There needs to be a full investigation into why Americans are getting gouged when the major oil companies are experiencing windfall profits. Three of which are currently ranked in the top 10 corporations on the Forbes 500 list. ExxonMobil holds the number one spot, ChevronTexaco weighs in at four, and ConocoPhillips has the number 6 position.
In 2005, Exxon reported third-quarter profits of $9.92 billion, 75% higher than its third-quarter earnings in 2004, and the largest quarterly profit ever reported by a US company.
For the 3rd quarter of 2005, ChevronTexaco reported a 53% increase to nearly $4 billion; and ConocoPhillips's profits were up 89% to $3.8 billion.
Exxon is reportedly giving its retiring chairman, Lee Raymond, a package worth nearly $400 million, in combined pension, stock options and other perks, including a $1 million consulting deal, the use of a corporate jet for professional purposes, 2 years of home security, and a car and driver.
While testifying at a Congressional hearing last November, Raymond claimed that high gas prices were a result of supply and demand. "We're all in this together," he told members of Congress, "everywhere in the world."
"In 2004, Mr. Raymond," Senator, Barbara Boxer (D-CA), was quick to point out, "your bonus was over $3.6 million."
After exhibiting a chart revealing the pay scale for each of the CEOs at the hearing, Senator Boxer told the oil executives: "Your sacrifice appears to be nothing."
According to Exxon's filings with the Securities and Exchange Commission, Raymond's paycheck rose to $51.1 million in 2005.
These profits and CEO salaries are obscene at a time when the elderly and families with young children are struggling every day to keep their homes heated and fill up the gas tank to drive to work and back.
Evelyn Pringle
evelyn.pringle@sbcglobal.net
In 2005, Exxon reported third-quarter profits of $9.92 billion, 75% higher than its third-quarter earnings in 2004, and the largest quarterly profit ever reported by a US company.
For the 3rd quarter of 2005, ChevronTexaco reported a 53% increase to nearly $4 billion; and ConocoPhillips's profits were up 89% to $3.8 billion.
Exxon is reportedly giving its retiring chairman, Lee Raymond, a package worth nearly $400 million, in combined pension, stock options and other perks, including a $1 million consulting deal, the use of a corporate jet for professional purposes, 2 years of home security, and a car and driver.
"In 2004, Mr. Raymond," Senator, Barbara Boxer (D-CA), was quick to point out, "your bonus was over $3.6 million."
After exhibiting a chart revealing the pay scale for each of the CEOs at the hearing, Senator Boxer told the oil executives: "Your sacrifice appears to be nothing."
According to Exxon's filings with the Securities and Exchange Commission, Raymond's paycheck rose to $51.1 million in 2005.
These profits and CEO salaries are obscene at a time when the elderly and families with young children are struggling every day to keep their homes heated and fill up the gas tank to drive to work and back.
Evelyn Pringle
evelyn.pringle@sbcglobal.net
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