Exxon Stops Drilling

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Bill Georgevich reporting

After posting the largest corporate profit in the recorded history of mankind, Exxon has decided to halt drilling and development of existing oil leases - despite Sarah Palin's campaign to the contrary. In a move to make the perfect storm for another oil crisis, this decision to use profits to buy back Exxon stock, rather than "Drill Baby Drill", proves that the world’s largest corporation is continuing to control the world’s economy to suit themselves.

Some folks may think that high oil and gas prices will hasten the renewable green economy. And to some extent that is true. But why not have both during this time of world recession?

Lower gas prices translate into a savings of about $200/month for the average American family of 4. That's essentially a $2400/year cash injection stimulus check!

Why not embrace the Obama and Gore green initiatives and require the oil companies to keep prices down by keeping supply up? The oil lobby begged Bush for more areas to drill in 2008 during the oil crisis they completely made up, and now they aren't drilling on the leases they already have?

This ranks along with AIG as one of the greatest scandals of the 21st century. We need low fuel prices to sustain a recovery and buy us the time to convert our energy economy to a renewable world.

Do You Own an Oil Company?

Bill Georgevich

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"Do You Own an Oil Company?' -- that's what the American Petroleum institute's full page ads in Time Magazine are asking. The ad reminds us that it's millions of Americans owning a piece of the Oil and Gas industry who get hurt when government attempts to tax or regulate Big Oil. This warning is from the same industry who so recently denied the reality of global warming.

Yes, it is true that "tens of millions of Americans own a piece of the US Oil and Gas Industry", but it does not mean that "when the political rhetoric gets hot about increasing energy taxes or taking 'excess profits' from U.S. oil companies, it is important to step back, look at the facts, and ask yourself, 'who does that really hurt?'"

This the latest spin from the Petroleum Institute, the same folks that brought you the "myth" of Global Warming. If you are indeed a stock holder in the Oil and Gas business then you have a vote, a vote to influence these mega-corporations at stock holder meetings that oil as a fuel should be voluntarily phased out and used exclusively for durable goods like plastics. You, as a part owner of this business, have the right to demand that these companies take their billions and billions (127 billion in 2007 alone, according to Congress) in profits and invest that in renewable energy.

You can be sure that like all monolithic industries (remember Enron?), the Oil and Gas Corporations are hiding as much of their rising profits as possible. According to their own pie chart above just 1.5% of the oil business is owned by executives, yet the outgoing president of ExxonMobil got a 400 million dollar retirement check. That's nearly 20% of the 2.4 billion the Bush Administration has totally allotted for government spending on research into Wind, Solar, Hydrogen, Coal, and Nuclear combined!

The man who received the 1/2 billion dollar golden parachute was Chief Executive Officer and Chairman of ExxonMobil Lee R. Raymond. Hey Lee, how about sharing the wealth? Your buddy George Bush could use some help with the whole renewable energy, global warming thing. Your president is spending 2.4 billion dollars in Iraq every 40 hours and, since you, Lee, are earning $6,000/hr while in retirement, do you have any spare change for our War President?


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