Wednesday, November 09, 2005

Oil giant profits - drug pushers' paradise

Today, representatives of the Big Five oil giants - Exxon Mobil, Chevron, ConocoPhillips, BP and Royal Dutch Shell
- will be grilled by Senate reps on their profits.

Exxon banked its biggest-ever quarterly profit, $9.9 billion, last quarter. Just how was a 75 percent profit increase in 90 days justifiable at the time when hurricanes in the Gulf closed operations and the world experienced peak prices?

Republicans gave $14.5 billion worth of incentives to energy companies in legislation this year.

Last year's profits for BP yielded a 26% rise to $16.2bn (£8.7bn) after benefiting from high oil prices.

Shell reported a record annual profit of $17.5bn.

So how are they expected to react? "Oh ok, you're right, we make too much money, we'll keep prices down for a few months." You must be joking - this is capitalism - and addiction - at its worst.

"Oil executives should stand fast and refuse to be bullied," said Larry Goldstein, head of the Petroleum Industry Research Foundation. "If you show weakness in this kind of political environment where the political system is out for blood, the mere taste of blood will increase their appetite."

After the hurricanes Bush wanted to push through legislation allowing the oil majors to rebuild facilities with reduced environmental proection as "compensation" for the disaster.

These guys have had a soft ride for years and still the bloated, greedy beasts want more and to shit over the rest of us. Did I say addiction?

Yes, we are addicted to oil - like a crack whore on her last pin-thin legs, begging for more and refusing to see the reality of the consequences of our absolute dependency. And the oil giants are the pimping drug pushers.

Those Senators - and politicians everywhere - should just say no.

We've had enough. It's time to get clean. Into the rehab clinic we go - and a decade or so later we'll emerge - on biofuels, fuel cells, renewable energy and pedalpower. The best thing you oil guys can do is check into that clinic yourself.

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