Like I Said Before
As giant oil companies like Exxon Mobil and ConocoPhillips get set to report what will probably be another round of eye-popping quarterly profits, just where is all that money going?
The companies insist they’re 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 buybacks and dividends.
It’s good news for shareholders, including mutual funds and retirement plans for millions of Americans, but no help to drivers already making drastic cutbacks to offset the high cost of fuel.
…you can blame “grannies”. And retired school teachers. And the like.
Bastardly billions of big oil = a food stamp free mutual fund. Maybe enough left over for a cohiba.
Biz | tree hugging sister | 
July 22, 2008 12:10 am
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Love the hats.