Letter: Pain at the pump? Or historic profit?
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To the editor:
Much has been said about rising costs, especially the price of gas (which is coming down slowly thankfully!). Reasons cited for the gas price spike range from Russia’s attack on the Ukraine, recovering demand, environmental policies, and others.
Well, lo and behold, last Friday July 29, ExxonMobil, Chevron, and other oil giants reported historic quarterly profits. ExxonMobil made $17.9 billion last quarter, up 273% from the same time last year, while Chevron made $11.6 billion, up from $3.1 billion last year.
Oil company stocks are up 35% this year, and the CEO of ExxonMobil yesterday also announced an increase of 15% in its already swollen stock buyback program, which will further inflate its stock price.
Guess what CEOs and executives in the oil industry get when their stock price increases? Massive bonuses!
Before casting blame about what and who is driving high gas prices, it’s a good idea to follow the money — and it’s heading straight into the pockets of oil executives and investors.
So, while I can appreciate what President Biden has done to relieve the pressure on prices by releasing oil reserves and encouraging more oil production in the short term, I can also see why we need to move off our dependence on oil and gas as quickly as possible.
Our pain at the pump is a huge payday for oil executives and investors.