BusinessWeek reports that Exxon Mobil, instead of using its world-record profits to build new refineries, is using that impressive cash flow to buy back stock.

Reducing development is a short-term gain but can be a long-term loss. Sure, the shareholders are happy now because their earnings per share is up, but the total value of the company (and thus the stock price) will level off. In business, if you’re not moving forward, you’re falling behind.

On the other hand, when one of the more popular presidential candidates wishes she could “take” (you might say seize or steal) profits and dole them out to alternative energy research, what incentive is there to build? Might as well reward the people who bought a piece of your company. By the way, Larry Kudlow had awesome commentary about Hillary’s grab proposal in February.

Some other risks Enron is shying away from:

Citing higher-than-anticipated costs, it backed out of a project in February that would have converted natural gas in Qatar into diesel fuel for export. Similarly, Alaskan politicians have been begging oil companies to build a new pipeline to carry natural gas to the 48 continental states. Exxon says it would pursue the project only if the tax situation in the state is favorable. CEO Tillerson has also indicated publicly that he won’t build a new refinery in the U.S., pointing to internal research that domestic gasoline consumption will plateau in coming years as ethanol and energy-efficiency measures crimp demand. Indeed, there’s plenty of legislation in Congress right now aimed at curbing consumers’ appetite for gasoline. So Exxon is partnering with two companies, one Chinese and one Saudi Arabian, to build a $3.5 billion refinery in China, where demand seems more assured.