BIG OIL: Where Have All the Profits Gone?
Tuesday, 26 February 2008 00:00
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The five major oil companies have made something approaching $1 trillion in profits over the past ten years.
A White Paper by the House Select Committee on Energy Independence and Global Warming has stated that ExxonMobil recorded $40 billion in profit in 2007, and that it used its profits to re-purchase $31.8 billion worth of its own stock, increasing the value of management's holdings, while investing $10 million in renewable energy alternatives. The compensation for its top five executives was $76 million, a 170% increase since 2001--roughly equivalent to the increase in the price of gasoline. CLICK HERE to read the entire report.
Last Updated on Saturday, 10 March 2012 13:53
