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Exxon's 'outlandish' earnings spark furor
Key Excerpts from Article on Website of Globe and Mail (One of Canada's Leading Newspapers)
Posted: February 7th, 2007
http://www.theglobeandmail.com/servlet/story/LAC.20070202.EX...
The world's largest publicly owned oil company announced yesterday the largest corporate profit ever, but news of its near $40-billion (U.S.) windfall in 2006 sparked an angry backlash, coming on the eve of a major report blaming the use of fossil fuels for wreaking devastation on the planet. Exxon shares have risen by about 20 per cent in the past year. Exxon wasn't alone in unprecedented oil earnings. Royal Dutch Shell PLC, an Anglo-Dutch company, and U.S.-run Marathon Oil and Valero Energy, also posted best-ever annual results yesterday. And ConocoPhillips Co., also American, last week posted its highest profits. Profits at the five companies together totalled $91.1-billion -- in a year when drivers paid record prices for gasoline. Both Democratic and Republican members of Congress have also urged Exxon to end its funding of organizations that deny the existence of -- or minimize the seriousness of -- human-made global warming. Scientists yesterday accused the conservative American Enterprise Institute, which receives funding from Exxon, of offering scientists up to $10,000 for articles that undercut a report to be released today from the Intergovernmental Panel on Climate Change. Last month, the Union of Concerned Scientists ... said that Exxon has spent $16-million over the past 10 years financing organizations that deny the seriousness of climate change. Alden Meyer, a strategist with the group, compared Exxon's efforts to discredit the science of global warming to the tobacco companies' efforts to sow doubts about the link between smoking and lung cancer in order to protect their profits.
Note: Compare this Canadian article with the New York Times reporting of this record profit, or that of any other major U.S. newspaper. The U.S. press barely mentions that oil company gouging which took dollars from your pocket is what led to record profits. To understand why the U.S. press behaves in this way, click here.
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