Big Oil spends on search, splurges on investors

Big Oil spends on search, splurges on investors

www.msnbc.msn.com

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.

(visit the link for the full news article)

I think most of us know the oil companies in general don't give a hoot weather or not they actually look for more reserves. They can continue to sell the stuff from existing wells for more and more so why try to get more when it might drive the price down? The oil bashing aside this article will tell where some of the money is going.

www.msnbc.msn.com
(visit the link for the full news article)

Excellent point. What is called for is a new aggressive 'independent' oil company that can't be screwed with. Nationalize it, bite the bullet and let the rich bastards throw their temper tantrum. Anything they might do 'damage-wise' to such an effort would be a glaring smack in the face to a population that is expecting it, and if there's one thing that America is known for, it's that we can take a punch.

reply to post by Maxmars


Oh sure, nationalize it. The United States Senate is incapable of running its own cafeteria without going into a huge deficit, so much so that they had to privitize it:

www.outsidethebeltway.com...

Yet, you want these same idiots (or their counter parts around the world) to run a oil company? My wallet says no thanks. I'll take $5 a gallon gasoline over the $20 a gallon it would become under the government.

I am always fascinated that people demand the government control things when we have example after example of utter government stupidity when it attempts to do so. Oil company hating is based on populist propaganda. Oil companies ARE BUSINESSES, THEY EXIST TO SERVE THEIR SHAREHOLDERS. We should not be astonished that they do so. Of course truth be known, their profit margin is very low - its all coming from volume - but lets not get the facts straight, this is ATS and darn it have to bash something!

[edit on 21-7-2008 by ALightinDarkness]