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Opinion
 

Staff Editorial

                Chris Elliott                        Zach Lee                  Christian Palmer
                Geronimo Rodriguez       Blake Whitaker       Kristen Young

Exxon laughing all the way to the bank

The price of gas is like parking on campus -- everyone recognizes the problem, and unless they've got a solution, complaining about it is like being angry about the weather. But when it comes to gas prices, new information has come to light that deserves a fresh wave of ire.

Exxon Mobil reported Monday that it recorded $10.1 billion in profit for the fourth quarter of 2005. That put the oil company's total profit for 2005 at $36 billion -- the highest reported net income in history.

Meanwhile, gas prices remain high. Why are we still selling our firstborns at Exxon stations when the company is raking in record profits? 

The worst part about it is the corporation seems to be sitting idly by, milking its cash cow and paying out dividends to its stockholders (something that includes few members of the UH community). 

Exxon Mobil Chairman Rex Tillerson said in a statement the profits would be used to make the "significant, long-term investments (required) to do our part in meeting the world's energy needs." But apparently alternative energy sources are not part of those needs. 

After reporting near-record profits for the third quarter of 2005, Exxon spokesman Dave Gardner told USA Today, "We'd rather re-invest in what we know," unlike other oil and gas companies like Shell and Chevron.

Fine. But in the fall of Exxon's stellar 2005, the company wasn't even looking to increase the supply of fuel, something that could help lower prices. "In years when we had $10 (per barrel) oil, we were investing $15 billion in our business (to increase supply). This year, we'll invest $18 billion," Gardner said in late October.

Oil was at $61 per barrel at that time. Exxon's ratio smells like something that would be in poor taste to print in this paper.

Thanks for the good times, Exxon. We look forward to lining your coffers with record profits in 2006 as we struggle to fill our tanks. 

Bike ride, anyone?