I was reading in the Evansville Courier & Press that BP has cut its CEO's (John Browne's) bonus for 2006, from $1.75 million to $1.74 million. This cut was in light of recent oil spills and safety lapses that overshadowed profits. Although Mr. Browne's basic salary rose, his total compensation fell by 28%. This was the second year in a row in which Mr. Browne took a pay cut.

As I read about this pay reduction, I was somewhat pleased, given that I am tired of reading about oil company CEOs making a killing from the fossil fuel market. At a time when the oil industry has become so volatile, in part due to the politics of many of the oil-rich nations, it seems to defy logic that oil company heads should be rewarded in such an extreme fashion. In addition, given the sky-high gas prices at times in recent years, why should BP's CEO be enriched so greatly? Further, when oil companies' infrastructure is aging and endangering the environment, why should the CEO be receiving a windfall? Moreover, why should CEOs like Mr. Browne (in prior years anyway) be taking such handsome compensation, when safety measures are failing--leading to oil spills and other problems that our nation has to then correct?