Rep. Markey Concerned Chevron Ad Misleading

Rep. Ed Markey (D-MA) has referred his concerns about a Chevron TV ad to the Federal Trade Commission for a determination of whether or not it is misleading. "Even as Chevron reported $6.2 billion in profits over the first three months of 2011," said Markey's office in a statement, "potentially questionable television advertisements by the company claim that it spent 'every penny and more' of the $19.1 billion in 2010 profits on "bringing energy to the world." Rep Markey has written the company to ask it to square that claim with the fact that it spent $6.5 billion buying back its own stock in 2010 and $1.1 billion on "exploration for energy."