The headline says it all: “The Man Who Sold the Planet”. Today’s Independent newspaper launches a major offensive at Exxon and Lee Raymond, the “Darth Vader of global warming” for their “denial that carbon emissions cause climate change”. Reporting on yesterday’s Exxon AGM, the paper says: “Lee Raymond, the chief executive of Exxon Mobil, has … Read More
Big Oil Profits
Big Oil: Big Profits But in Big Trouble
Hot on the heels of Business Week laying into the oil majors, now the Financial Times is doing it too. Although they are making “unprecedented profits” and have returned well over $120bn to shareholders, the FT says these are “uncertain times for the international oil companies”. Once again the issue of gaining access to reserves … Read More
Big Oil Goes on the Offensive With Advertising and Lobbying
As Big Oil comes under attack for high gas prices, “price gouging”, record profits and huge pay-outs to executives, it is spending millions on advertising to win over a skeptical public. They have also increased their lobbying efforts in Washington to reassure an increasingly hostile Congress.
Big Oil Can’t Find Enough Oil
Really interesting article in Business Week entitled “Why You Should Worry About Big Oil”. Big Oil, says the article, has big problems. One of the main problems is finding enough oil. With soaring worldwide demand, we are consuming oil at twice the rate of discovery of new supply. “Overall production at the oil majors is … Read More
GOP Drops Plan to Tax Oil Companies: Why? Because the Oil Companies Don’t Like it
Republicans in the Senate yesterday dropped their proposals to tax the oil industry, just days after coming up with the idea – and the reason for doing so was: hmmm, the oil industry and business leaders did not like it.
Exxon Posts Record 1-Qtr Profits, Bye-Bye Climate
Exxon Mobil posted record first quarter-profits of over $8 billion but that wasn’t enough to meet Wall Street’s eager expectations. Â Exxon’s net income of $8.4 billion, or $1.37 a share, was up 7% from $7.9 billion, or $1.22 a share, in the year-earlier period.
Congress Thinks the Unthinkable – To Take Back Oil Incentives
As oil-price fever gripped Congress this week, both political parties have said they are ready to revoke oil and gas incentives that were passed as recently as eight months ago.
BP: Fear and Speculators Driving Up Oil Price
BP’s CEO, John Browne, has warned that fear was driving the price of crude to artificially high levels, with “untold consequences” for the global economy. He argued that turbulence in Iran, Iraq and Nigeria was leading to continual speculation about oil shortages and there were “all sorts of things that suggest it is getting worse”.
BP and Exxon In Top Ten Worst Companies
BP and Exxon both make top ten worst companies in 2005, according to Multinational Monitor.
Are Oil Companies Price Gouging?
As crude-oil prices hit record highs, US congressional leaders are planning to ask President Bush to order an investigation into possible price gouging by oil companies.