Oil companies cannot sustain themselves out cars, cars can't drive without fossil fuels, right? Simple question, Why are American taxpayers paying for the bailout of automotive industry when oil companies are having record profits? and why aren't the corporate oligarchy owned media asking this same question everyday? I think I answered my own question.
Big Oil Feasts on Economic Woes
Exxon Mobil posts $40.6 billion profit - Earnings- msnbc.com
Chevron posts record $18.7 billion profitRecord Profits from Big Five Oil Companies Feed on High Gas Prices
Auto Industry Bailout - WBUR and NPR’s On Point with Tom Ashbrook
Let's think about this. When you buy a cell phone, you pay a very low price because you’re locked into a contract for service with the cell provider. If you had to pay the full price for the cell phone you probably would balk and not do it.
Did you know your cellphone probably costs about 300 to 700 dollars without the subsidy from your cell provider?
Why don't cars work this way? This seems to be the only way to keep car manufacturers afloat as the consumer is realizing that paying for the car plus the fuel is a very unattractive proposition.
ABC NEWS Business Unit
The price of gasoline has never been higher, with many Americans feeling the pinch on their wallets. But not those who own stock in oil companies.
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As soaring gas prices have turned into massive profits for big oil, the shareholders of these companies are cashing in. And if you own a mutual fund, that may even be you.
BP yesterday reported a staggering 63 percent surge in first quarter net profit to $7.6 billion, and Royal Dutch Shell posted a 25 percent increase to $9.1 billion. Last week, ConocoPhillips reported a 16 percent rise in net income to $4.1 billion.
The earnings bonanza is expected to continue when ExxonMobil and Chevron report earnings later this week.
How Are You Dealing With Gas Prices? Tell ABC News.
But is there anything wrong with that? Isn't earning a profit the American way?
