Let us see the profit I believe is around $36 billions in the first quarter of this year. It seems that the oil executives said that the cause of rising price of gasoline is not company profits but global supply and demand. Apparently, it seems that the big five feel they are the victims here with the possibility of being taxed for windfall profits.

One oil giant gave $38.4 billion back to shareholders and another $7.4 billion in dividend payments. Nevertheless, the one I personally like the best is the $31 billion spent through share buybacks, that is share buybacks, I like that, nice. To look at it another way that would then mean that the amount Exxon Mobil gave to shareholders would buy all the households in California and Pennsylvania gas for the entire year or how about giving everyone in the country a 27 cent a gallon rebate for the entire year.

The thing is they are not spending that money on new technologies to find alternative sources of energy. If they used those funds for a new energy technology that is not fossil fuel based, they would still have the monopoly on that as well but they do not seem to be willing to do that. It seems that the profits from oil are far too huge to jump into something else with the large cash flow increase of 135%. It does not seem fair somehow when you see the cost of gasoline in Saudi Arabia at .45 cents a gallon.