Wednesday, September 13, 2006

Facts about Big Oil: Exxon, Chevron, Conoco, BP

I have written about Big Oil before. But I am certainly no expert. Below is a link to an article by Greg Palast, a decidedly smarter guy and an expert in the field.

A few facts:
  • Big Oil is not just a reseller of oil. They have profit sharing agreements with OPEC, such that when OPEC raises prices, Big Oil earns a higher profit.
  • Exxon "earned" $36 billion in 2005.
  • The value of Exxon's reserves increased by $666 billion dollars 3 years after the beginning of the war in Iraq.
Phenomenal. When Big Oil says they're not gouging customers, they're lying a bigger lie than has ever been lied before.

Greg Palast