The oil companies have said for years that being forced to comply with strict environmental standards for oil and gas facilities and underground storage tank (UST) sites would “bankrupt the industry”. Now that the seven sisters (Exxon, Mobile, Chevron, BP-Amoco-Arco, Sun, and Conoco) from the Standard Oil breakup in 1911 are recombining and substantially eliminating competition they have raised prices so high that they threaten to bankrupt even the American consumer.
Now would be a great time for our national and state legislators to demand full compliance with environmental standards since the oil companies pockets are overflowing with record profits. Just yesterday Exxon announced 3rd Quarter Profits of $10.49 Billion dollars in the Third Quarter alone. That is over $116 Million per day or more than $80,900 per minute.