The Shameless Oil Scam?

As the price of oil increases and the average American suffers at the pump, others are profiting handsomely.

According to Peter Coy of BusinessWeek, "The net profit of the five biggest shareholder-owned companies-ExxonMobil, BP, Royal Dutch Shell, Chevron Texaco and France's Total-added up to a record $20.2 billion in the the third quarter."

How does this compare to other corporate sectors? Coy states, "That's twice the 2003 profits of the biggest auto makers."

So what is Big Oil doing with these exorbitant profits - nearly half of all Energy Sector Profits?

If Toyota and Honda can transform the auto industry with the introduction of hybrid cars like the Prius and Accord hybrid, on far less profits than the oil giants, then the oil giants could have accomplished much in the quest to clean energy.

Easy Money

Unfortunately, they have not. Instead, rich people with oil investments, are just getting richer. Coy notes, "..a big share of the oil windfall is going to shareholders in the form of stock buybacks and higher dividends."

Let's be real, the oil sector has created an aristocracy across the planet. As it has gained incredible wealth it has also caused incredible environmental devastation

Big Oil has the profits to solarize the planet now, amongst other clean energy options. But there is no pressure. Gas-guzzling Americans have been trained not to question cheap oil, only to demand more and more of it.

Acid rain, SMOG, global warming, terrorism, Iraq, making the rich richer at our expense - Do you need any more reasons to buy a hybrid vehicle?