Ethics and the Oil Industry
Ethics and the Oil Industry
Todd Bosta
Monday, November 8, 2010
Does anybody Care?
As the US Economy continues to dive, unemployment persists at a level not seen since the Great Depression, and the US Federal Government sees fit to continually bailout big business, it escapes logic why the cost of oil once again, is on the rise.
The US oil companies would have us believe it has to do with the Middle East oil producing nations cutting back on production, therefore raising the price. The energy traders at the New York Stock Exchange shrug it off to supply and demand. Many theorize that America has billions of surplus barrels of oil. I believe it is pure greed from these entities. With so many Americans struggling to survive and just keep food on the table, would it not be ethical to enact a type of moratorium on fuel prices?
With the Freedom of Information Act working in full force, it is simple to find information on the World Wide Web that most industries would rather not have located. Take for example, the oil industry. As the price of gas at the pump changes daily, US oil companies continue to rake in huge profits. Even in the wake of the recent oil spill which has had a global affect, BP Oil, “the London-based company earned $1.79 billion from July through September, compared with $5.3 billion a year earlier. But the fact that BP returned to profits at all, coming after a loss of $17.2 billion in the second quarter, indicated the company 's operations remain solid despite the spill” (Wardell, 2010).
This company set aside $40 Billion for the pending lawsuits and cleanup and helping to restore the affected economies. I do not know, how about dropping the price at the pump if the company really wants to effectively help out? It is speculated this spill will be felt for years to come. I wonder how many remember the Exxon Valdez spill caused by a drunken ship captain…
As congressional leaders begun having
Todd Bosta
Monday, November 8, 2010
Does anybody Care?
As the US Economy continues to dive, unemployment persists at a level not seen since the Great Depression, and the US Federal Government sees fit to continually bailout big business, it escapes logic why the cost of oil once again, is on the rise.
The US oil companies would have us believe it has to do with the Middle East oil producing nations cutting back on production, therefore raising the price. The energy traders at the New York Stock Exchange shrug it off to supply and demand. Many theorize that America has billions of surplus barrels of oil. I believe it is pure greed from these entities. With so many Americans struggling to survive and just keep food on the table, would it not be ethical to enact a type of moratorium on fuel prices?
With the Freedom of Information Act working in full force, it is simple to find information on the World Wide Web that most industries would rather not have located. Take for example, the oil industry. As the price of gas at the pump changes daily, US oil companies continue to rake in huge profits. Even in the wake of the recent oil spill which has had a global affect, BP Oil, “the London-based company earned $1.79 billion from July through September, compared with $5.3 billion a year earlier. But the fact that BP returned to profits at all, coming after a loss of $17.2 billion in the second quarter, indicated the company 's operations remain solid despite the spill” (Wardell, 2010).
This company set aside $40 Billion for the pending lawsuits and cleanup and helping to restore the affected economies. I do not know, how about dropping the price at the pump if the company really wants to effectively help out? It is speculated this spill will be felt for years to come. I wonder how many remember the Exxon Valdez spill caused by a drunken ship captain…
As congressional leaders begun having
References: Herszenhorn, R. (2008) As Gasoline Prices Soar, Politicians Fall Back on Familiar Solutions. The New York Times. Retrieved November 6, 2010 from http://www.nytimes.com/2008 05/03washington/03cong.html Ray, W. (2008) Gas Price Investigation. Channel 7 WJHG.com. Retrieved November 8, 2010 from http://wjhg.com/news/headlines/ 18902929.html United States Department of Labor (2010) Bureau of Labor Statistics. Employment Situation Summary. Retrieved from November 7, 2010 from: http://www.bls.gov/news.release/empsit.nr0.htm Wardell, J. (2010) BP Oil Spill Cost Hits $40 Billion, Company Returns to Profit. Retrieved November 8, 2010 from http://www.huffingtonpost.com/2010/11/02/bp-oil-spill-costs-hit-40_n_777521.html