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Walter’s Perspective: Gas Prices Up, Along With Oil Company Profits

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Walter Jacobson

Walter Jacobson (CBS)

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CHICAGO (CBS) — Two nights ago when I was here, I wailed about the price of gas but did not wail enough about the profits of the oil companies — Conoco, Exxon, Chevron and Shell -– profits last year of $137 billion.

Profits over the past 10 years: $1 trillion. The sad thing is the oil companied are not spending enough of their profits to produce enough gas to keep the price of a gallon down, while they are spending enough to keep their stock portfolios up and to keep members of Congress keeping their tax breaks up.

Big enough tax breaks to pay for 35,000 high-school teachers and 65,000 solar energy systems to reduce carbon dioxide pollution and to pay for tuition assistance for half a million college students.

The maddening thing is how much money there is in profits and how the oil companies are just walking off with it.

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