Thu
Jul 31 2008
11:52 am
By: R. Neal
Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation...
That's about three billion gallons of gas! But it wasn't enough and shareholders wanted more, so their stock is off this morning.
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So
Now I know where all those extra dollars I've been paying at the gas pumps are going. Sweet profit! Greed is good!
"When the going gets weird, the weird turn pro."
Hunter S. Thompson
Sounds like it's time to call for more oil subsidies!
Careful. There are always plenty of wingers who come out of the woodwork to defend such disadvantaged corporations. They stay quiet as long as it's just people losing jobs, insurance, homes, pensions, etc.
Absolutely
Giving them the US military to protect them isn't enough.
Invading countries that have lots of sweet, sweet oil for them isn't enough.
Letting them drill in every square inch of US land isn't enough.
Giving them billions in tax dollars every year isn't nearly enough!
Selling out an entire political party to them isn't enough.
Building great big gas guzzlers isn't enough.
Refusing to develop alternatives to oil isn't enough.
Killing future generations of our children and grandchildren by destroying the earth so they can continue to maximize profits today?
Now we're talking!!
"When the going gets weird, the weird turn pro."
Hunter S. Thompson
If it's any consolation, gas
If it's any consolation, gas prices went up approx. 15% in the second quarter but Exxon Mobile profits only went up about 10%.
So obviously there's no correlation and claiming these increased gas prices are going straight into the pockets of wealthy oil men and investors is just crazy talk!
If you pull up Exxon's
If you pull up Exxon's financial reports on Yahoo Finance, you can see they are making over a 30% return on capital for the last few years. In a real free/competitive market, with a 30% return on capital, the market should be flooded with new investors trying to get into the business, lowering prices to compete, thus lowering profits to a reasonable level. Why do you think that is not happening? Do you suppose it is not really free market and the market is actually rigged?