President Bush is tapping the nation's oil reserves so Americans won't have their summer vacation plans screwed up by $5-a-gallon prices at the gas pump. Meanwhile, the oil companies are rolling in it, literally. Chevron was the latest U.S. oil company to report obscene earnings, posting a first-quarter profit up 49 percent to $4 billion. ConocoPhillips and Exxon Mobil have reported similar earnings and between them the companies earned $15.7 billion during the first three months of 2006. Chevron said its profits would have been $300 million higher if not for production problems caused by Hurricanes Katrina and Rita last year. Your heart just goes out to them.
Oily Profits
President Bush is tapping the nation’s oil reserves so Americans won’t have their summer vacation plans screwed up by $5-a-gallon prices at the gas pump. Meanwhile, the oil companies are rolling in it, literally. Chevron was the latest U.S. oil company to report obscene earnings, posting a first-quarter profit up 49 percent to $4 billion. […]
