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Wednesday, May 21, 2008
BLOG-Oil execs defend huge profits before Senate
Associated Press recently released an article (5/21/2008) -- where the Senate might be trying to help the general
public. The Senate didn't go so far as to say the oil companies were gouging Americans but ...
3:31 pm mdt
from five of the largest oil companies lead a Senator to "accuse them of acting like "hapless victims" while
racking up record profits."
"Patrick Leahy, D-Vt., told the executives there's "a disconnect"
between normal supply and demand and the skyrocketing price of oil ... that the industry has yet to explain."
Exxon Mobil Corp's Executive Vice President, J. Stephen Simon said "profits have been huge "in absolute
terms" but must be viewed in the context of the massive scale of the industry." ... high earnings are
needed "in the current up cycle" to pay for investments in the long term when profits will be down."
"'Current up cycle,' that's a nice term, replied Leahy with sarcasm, "when people can't afford
to go to work" because gasoline is costing close to $4 a gallon."
Simon said his total compensation in
2007 was $12.5 million ,while Exxon made $40 billion.
Executive Vice President, John Lowe, of ConocoPhillips Co. and
Vice Chairman, Peter Robertson of Chevron Corp. said they didn't recall their total compensations. John Hofmeister,
President of Shell Oil Co., said his 2007 compensation was "about $2.2 million" but was not among the top five
salaries at his company's international parent. Chairman Robert Malone, of BP America Inc., put his compensation
at "in excess of $2 million."
Sen. Arlen Specter, R-Pa., said Exxon's annual profits increased from
$11.5 billion to $40.6 billion in the past five years, and there was no explanation for "why profits have gone up so
high when the consumer is suffering so much."
The five companies earned $36 billion during the first
quarter of 2008.
"Appearing under oath before the Senate Judiciary Committee, said they know high prices are
hurting people, but they said the cause is not company profits but global supply and demand. "
Democrats recently announced an energy package that would tax "windfall" profits of the five companies. That might
have public appeal, Lowe told the senators, but oil companies should not be viewed as "a scapegoat" for high prices."
The Senators did not appreciate Lowe's response.
You have "just a litany of complaints that you're
all just hapless victims of a system," SenatorDianne Feinstein, D-Calif., told the executives. "Yet you rack up
record profits ... quarter after quarter after quarter."
"... I don't feel like a victim at
all," replied Robertson of Chevron, saying that he was proud of his company's investments in future supply.
"The issue is simple," said Leahy. "People we represent are hurting, the companies you represent are profiting."
I haven't ridden my bicycle for nearly 30 years, but I've taken it down from the ceiling hooks
in the garage ... new tires, helmet and a basket for the "short grocery runs" -- besides saving gas, I'll
be getting into shape, too.
[end of blog]
BLOG-The definition of a word ...
8:27 am mdt
I bought some software on March 28 and received "Mail-In Rebates"
worth $70.00 at the cash register. The requirements for the savings were pretty cut and dry:
"To receive the
Mail-In Savings, you MUST include the following:
1. The completed mail-in savings form;
2. The original sales receipt
showing the selected item(s) purchased. Note: All qualified items must be listed on the same receipt.
3. The original
12-digit UPC from the item(s).
POSTMARK MUST BE WITHIN 30 DAYS FROM PURCHASE."
Okay, I mailed all
the requested information on April 25 -- 28 days FROM March 28. (If you don't believe me, I've
got a calendar calculator on my HOME page.) Sunday, April 27 would have been 30 days, and of course, the Post Office can't
postmark something for Sunday.
Yesterday, I receive a postcard stating "Thank you for purchasing our products;
unfortunately your submission for the offer is invalid for the following reason: Submission was postmarked 30 days from Purchase
WTF - the words "within" and "from" -- either way, the postmark met the 30-day
They've got a notation "If you have questions, please call (800) ..." You can bet they
are going to be getting a call.
[end of blog]