LETTER: Redirect oil profits to pay for health care

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By The Staff

According to the October 10, 2004, Courier Journal Business news, Exxon, Chevron, BP and Royal Dutch/Shell profits were 80 percent higher than the previous year. Current postings show that the nation’s 2nd largest oil company had a profit of $18.7 billion in 2007.  Imagine what the combined profits of all the oil companies were.  Guess who is paying for these profits?

Are there similarities to the health insurance industries?  According to an August 9, 2009, report by a noted health care economist,  “within the context of companies’ revenues, health insurance companies skim off 15-20 percent of premium dollars for administrative cost, profits and salaries.”   The five top national health insurance companies averaged profits of $1.56 billion in 2008.  Depending upon the company, the CEO compensation for these companies ranged from $3 million to $24 million. Guess who is paying for these profits and salaries?

Redirecting these excessive profits and salaries could help repair a broken health care system.

Tom Schmitt