Thursday, July 10, 2008

Consumers are crying over oil prices, while oil executives laugh all the way to the bank...

Many Americans are struggling to make ends meet because of $75 and $100 trips to the gas station. 

Executives at oil companies are getting rich because of those same trips. And what do those CEOs have to say for themselves? 

"It's not our fault" -- or something along those lines. 

Big Oil CEOs are pulling down record pay even as their companies tacitly concede they didn't do anything extra to earn it. When anyone asks why gasoline costs $4.50 a gallon, they cite factors beyond their control, such as speculators or global demand. 

That doesn't stop these CEOs from cashing in. Their pay hinges largely on two things: profit and stock price. It's no surprise that an oil company's profit would rise with the price of oil, as would its stock price. The CEO doesn't have to be a genius. A pulse will suffice.  More...

See also: Iran blames West for 'artificially' raising oil prices, says war threat is a 'joke'

And this: Airlines go on a diet to save fuel costs...

And this: Oil crisis begins to hurt...

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