Editorial: Profits and responsibility

The headline on a news release from the office of Sen. Chuck Grassley (R-Iowa) says it all: “GRASSLEY QUESTIONS CORPORATE RESPONSIBILITY OF OIL AND GAS COMPANIES; ASKS THEM TO GIVE 10 PERCENT OF PROFITS TO HELP LOW-INCOME AMERICANS.”Noting the oil industry’s recent profit surge, the document includes the text of a letter to American Petroleum Institute Pres. and Chief Executive Officer Red Cavaney. Grassley writes: “You have a responsibility to use these record profits to invest in more exploration, production, and refining capacity to increase supply of petroleum products. Beyond that, you have a responsibility to help less-fortunate Americans cope with the high c...

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