Weekly+Discussion+2++To+Drill+or+not+to+Drill


 * “Oil Declines Slows Exxon, Chevron Profit Growth”

Lower prices of the two largest oil companies of the U.S. and the global economic downturn have slowed, but not stopped.

Exxon and Chevron have both recorded strong fourth-quarter earnings on the stock market friday, even with the rising prices of oil and natural gas. Cude oil prices fell to $45 a barrel from $100. Exxon is at $7.82 billion and Chevron posted at $4.9 billion. Chevron, the second-largest U.S. oil company, had a 0.4% increase in profits, as earnings were boosted by from its world wide refineries and its recent $600 million gain.

Exxon is stepping forward, also with its vice president Kenneth Cohen who urged the U.S. government friday to open all offshore areas, as well as federal lands in Alaska and the Rocky Mountains, to drill oil. If so it would create 160,000 jobs and generate $1.7 trillion in government revenue.

How do you feel about drilling for oil in environmentally sensative areas? ||