AP IMPACT: Big Oil profits steered to investorsRead More..
HOUSTON - As giant oil companies likeand get set to report what will probably be another round of eye-popping quarterly profits, just where is all that money going?
The companies insist they're trying to find new oil that might help bring down gas prices, but the money they spend on exploration is nothing compared with what they spend on stock buybacks and dividends.
It's good news for shareholders, including mutual funds and retirement plans for millions of Americans, but no help to drivers already making drastic cutbacks to offset the high cost of fuel.
I am currently trying to load a Washington Post video of the rescue of Ingrid Betancourt and a few other highly prized FARC prisoners. I do not know if the problem is in my old laptop or my internet connection. I have been trying to load it for some time but until now, I am yet to view that amazing video. Gotta try other news networks.