The world’s largest energy companies just released their fourth-quarter earnings.
Though slightly less than the previous quarter’s gains, the figures were, nonetheless, headline-grabbing. Chevron generated $5.1 billion. Shell earned $6.5 billion. ExxonMobil, the leading U.S. oil company, earned a whopping $9.4 billion.
On cue, left-leaning pundits and activists rose to condemn the industry for excess. How dare oil companies earn so much while so many people are hurting!
These accusations are hardly accurate. Read More»