“Christmas in July” for big oil companies

Exxon spends more money on its Chief Executive Officer than it does on energy research, according to Senate Democratic Conference Vice Chairman Charles Schumer (D-N.Y.). Schumer said that he was not surprised with the profits oil companies are making but rather, he was surprised about how oil companies are spending their profits. According to Schumer, oil companies are using the profits to buy back their own stock and increase their share prices.

House Democratic Caucus Chairman Rahm Emanuel (D-Ill.) said that the government must stop subsidizing big oil companies and demand that the companies divert more resources into increased domestic production. Emanuel said that American taxpayers are spending billions of dollars for handouts to big oil companies and are also being forced to pay record prices at the pump. According to Emanuel, big oil companies are spending $180 billion on stock buy-backs but only spending $10 billion on research and development.

House Select Committee on Energy Independence and Global Warming Chairman Ed Markey (D-Mass.) said that BP now stands for Bloated Profits. Markey also doled out statistics regarding big oil companies’ profits. According to Markey, big oil companies made $40.6 billion profits in 2007 and spent $32 billion on stock buy-backs. Markey emphasized that big oil companies had only spent $10 million on renewable energy.