what’s suggested in the Home Star legislation currently up in the Senate. Smart energy policy holds oil companies accountable and gets us out from under their expensive thumb. Let’s be smart and not let them keep playing us for fools.

Thanks, Mike

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