It’s a shame that I find it necessary to write this letter, but the never ending story line about high gas prices, without any mention of the record profits of the multi-national oil companies, is not factual nor is it reporting in any sense of the word.
Yes, there’s a war of Russian aggression going on in Ukraine and that has played a role in pushing up fossil fuel prices. That being said, much of what is going on is due to the never ending greed of big oil and its stockholders. Just in the first three months of this year, big oil reported record profits exceeding $40 billion, more than twice the profits from a year ago.
Did big oil invest a large portion of these profits into refinery capacity? No, the greed-consumed leaders of this industry used these profits for stock buybacks to pump up the market value of their stocks.
Why hasn’t any of this been reported along with the never ending images of Americans, many of whom are driving vehicles the size of my living room, complaining about high gas prices at the pump?
Frank D’Agostino
Harpswell
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