As Bush Fights for Big Oil, ExxonMobil Puts Profits at $1,485 a Second

ExxonMobil has reported second-quarter earnings of $11.68 billion—the largest quarterly profit ever recorded by any American corporation. 

Too bad the company isn’t focused on developing renewable energy sources: On May 29, BNET.com reported ExxonMobil plans to invest just $10 million this year in renewable energy. And on July 22, the Associated Press reported: “The five biggest international oil companies plowed about 55% of the cash they made from their businesses into stock buybacks and dividends last year, up from 30% in 2000 and just 1% in 1993, according to Rice University’s James A. Baker III Institute for Public Policy.” 

“Just one day after President Bush renewed his demand for Congress to turn over more of America’s natural resources to Big Oil, ExxonMobil reports the largest quarterly profit in America’s history: an amazing $1,485.55 per second,” chides Adam Kolton, senior director of congressional and federal affairs for the National Wildlife Federation. “Let there be no mistake where that profit came from—the pockets of American drivers, the victims of a vicious circle. Our government gives America’s public lands and waters to Big Oil. Big Oil extracts the oil, and consumers are forced to buy it because they have no other choice of alternative technologies or fuels; it’s buy what Big Oil is selling or walk to work. Big Oil takes that money and invests that money not in cheaper, cleaner renewable energy, but in stock buybacks and dividends. 

“Now President Bush wants to start the circle again, asking Big Oil to bail us out of our energy crisis,” Kolton continues. “If you’re trying to quit smoking, you don’t ask the Marlboro Man for help, and if you’re serious about quitting your oil addiction, you don’t ask Big Oil for help. 

“Don’t be fooled by the big lie,” Kolton warns. “We can’t drill and burn our way out of our energy crisis. It’s failed Americans again and again, while delivering record profits for oil companies. We need clean energy solutions to break America’s addiction to oil, give consumers real energy choices, recharge our economy and help solve global warming.”

You can learn about real solutions that would cut our energy costs and ease our addiction to fossil fuels in the NWF’s Don’t be Fooled fact sheet. 

Additional reports about the environment and politics appear on our organic blog.

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Comments

  • Adam  August 11, 2008 at 1:10 pm

    Thank you for the article. People need to be reminded, again and again from multiple sources. Thank you also for adding the “fact sheet.” Showing what the problems are, but there are too few people helping point out the solutions.

    Adam

  • Uncle B  September 2, 2008 at 6:45 am

    We need to change the laws of incorporation to includes social responsibilities to the society in which the corporation operates, that way America would become a self-correcting force in the world and really have something to offer other countries! The environment world-wide can improve and all people can benefit from this. Talk to Obama! If the U.S. had chosen to be a moral people, and leaving Iraqi oil alone, and following Al Gore, decided to develop the South Western deserts, with the technology of the times – solar/thermal-molten sodium – electricity installations, for the same amount of money as that war cost, ($650 Billion), today, we would be tapping into the largest, renewable, sustainable, energy source the world has ever known. It would have paid every energy bill in the U.S.A. for maintenance fees only – FOREVER! It would be equivalent to an oil field that can NEVER run dry! Low cost electric power, and storeable hydrogen gasoline replacement from the electricity, for all!
    After the millions of murders, and $650 billions of dollars, borrowed from our children’s futures and pissed away, with thousands of our own and others maimed and disfigured for life, millions of families utterly destroyed, ours and theirs, we are no closer to Iraqi oil production than the Iraqis are!
    The next time you hear a blithering idiot spoiled brat, drunken, drug addicted, sociopath, rich Arabic saber dancing daddie’s boy oilman, stand at a microphone and threaten YOUR safety with someone ELSE’S weapons, remember what you lost America, remember, and weep! (also see http://www.sciam.com/article.cfm?id=a-solar-grand-plan)

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