27th
July
2005
Putting numbers to it
posted by hedgehog in Uncategorized |WSJ:
In a report published last week, Merrill Lynch & Co. said the aggregate net income of the 70 largest companies in the [oil] sector is expected to rise 26% this year to $230 billion, on sales of $2.57 trillion, up nearly 10%.
$2.57 trillion is about 1/4 the GDP of the United States. It is the GDP of the biggest companies in the oil sector. Those of us who eat locally, don’t use cars, and avoid using air conditioners — we don’t get to take part in the single greatest social project undertaken in human history. The extraction and combustion of as much fossil carbon as possible.
I think I’ll take another cross-country road trip! After all, look at the charts: the poor oil companies are about to see their profits start to drop. Poor things, I have to help out — it’s like tsunami relief, only different.
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