Rep. Ed Markey (D-Mass.) 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."
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."
In a letter to Chevron Chairman John Watson,
Markey said that he was concerned that the TV ad "deceives
consumers."
Markey said he wanted Watson to provide any documents or
justifications "released to television stations and networks" to
justify the claim" and on how much it spent to run the adds in all media,
as well as its entire ad budget.
