Business

Chevron shareholders met by protesters

Wednesday, May 28, 2008

Angry protesters dressed up in hazmat suits in front of Chevron headquarters in San Ramon, where shareholders held their annual meeting. Protesters demanded that the oil giant clean up the environment - from the Bay Area to the other side of the world.

Protestors chanted in front of Chevron's corporate headquarters in San Ramón to mark the company's annual shareholder meeting.

They wore protective suits to demand chevron clean up what they call human rights and environmental abuses in Ecuador, Nigeria, Burma and at Chevron's Richmond refinery.

Some were allowed inside to directly address shareholders, who rejected six resolutions that would've created new human rights and environmental protections.

"Senior management once again showed that they're not capable of listening," said protestor Mitch Anderson.

According to this shareholder, those inside listened to the report on chevron's record profits in 2007 of $18.7 billion and dramatic increase in stock prices.

"I tend to be a long-term investor. I'll be honest with you. I started with about a thousand dollars. It's worth about $250,000," said Chevron shareholder Robert O'Dwyer.

With gas prices soaring to more than $4 per gallon, Olga Rasmussen can no longer afford to fill her tank.

"I don't know how the gas companies can keep making as much money as they do, and keep driving the prices up. What's it gone up? Over $1 in a year?" said Rasmussen.

Chevron doesn't dispute they're enjoying record profits, but they claim those profits have little to do with record prices at the pumps.

"On crude oil, yes, but on gasoline there is nothing there. It's a penny a gallon or less," said Chevron spokesman Sean Comey.

Chevron CEO David O'Reilly told shareholders he expects gas prices to fall in the next year or two, as supply rises to meet global demand.

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