I was surfing the net and getting my daily feed of news from around the world when I spied this on The Drudge Report: “Exxon Chairman gets $400 million retirement package.” The Drudge took me to ABC News where I read this:
Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.
The article says later on that this is five times higher than what Chevron's CEO makes, the next largest oil company.
Now, I did a little math and I came to a couple of conclusions. The biggest conclusion I can come up with is we're getting screwed here, people!
According to Gulf Oil and Gas, EXXON sold 917 million barrels of liquid oil in 2005. At 20 gallons of gas to a barrel of oil, that's around 18 billion gallons of gas for a year. Pretty impressive numbers. That's somewhere around $60 billion in sales at $3 a gallon!
I think what's the most screwed up about this whole thing is that we're not paying for the gas that the oil companies are buying today. We're buying the oil that they paid $40 a barrel for last year! The price goes up on Wall Street and it's immediately reflected in the price at the pump. The stuff the oil companies are buying today won't make it to the gas station for months!
Are you getting this? They made almost two dollars a gallon profit! That’s even if I really, really screwed these numbers up, which I don't think I did. I mean, I probably screwed some numbers up here, but not that bad; let's just cut it in half. It's still around $1 a gallon! That's robbery! Think about it for a second. That's $20 a tank of profit for EXXON if you only have a 20-gallon gas tank! Think how screwed you are if you've got a car with a nice 26 or 30-gallon tank.