by Ted Sherman

Created on: April 09, 2007   Last Updated: April 19, 2007

You decide! Last year, the CEOs of the 15 largest oil companies took home a total of $512.9 million, averaging over $34 million each. The top earner of $95.1 million was Bill Greehey, top executive of Valero Energy, the largest US refiner. The compensation usually includes salary, bonuses and stock. Lee Raymond, now-retired CEO of Exxon Mobil, got a mere $69.7 million.

But, wait, it gets worse. This just in! According to a recent Reuters news story, another oil CEO's 2006 paycheck almost doubled that previously reported total. Ray Irani ... that really is his name ... top boss of Occidental Petroleum, carted home an amazing $400 million! It was one of the biggest paychecks in the history of corporate compensation.

In addition to awarding the grossly infllated CEO salaries, American oil companies have reported enormous profits each year since the war in Iraq started. Isn't it obvious where all this excess money is coming from, how it is being earned, and questionable as to why the lion's share is being pocketed by an elite few?

No one in Washington seems to be too anxious to do anything about it. As the "Casablanca" script said, "Round up the usual suspects." Many politicians are most likely sharing in the bonanza, or at least collecting enough contributions from the oil companies to keep quiet about it.

Although there has been a lot of criticism of the inflated salaries and obscene profits of the oil companies, it isn't likely any of the CEOs or their companies will give any back to American drivers, who are once again face $3 a gallon charges or more at the pump. Predictions are that prices will go even higher as summer driving season approaches, and the oil companies continue to play their favorite game ... gotcha!

What do these guys do to earn such salaries, and why can oil companies rake in billions in profits with no end in sight? Why are they allowed to keep jacking prices up higher and higher, while their never-ending greed ever questioned?

And why isn't our government doing anything to investigate what certainly looks like the biggest financial scam in history?

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