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

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.

  • Me adses

    This old idiot thinks no one realizes this. Dude, go back to retirement!

    • VoltOwner

      Big Oil is not sitting on all their profits, they are spending quite a bit attacking electric cars.

      The Chevy Volt is looking pretty cheap right about now.

  • tom sharp

    Okay Walter, if you take all of their profits, what incentive will they have to stay in business?? Communism has already failed, get with the 21st century!

  • Afro

    Walter just about a month ago you were saying how the Obama camp was contacting you for a donation, but you needed a couple days away from the office, and how you were going to write them a check when you get back to your office. I also said I hope you die before you can get back to write them the check. Well you didn’t die and I a$$ume you wrote the check to your beloved Obama camp. That money could have been better spent on Ron Paul. People need to take Ron Paul more seriously.

  • juju

    Ron Paul? Said it before, never trust a man with 3 first names.

  • Jim

    Walter sounds like one of these OWS Losers. Damn those oil companies for making so much money! Why aren’t they spreading the wealth around to those of us that needs it more? By the way, Walter, the oil companies don’t control the price of a barrel of oil, world market value sets the price at the pump!

    • Afro

      Jim thats just not true supply has every bit as much to do with prices as demand. When OPEC cuts production this limits supply forcing the price at the pump to go up. That is why we need to stop printing money, the less supply we have the more its value will increase.

  • Afro

    Every time the Federal reserve prints more money the supply floods the market lowering the value of the dollar even more, then businesses have to raise prices to vacuum up the excess in to their accounts so interest can rise, the problem is the value of the dollar doesn’t return. This is what’s wrong with our economy today, interest is what puts value on the dollar.

  • BSA Jim

    I can’t stand watching CBS Chicago on Thuirsdays any more! This guy is a communist! Companies should give up their profits to support teachers, new buildings, etc? Should IBM use all of its profits to give free computers to the poor?

    Hey, walter, what about your salary? Seems excessive to me for doing nothing but talking. I think you should donate all of your salary to the poor, go hungry, and then get back on your high horse. Actions speak more than words, and you are nothing but words.

  • Chicago News Stories for Feb 24 2012 : Travel tips, hotels, restaurants, jobs and news | Travel 2 Chicago

    […] dating, a new review of research points to some problems. CBS 2′s Susan Carlson reports.Walter’s Perspective: Gas Prices Up, Along With Oil Company ProfitsCBS 2′s Walter Jacobson is fuming not only about high gasoline prices, but also the oil […]

  • tony

    f u walter

blog comments powered by Disqus
Daily Weather Reports Delivered To You!SIGN UP NOW: Get daily weather reports every morning from meteorologist Steve Baskerville!
CBS Sports Radio RoundupGet your latest sports talk from across the country.

Listen Live