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Chevron Approves $15 billion Buyback Program

SAN FRANCISCO -- Enriched by high oil prices, Chevron Corp. will spend up to $15 billion buying back its own stock - a commitment that pleased shareholders and rankled critics clamoring for bigger investments in projects that might help lower energy costs, according to the Associated Press.

The three-year repurchase program announced Wednesday served as yet another reminder of the cash cascading into the oil industry while motorists have been trying to cope with higher gasoline bills.

The dichotomy has triggered Congressional threats to repeal some of the industry's tax breaks or impose a special tax on profits above a certain threshold.

Posted by Peter C. T. Elsworth  at 9:25 AM to Gas prices | Permalink

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