Sunday, October 30, 2005

Oil Crisis? What Oil Crisis?

Texas-based oil giant Exxon Mobil has just posted a quarterly profit of $9.9 billion (£5.55 billion) - the biggest profit in US corporate history - on the back of record oil and gas prices.

Bush's invasion of Iraq leads to chaos in the Gulf. Chaos in the Gulf leads to record high oil prices. Record oil prices lead to record profits for oil companies. Oil companies are among Bush's biggest financial backers.

Do I sound like a conspiracy theorist?

From Dow Jones:

"SAN FRANCISCO (Dow Jones) -- A week after Hurricane Katrina pounded the Gulf Coast, U.S. gasoline prices hit an all-time high of $3.06 a gallon. On that same day, the nation's top five oil companies pocketed $364 million in profit.

[snip]

Since higher crude prices in America spread quickly through the global energy market, their overseas operations swiftly benefited from the chaos in the Gulf..."
From ABC News:

"The huge profits are enormous because the public is drastically overpaying what it costs to produce," said Joan Claybrook, president of the consumer advocacy group Public Citizen.

Many of these companies long ago bought oil reserves at prices of $10 to $25 a barrel. With prices peaking near the $67 mark, the profit margin has been enormous.

Even more eye-opening is the profit in Saudi Arabia. Saudis are making an average of $208 million more each day since the increase in crude oil prices first began in December 2003..."
And I haven't even started on Bush's multi-billion-dollar tax breaks for the "crisis-stricken" oil industry. Straight from your pocket to theirs...

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