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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (76134)	7/23/2008 5:35:47 PM
From: Cogito	Read Replies (1) \| Respond to of 541933

>>"The most chilling statistic is Exxon Mobil's. It spent twice as much last year to buy back stock as it did on exploration." Nothing chilling, or even particularly significant about that fact.<< Tim - I agree that there's nothing "chilling" about that fact, but I do find it significant. The US Congress, in its wisdom, has given the oil companies a multi-billion dolllar tax break, specifically to help them finance more exploration. Rather than spending more money on exploration, they have chosen to buy back their stock. The American taxpayers are being played for chumps. - Allen

To: TimF who wrote (76134)	7/23/2008 8:42:09 PM
From: Ron	Read Replies (1) \| Respond to of 541933

"The most chilling statistic is Exxon Mobil's. It spent twice as much last year to buy back stock as it did on exploration." Nothing chilling, or even particularly significant about that fact.-- One man's 'nothing significant' is another's outrageous. I have invested and traded in oil and related companies for years and I personally find it outrageous. ConocoPhillips quarterly earnings were reported today. They are obviously going for the quick, easy money, rather than looking at the big picture. I don't suppose I can blame them with the policies the government has in place.