The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Oil company profits double

Feb 19, 2001

The profits are in for the big four oil companies for the last three months of 2000. BP Amoco had the biggest haul at 4.1 billion dollars, that is, $4,100,000,000! Then there was Exxon-Mobil with 5.2 billion dollars, followed by Chevron with 1.5 billion dollars and finally Texaco with 845 million dollars. Profits were double what they were a year ago.

This spectacular increase in profits is not surprising since the price of gas for our cars rose tremendously in many cities over the last year. The price of natural gas for heating which is produced by these monopolies also doubled in the last year.

Don't let them tell us prices went up because supplies were scarce. Prices went up because these super-rich monopolies which control the markets wanted still higher profits.