Rachel Maddow breaks it down so simply that an 8th grader could understand it:
- ExxonMobil is more profitable than Walmart, Google, McDonald’s, American Express and Goldman Sachs combined
- Exxon’s fine for the oil Pegasus Pipeline spill in Arkansas is only a tiny fraction of its daily profit
- Again, Exxon paid just a tiny fraction of its daily profit for the entire Yellowstone oil spill
This begs (at least) three questions: Why does the U.S. Government even subsidize oil companies in the first place? Why doesn’t our government have more serious fines for oil spills? AND ARE WE SERIOUSLY CONSIDERING THE KEYSTONE PIPELINE?!? REALLY? NO, REALLY?
The Keystone Pipeline
will absolutely, positively spring a leak already has sprung several leaks
The oil industry has no clue how to clean up or prevent the leaks and they aren’t even exploring new technologies for oil spill clean ups
The KXL Pipeline will go through a MAJOR clean water drinking aquifer. Is America so stupid to “drill baby drill” that we’re willing to endanger our most valuable non-renewable resource —water— for a finite fossil fuel that wind and solar tech will ultimately replace?
This needs WAY more notes
OK so in case anyone’s surprised about how the oil cartel gets away with this sort of thing:
- ExxonMobil is the biggest company in the US.
- Chevron is the 2nd biggest oil company (and 3rd biggest overall)
Back in the 70s there were 7 oil companies (‘The Seven Sisters’) which entirely dominated the world market.
- Standard Oil of California (SoCal) which became Chevron
- Standard Oil of New York (Socony) which became Mobil
- Standard Oil of New Jersey (Esso) which became Exxon and then merged with Mobil to form ExxonMobil
- Texaco which was then acquired by Chevron
- Gulf Oil which was then acquired by Standard Oil of California and incorporated into Chevron
- Anglo-Iranian oil company which became British Petroleum
- Royal Dutch Shell
5 out of 7 are now either ExxonMobil or Chevron. 3 of them were borne from John D. Rockefeller’s original Standard Oil, which itself once had a 90% market share (there was also Standard Oil of Indiana, or Amoco, but that merged with BP…)
It is an obscene concentration of wealth.
John D.’s heir/only surviving grandson, David Rockefeller, happened to chair one of the most influential policy think tanks in the US. He was also the single largest shareholder in Chase bank.
Then there was the other Rockefeller grandson, Nelson - he helped launch the modern war on drugs and later became vice-president.
I wonder if it all means anything.
Yeeeaah, oil companies getting $78bn in US government subsidies 2012-2017! Record profits even as workers are sacked! Let’s go bomb Iran! etc