Exxon Mobil Posts Highest US Corporate Profit Ever at $9.9B
October 27th, 2005 | Published in Uncategorized | 1 Comment
Exxon Mobil Corp. (XOM) on Thursday posted a quarterly profit of $9.9 billion, its biggest ever and one of the largest in U.S. corporate history, as it raked in a bonanza from soaring oil and gas prices.
Record profits for Big Oil at a time when consumers are paying sky-high prices for gasoline have brought calls for a windfall profits tax or other penalties on oil companies. Senate Majority Leader Bill Frist on Tuesday called for hearings with oil companies on high energy costs.
The companies have been enjoying an unusually rosy environment for months. In the third quarter, oil prices and refining margins rose sharply after Hurricanes Katrina and Rita ripped through the Gulf of Mexico, disrupting energy operations in the region.
Um… are you kidding me? As if this isn’t a bur in the side of almost every American. Well at least those that aren’t getting the paycheck from these records profits. This article blows my mind (found on the Fox News website today 10/27/05)
I am at such a loss of words right now that I don’t really have much to say to this other than… are you kidding me?
October 28th, 2005 at 7:33 am (#)
It’s because Congress and the President gave them (oil companies) $15 Billion in tax exemptions back in August with no incentives to bring down oil prices.
And that was before the hurricane hit.
I wrote about it in late August – ‘A Different Social Order’ – yeah, it’s a pocket pincher.
What’s interesting is that in Europe they’re used to paying up to $6+ /gallon, and more than us in pretty much every other country. Can’t even imagine. Except they have much better and more universally used public transportation than we do here.