Oil Comp Profits Anger Many Motorists-41% oil stocks held by pub pensions

[The Straight Story]

Oil Company Profits Anger Many Motorists
Written for the web by Jason Kobely, Internet News Producer


With the world's largest oil companies posting some of the heftiest profits in U.S. history, Americans may be surprised to find out how much they contribute to those blockbuster sales figures.

This week, Exxon Mobil Corp. and Chevron Corp. reported combined profits of nearly $50 billion in 2005. Dividing that total by the nation's population of more than 296 million means each man, woman and child in America contributed an average of approximately $167 each to the two companies' combined earnings.

"It's ridiculous," Sacramento motorist Louis Radman said. "It's absolutely ridiculous. They're gouging to the point that I don't know what's going to happen."

Oil company executives argue the numbers are misleading. "This notion that somehow these profits are coming in and are being assembled, collected and used by a select few is absolutely wrong," Exxon and Chevron spokesman Joe Sparano.

Sparano said 41 percent of oil company stocks are held by public pension plans, meaning everyday workers benefits from oil profits.

http://www.kxtv.com/storyfull2.aspx?storyid=15752

[mrcheerful]

1. Funny I heard last week these same execs saying that

41% of their huge profits were going into research of new reusable fuels and building new and improved refiners. It was on one of the morning spin shows.