Interesting tid-bit...Exxon Mobil posted $9.9 Billion quarterly profit, largest in US Corporate hist
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Interesting tid-bit...Exxon Mobil posted $9.9 Billion quarterly profit, largest in US Corporate hist
history. I thought they had a rough times with all those huricanes hurting them??? Anybody else see the same picture as I do?
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That sure sounds like an industry that needs a few more tax breaks.
<ul><li><a href="http://www.washingtonpost.com/wp-dyn/content/article/2005/07/27/AR2005072702207.html">Yes, the government LOVES the little guy.</a></li></ul>
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hmmm...lets do the math
So, first of all, 9.9 billion profit really only means something when you consider the fact that it is a 75% INCREASE over their 3rd quarter profit from last year...interesting considering the hurricane "losses" (which really only ended up helping them justify insane prices)
Conveniently they have also announced that they will no longer invest in projects to find and develop sources of alternative energy, nor will they step up their funding for finding more oil in general (while their profits almost doubled, their funding for exploration has only gone up 16%). This all translates to more expensive gas as well as heating bills, etc. for consumers while the big oil companies continue to profit from it....
The shiat is going to seriously hit the fan within the next twenty years and i only hope that exxon realizes their mistake in not following other companies in investing in the future....
Conveniently they have also announced that they will no longer invest in projects to find and develop sources of alternative energy, nor will they step up their funding for finding more oil in general (while their profits almost doubled, their funding for exploration has only gone up 16%). This all translates to more expensive gas as well as heating bills, etc. for consumers while the big oil companies continue to profit from it....
The shiat is going to seriously hit the fan within the next twenty years and i only hope that exxon realizes their mistake in not following other companies in investing in the future....
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Re: *cough, cough*
yea katrina knocked out a VERY small amount of refining capacity but left production virtually unaffected (and the companies could have coped with the small dent in refining capacity without price hikes if they so chose....)
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The new tax laws don't give them much incentive for exploration.
But yet, they are allowed a tax break if production get hampered. Hmmmmm, can you say collusion?
All I want to know is why my industry doesn't have the backing of washington insiders like the oil industry does. Talk about being on the outside looking in...
All I want to know is why my industry doesn't have the backing of washington insiders like the oil industry does. Talk about being on the outside looking in...