Opinion: Big Oil's Bigtime Looting [Windfall Profits]

http://www.boston.com/news/globe/editori...les/2005/09/02/big_oils_bigtime_looting/
Author: Jackson, Derrick Z.
Source: The Boston Globe, Opinion, p. A21
Year: 2005

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Abstract:

Editorial Opinion: “President Bush yesterday told ABC-TV, ‘there ought to be zero tolerance of people breaking the law during an emergency such as this, whether it be looting or price-gouging at the gasoline pump…'…. Of the world's seven most profitable corporations, four are ExxonMobil, Royal Dutch Shell, BP, and Chevron…. If ExxonMobil were to maintain its current pace of profits, it would cross the $30 billion barrier for 2005. The company's chief financial officer, Henry Hubble, bragged…, ‘Our disciplined project management and operating practices deliver the benefits of strong industry conditions to our shareholders.'… [President] Bush…just gave energy companies the bulk of $14.5billion in tax breaks in the new energy bill…. If Bush really meant what he said [about looting and price-gouging], he would call for a freeze or cap on gasoline prices, especially in the regions affected most dramatically by Katrina. He would challenge big oil to come up with a much more meaningful contribution to relief efforts.” (The Boston Globe)