Exxon to offer cheap oil to Americans

not the onlt dirty bird in this fiasco

BAD DREAM # 724

Exxon has decided to give back some of the huge windfall gains by offering oil at $50 a barrel. Their plan is to sell the oil off Prince William Sound. Yes for $50 a barrel, first come first serve.   The 262,000 barrels that are laying in the Alaskan waters are up for grabs. They are hoping to make up some more of the $500,000,000 gift they got from the Supreme Court of King George Bush II. They stand to make another $13,000,000 which will likely go to pay off the executives who have suffered so much trauma over the NINETEEN YEARS it took to litigate.

Since this event in 1989, it is likely that revenues have exceeded  $500,000,000,000 (yes, 500 billion) and the decision to reduce the punitive damages from 2.5 billion to .5 billion was sure to boost shareholders a nickel.

The company had fought against paying any punitive damages after the jury in Alaska ordered a 5 billion dollar punitive judgement in 1994. A federal appeals court later cut that figure in half.  Exxon felt they had paid off enough with a 3.4 billion dollar bill over the 19 years.

If my math is right that is less than 1% of their revenue for the same period.  Add this to the ENRON LOOPHOLE and HALLIBURTON NO BID and you got the HAT TRICK. Congratulations to King Bush on another CON JOB  against America and another WINDFALL for his cronies.

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4 Responses

  1. They should not pay a nickel in punitive damages. They had no secret plan for a derelict ships captain to run his ship aground!!
    They lost a ship, spent billions in clean up cost. Just because you are a big company does not give anyone the right to bleed the company of their assets.

  2. Thanks for the comment. If you read the post you’d see I never said they should pay anything. But since you posted your view, Id like to get your imput on these.

    Big Oil sitting on capped wells and resources while you pay $5

    Bush administration handling the ICE market where speculators unregulated futures trading to hike prices.

    I am convinced that this is a planned strategy by Big Oil to get ANWR and other offshore restricted sites released by manipulation ofthis type.

    Had the Valdez episode never occurred Exxon would be in Alaska drilling as we speak.

    Manipulation to war in Iraq-Oil
    Manipulation here – Oil

  3. Hi, the main problem is I really don’t know how many cost effective producing well is owned by Exxon or other oil companies. Sense 60% of the oil used in the US is imported, and purchased on world markets at the current market price, we would still be paying $140.00 a barrel or what ever oil is selling for today for 60% of our oil.

    I live in Oklahoma, there are a lot of capped wells here, but the ones I know of are, low production, high sulfur content that make that oil unfit for gasoline or other fuel.

    If you wish to place blame for high crude price, lay blame where it belongs that the feet of China, India and other developing countries. In the past 5 years China and India have increased oil consumption by as much as 10 to 20 time the amount used only 5 years ago. Oil is traded on a world market, and the buyers decide what they are willing to pay for that product.
    The US Government and the driving public is as much at fault as anyone in this problem, our love for 500 HP trucks and SUV’s, environmentalist have been able to stop building nuclear power plants, off shore drilling, building new clean efficient refineries for the past 30 years, this is a factor as well.

    There is enough blame to go around and should be place squarely at every one’s feet.

    As much as I dislike GW Bush, he was correct when 8 years ago he said we must become energy independent and we would be well on our way to that Independence had we enacted even 1/2 for the energy plans he recommended to congress.

    There is no quick fix, but to blame only oil companies is simply being ill informed and shortsighted, in my opinion.
    Have a great weekend.

  4. In 1970, the discussions for the need of alternative fuels, enviromental issues and peak oil had begun. The laissez-faire attitude of the government, the insatiable greed of oil companies and our general indifference are surely all to blame. The post script is indeed that the virtues of democracy and our desire to spread it around the world come with huge problems. The demand for solutions to industrial overload.

    As much as I dislike Bush politics, he has played a pivotal role in illustrating what we cannot afford to accept in our leaders going forward. Wealth without responsibility.

    Though we all can take some blame, we cannot afford the influence of J & K street in our government any longer. Thanks.

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