Posts Tagged ‘Big Oil’

ExxonMobil Posts Record Profits AGAIN

July 31, 2008
Big Oil

Big Oil

Money Beat

It’s not that I don’t like companies that actually make money for their shareholders, but I think the line has been crossed in this case.  People are having to drive less and pay more for everything like food and basic necessities.  There has to be some sort of middle ground between the oil companies making record profits and the average American being able to have extra income to spend on things other than the basics.

I think I say it best in my comment on the linked ABC blog above:
The problem has always been the lack of consumer choice. When we buy a car or truck we have only once choice of fuel type: gasoline created from oil. We are just now in 2008 starting to see Flex Fuel (TM) vehicles that can use domestic ethanol E85 fuel. There needs to be more than two choices. There should be electric cars that I can charge with solar panels on the roof of my house. After 5-10 years the fuel would essentially be free after saving the money I would be spending on gasoline and power from the grid. I say let the oil companies do whatever they want to do to help their shareholders, but they need to let go of their semi-monopoly on our transportation. There wouldn’t be so many grassroots electric vehicle conversions going on if automakers in the US like General Motors would just have kept their EV1 going instead of recalling and shredding them to pieces. Anyone who reads this needs to watch the documentary “Who Killed the Electric Car?” just to have the information out there. If GM would have kept the EV1 going, and put more out there on the road then the invisible hand would have put incentive out there for the battery companies to make better batteries, etc. Since the EV1 came out in the 90’s then by now we would have the EV2 or EV3 with better range and a lower price just from economies of scale.