Word: exxon
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...price-fixing. But BP can especially not afford it now. Every month of record gas prices brings more pressure on Congress to impose a windfall tax on oil companies. BP?s chief executive, Lord John Browne, made a relatively modest $8.24 million last year, but his counterpart at Exxon-Mobil, Lee Raymond, retired with a package worth an astonishing $400 million - adding more fuel to the fire over CEO pay and calls for oil industry profits to be reined in. While BP isn?t lobbying for drilling in the Arctic National Wildlife Refuge, the company has big plans to expand...
...might have mused, "The more one travels, the more one stays in the same place." Indeed, by now, the Interstates' uniform signages - emblazoned with the system's own red-white-and-blue shield icon; others proclaiming speed-limits and upcoming exits; and still others touting McDonald's, Best Western, Exxon, BP, and Wendy's - float through our subconscious like so many branded Jungian archetypes...
...major damage to Gulf refineries. The problem is there isn't enough electricity to power them. Demand for gasoline typically tapers off after Labor Day. And thanks to a presidential directive, the crude is flowing; 30 million bbl. from the Strategic Petroleum Reserve is being loaned to companies like Exxon. In addition, foreign producers in 25 countries have pledged another 30 million bbl. of crude and refined product. The EPA is allowing sales of less stringently refined fuel, and President Bush is permitting foreign vessels to ferry oil and gas between U.S. ports (suspending a law prohibiting such transport...
Conversely, many analysts argue that the best way to create new energy sources and encourage conservation is to raise gasoline prices, not lower them. Fadel Gheit, senior energy analyst with Oppenheimer & Co., defends Exxon Mobil while blasting politicians and consumers. "We're a bunch of crybabies. They pay the equivalent of $6 a gallon for gas in Germany," he says. But with elections looming and consumers fuming, the Republicans can't ignore what every TV news show is headlining the Pain at the Pump. The cost of gas may be high now, but for the Republicans by November, it could...
Kopchak and others say only punitive damages will give Exxon the incentive to prevent future oil spills. "The industry's perception is that all they have to worry about is the immediate out-of-pocket costs and they can just pollute and pay," says the plaintiffs' lead attorney, Dave Oesting...