Monday, February 4, 2008

Exxon Rakes in Record $11.6 Billion Quarterly Earnings While Cheering OPEC's Readiness to Cut Production

Raymond J. Leary, author of "Over A Barrel: Breaking Oil's Grip on Our Future" writes in an opinion piece just posted online...

Without the OPEC cartel rigging the market Exxon's windfall would not have been possible. President Bush and our Energy Secretary Bodman during their recent visit to Saudi Arabia, the putative leader of the OPEC cartel, pleaded with the Saudis to have their cabal increase production levels. Their pleadings were humiliatingly dismissed out of hand. Certainly Exxon must be cheering in the wings and lobbying to have the president continue his inane threat to veto any legislation that would remove the national sovereignty exemption that makes it impossible to sue OPEC and its national oil companies, such as the Saudi oil entity Aramco, in American courts for restraint of trade and collusion among oil producers. It is the kind of legal action that would be forcefully pursued by our Justice Department against any commercial entity/entities that acted in a manner comparable to that of OPEC and its national oil companies.

Full story here

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