Saturday, February 03, 2007

Greed is good

The lords taketh, and the lords giveth away...

News 1: Oil giant Exxon Mobil Corp. on Thursday posted the largest annual profit by a U.S. company—$39.5 billion—even as earnings for the last quarter of 2006 declined 4 percent.

The 2006 profit topped the previous record, also by Exxon Mobil, of $36.13 billion set in 2005. The record earnings amounted to roughly $4.5 million an hour for the world's largest publicly traded oil company, which produces about 3 percent of the world's oil.

It also equals the approximate gross domestic product—a measure of all goods and services produced within a country in a given year—of countries like Ecuador, Luxembourg and Croatia.--John Porretto, Associated Press Business Writer

News 2: The Guardian--Scientists and economists have been offered $10,000 each by a lobby group funded by one of the world's largest oil companies to undermine a major climate change report due to be published today.

Letters sent by the American Enterprise Institute (AEI), an ExxonMobil-funded think-tank with close links to the Bush administration, offered the payments for articles that emphasise the shortcomings of a report from the UN's Intergovernmental Panel on Climate Change. [italics mine]

Climate scientists described the move yesterday as an attempt to cast doubt over the "overwhelming scientific evidence" on global warming. "It's a desperate attempt by an organisation who wants to distort science for their own political aims," said David Viner of the Climatic Research Unit at the University of East Anglia.


snglguy said...

Exxon has become the epitome of a big bad corporation since that devastating oil spill almost 2 decades ago. Their recent action shows that they are living up to the reputation, no thanks to their links to Washington.

gibbs cadiz said...

bald arrogance, don't you think, SNGLGUY? :)

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