"The oil giants — BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell—recently released their first quarter reports. Together, the big five's profits were 38 percent higher in the first quarter of 2011 than the same period last year. A new report from the Center for American Progress finds that several of these companies used quite a bit of that extra money to buy back shares of their own stock, increasing the value of their shares and enriching their shareholders, boards of directors, and senior managers at a time when most Americans are dealing with extremely high gas prices."
Kate Sheppard reports for Mother Jones May 3, 2011.
Source: Mother Jones, 05/04/2011
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