As a follow up to past post I have written concerning American oil companies, the following information has been released by the Associated Press in various newspapers. They report:
The oil companies insist they are trying to find new oil that might help bring down gas prices but the money they spend on exploration is nothing compared with what they spend on stock buy backs and dividends. The percentage they spend to find new deposits of fossil fuels has remained flat for years, in the mid-single digits. The five biggest international oil companies plowed about 55% of the cash they made from their businesses into stock buybacks and dividends last year, up from 30% in 2000 and just 1% in 1993 according to Rice University's James A. Baker III Institute for Public Policy. Said Amy Myers Jaffe, an energy expert at Rice University, "if you're not spending your money finding and developing new oil, then there's no new oil".
With record oil and gasoline prices still going strong the bottom line for American Oil is still greed. They are not concerned about increased drilling or production as proven by the fact that their expenditures to find new deposits have remained flat for years. They don't want to drill on the millions of acres they already own, or lease in the U.S. Instead, they want the government to open up ANWAR and the Arctic --- just another power play while holding America hostage to foreign oil and record prices.
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