Exxon shatters profit records: highest annual and quarterly profits ever for a U.S. company
There is something not right about this. How can this happen? The American people are "paying for it" at the pumps, for apparently no good reason other than lining oil executives with cash. CNN Money has an excellent article about the oil company's profits.
According to CNN Money:
"Exxon also set an annual profit record by earning $40.61 billion last year - or nearly $1,300 per second in 2007. That exceeded its previous record of $39.5 billion in 2006."
Am I the only one disturbed by this? Why is their no regulation? This is poposterous. I remember when gas was $.99 a few short years ago...
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Glad you put this on your blog. I read the article and thought about blogging, but I just can't put my frustration in words. What really gripes me is the excuses the companies give regarding their obscene profits. "We can do more remote exploration, we can work on alternative energy sources combined with oil, we need to update refineries, etc." What I don't understand is - aren't we talking about PROFITS? Isn't that the money after all expenses? Why do so many owners have mega salaries? Why do the companies go to so many countries with less restrictive laws than the US and completely ruin the environment and the lives of people along with their ability to continue in their jobs or ways of obtaining food? Why do the oil companies not have to pay huge fines out of their profits for totally destroying places for plants and animals to live?
I really wish we could do something to change such situations, but I don't know how to begin. Sometimes the best thing seems to be to ignore it and save myself from high blood pressure and stress. Does anyone have any answers?
Do you know who owns Exxon? I was telling my husband about your post and he said he doesn't think it is even owned by a US company any more.
We are over a barrel guys. In soooo many ways. As a nation we have wealth, and everyone out there knows it. Compared globally, we are flippin' spoiled. The ability to take it has been at their fingertips for decades..just now they have gathered the muster to come get it. What are we gonna do about it? Next, the auto makers will gouge us for flex fuel vehicles. You smarty pants hybrid drivers are already paying interest on the gas you aren't buying because of teh upcharge you financed. Then with ethanol, the corn growers will get just as greedy as the oil barrons! My taco shells will be 4.00 each!
We've been set up. The CEO's of the world want to cash in now, and they aren't afraid to do it any more. After all, we happily pay 2.99 for an 8 ounce energy drink that is nothing but a repackaged soft drink!!! HELLO?!?!?! See their logic?