More gas: Are oil companies shooting straight?

This commentary is pretty dense, but you'll find a strong argument that Big Oil is playing fast-and-loose with the public when it claims its profits aren't out of line. The author, lawyer Henry Banta, also blames the media for failing to dig deep enough.

One paragraph that got my attention:

There are other issues raised by the industry’s propaganda offensive, like the amounts being reinvested. While these numbers in absolute terms seem large, over the last several years the actual rate of reinvestment has not been particularly high. In fact, the major companies have spent considerable sums buying back their own stock. For example, ExxonMobil’s capital and exploration expenditures in 2007 were $20.9 billion. But it spent $31.8 billion buying back its own stock, which certainly did nothing for meeting anyone’s energy needs.

It's worth a read. And, while we're on the subject of the media and oil, here's a piece from the same Web site, niemanwatchdog.org, with 10 questions to ask about oil and gas prices. For example: Why aren't any new refineries being built in the U.S.?