Record profits for oil companies

Aug 02, 2022 Editorial

Kaieteur News – Oil companies are awash from cascades of cash, and ExxonMobil is right there celebrating with the cream of the crop. It is the best time to be an energy company, and ExxonMobil is among the best of the best of the best, where making money is concerned. Just ask Guyanese whose oil wealth is a major contributor to ExxonMobil’s breathtaking profit numbers.

The Wall Street Journal of July 29^th reported oil company profit developments this way: “Exxon, Chevron, Shell report record profits on high energy prices.” The New York Times coverage also carried coverage that noted Exxon and others “report record profits”. “Record profits” says it all for Exxon, which the company delightedly experienced with its highest ever second quarter profit numbers of US$17.9B, and a lot of that is from what is either squeezed out, wrenched out, or ripped out of Guyanese. Additionally, KN’s July 30 edition placed emphasis on the company’s “boasts” relative to its fantastic profits.

Profits, profits, and more profits, and quite a fraction of such on the backs of Guyanese, with the blood drained out of them. Considering Exxon’s fabulous numbers, and this country’s contribution to them, all citizens of this country must be even more determined to rise up and fight for what is rightly theirs. Given our own impoverished state, and the plight of many citizens, there is every justification for Guyana to get more from its oil wealth, regardless of what it takes, or what must be done.

More and more, it is registering in the minds of Guyanese that their leaders will not stand up and fight for them, and when they do say something and signal something, there is the sense that their hearts are not into what they put out. It looks like if the most that there are trying do is to pacify the people, at least those who are agitated by the messages of the few others in this country who are saying that ExxonMobil is robbing us, and that our own elected leaders have not risen to the challenge before them.

Guyana’s President Ali has skipped around and danced inside hula hoops where renegotiation of the contract is concerned, which is why ExxonMobil can boast about its record profit. The nation’s Vice President Jagdeo is put in charge of running this country’s oil sector, on which so much depends. Yet, he has distanced himself (by his weak postures and unpersuasive actions) from pursuing any vigorous course of engagement. Anything that pushes the leaders of ExxonMobil to appreciate that Guyanese are serious, and that they will not take no for an answer. Thus, the American oil giant can bask in the glow of its gigantic profit haul from the blood of Guyana. And Leader of Opposition Norton has not taken a ferocious and persistent stand that there must be change in our dealings with, and returns from, ExxonMobil. This is why, repeatedly ExxonMobil can take home the milk and honey, compliments of Guyana’s oil.

Even the most fleeting look at ExxonMobil’s second quarter numbers, either in dollar or percentage terms, confirms how the company and its people are riding high. The company’s management, workers, shareholders, and speculators all are doing very well. On the other hand, the people who own this immense oil wealth, the Guyanese people, are scratching around to make a living, and this is only considering the essentials for day-to-day existence. Their standard of living is frozen in place, their savings stand unmoving (or are depleted to make ends meet), as they live with this contradiction of being the owners of this wealth, but still growing poorer despite it.

Now, Guyanese have some choices. They can continue to pretend to be uncaring and passive or they can be so incensed at the lopsided nature of the Guyana-Exxon relationship that they can work up the energy and passion to come out, be involved, and ramp up the pressure on local leaders so that something gives or Guyanese can electorally punish political leaders for abandoning them, and joining hands with dangerous outsiders, to destroy their hopes, kill their dreams.

ExxonMobil must make money, but not as much; and Guyana should get more, and not so little.

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Record profits for oil companies

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