Thursday, April 28, 2011

Cash-Flush Oil Industry Laughs At The American Motorist

We knew it would happen in this age of greed and corporate welfare.

Amid the worst gas and diesel prices since the economic crash of 2008 under the Bush administration, the oil industry today is reporting whopping first quarter profits worth 10s of billions of dollars:

-Industry giant Exxon Mobil Corp. enjoyed a whopping 69 percent increase in profits.

-Royal Dutch Shell reported its profits rose 30 percent.

-Occidental Petroleum saw a 46 percent gain in profits.

-ConocoPhillips earnings increased 43 percent.

-And last but not least, the corporation that destroyed the Gulf fishing and tourism industry, BP, reported a 17 percent increase in profits.

As Wall Street and the corporate culture of greed wallow in their gluttony, the price of gas rose for the 35th straight day for the American motorist, coming in at $3.89 for a gallon of regular and $4.14 for a gallon of diesel.

Despite the profits and the soaking American motorists are getting at the gas pump,  the Tea Party-driven GOP House majority (courageously on vacation this week) refuses to budge on wiping out $4 billion in taxpayer-funded giveaways to the oil industry

Welcome to another round of stick it to the working man and woman.

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