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Oil Company CEO Pay Averaged $32.7 Million in 2005

Posted in H.L. News, Main Blog (All Posts) on August 30th, 2006 7:30 am by HL

Deregulation of the oil industry by Bush is making The J.R. Ewings of the world very very rich, while we pay pay pay.

Oil Company CEO Pay Averaged $32.7 Million in 2005, Study Says

Bloomberg News
Excerpt:
In 2005, the CEOs of the largest 15 oil companies averaged $32.7 million in compensation, compared with $11.6 million for all large U.S. firms, according to the study, released today by the Institute for Policy Studies and United for a Fair Economy.

Amid reports of multimillion-dollar pay packages, shareholder activists have sponsored resolutions to limit compensation at companies like Exxon Mobil Corp. and Home Depot Inc. In May, three members of the House of Representatives criticized the retirement benefits of former Exxon CEO Lee Raymond and asked the company to fill a gap in its workers’ pension fund.

“Instead of lining the pockets of executives, they should be investing the money into new sources of energy that go beyond fossil oils,” said Sarah Anderson, director of the global economy project at the Washington-based Institute for Policy Studies, and a co-author of the study.

H.L.s Take
I work at home mostly, when I do go to an actual job, which is about once a week, the place is 5 miles away. Lately I hardly use my car at all, and when I do the trip is usually just around the neighborhood. I am still spending at least $20 a week in gas. I don’t know how people in big SUVS who have to commute 30 miles a day or more do it. They must be racking up some pretty heavy debt in order to help CEOs of Exxon/Mobil make 32 Mil a year.

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