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August, 2006

Soaring Energy Profits: The Earth Belongs to the People. Take It Back!

From the Editors
 
Gas prices photo
PHOTO/DAYMONJHARTLEY.COM
 

Scowling as the dollar price whirls past 40 and cursing the pump as you hang up the nozzle isn't going to solve the problem. We have to understand a problem before we can solve it. The problem is that socially necessary production, such as energy, is privately owned and distributed only for profit. Exxon Mobil (XOM), for example, announced on July 27 that it had a record net income of $10.36 billion during the second quarter. Combine the forecasted 2006 earnings of BP, Royal Dutch Shell, Chevron, Total, ConocoPhillips, and ExxonMobil, and you get roughly $135 billion, a sum greater than the gross domestic product of the Czech Republic or Israel. Do you still think they give a hoot about your welfare? So what is the solution? Socially necessary production must be owned by society. This earth belongs to the people who inhabit it. Take it back!


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