So when you're pumping that $3 gasoline, stand proud -- you're contributing to the biggest quarterly profit in human history.
Oil companies came under new fire yesterday when it emerged that ExxonMobil's profits are likely to soar above $10 billion this quarter on the back of the fuel crisis.
That's $110 million a day, and more net income than any company has ever made in a quarter. It's also a stunning 69 percent increase over the same period a year ago and a 34 percent jump from the $7.6 billion Exxon made just last quarter.
"Do you realize President Bush has just given a tax break to ExxonMobil?'' thundered Rep. Ed Markey (D-Malden). "Of all the companies in the history of the world that needed a tax break, this month, ExxonMobil should be at the bottom of the list.''
The law gives incentives to producers such as Exxon to expand production, such as for drilling for new wells in deeper waters in the Gulf of Mexico. ***
Even oil company shareholders were critical. Hub fund manager Lee Forker, the head of New England Research & Management, said the profits reflected a failure of oil companies' leadership to invest in future production. ``They're maximizing present cashflows and ignoring the future,'' he said.
ExxonMobil is spending about $5 billion a quarter buying back its own shares.
Forker says the oil companies bear responsibility for recent shortages, because they have held back on investment in new production for years due to a fear of a price collapse. "It could just be a big scam – 'Let's just restrict the supply along with the OPEC countries and we'll all get rich together'" he said. ***
Jacques Rousseau, energy analyst at investment bank FBR, yesterday explained that most of the extra money that consumers are paying for gasoline is going straight through to the big companies' bottom line.
The reason? Prices are soaring because of perceived shortages while the cost of producing the gasoline is little changed.
Thursday, September 08, 2005
PROFITEERS AND GOUGERS: GET YOUR EXX ON!
From the Boston Herald:
- ► 2008 (244)
- ► 2007 (349)
- ► 2006 (418)
- YOUR DONATION IN THIS QUARTER WILL MAKE A DIFFEREN...
- HAS THE BUBBLE BURST?
- REPUBLICAN CULTURE OF CORRUPTION: DAY 2
- DARK CARNIVAL
- MAKING AN "ASS" OUT OF "U" AND "ME"
- RAHM: BENNETT'S COMMENTS "REFLECT A SPIRIT OF HATE...
- COACH HASTERT FUMBLES THE BALL, DEMANDS SPORTS MET...
- PAST IS PROLOGUE
- DuPAGE SURPLUS
- PARDON ME?
- THE REPUBLICAN CULTURE OF CRONYISM AND CORRUPTION
- 2008 Dammit!
- DENNY MOVES THE DECK CHAIRS AROUND
- PETER ROSKAM'S MENTOR INDICTED
- DALEY: PEDESTRIANS MUST STOP DOING WHAT I MADE TH...
- "THE METH-DRIVEN LIFE"
- BROWNIE, YOU'RE *STILL* DOING A HECK OF A JOB?!?
- "Every little helps"
- A.P. EXPOSES BUSH'S BEDFELLOWS
- DRINK, DRANK, DRUNK
- THE TIGHT-LIPPED MR. NOVAK?
- VOTE CEGELIS -- TODAY!
- "Those esquivalient little wretches."
- CHICAGO SKY
- 19SEP05: I.T.L.A.P.D.
- OBAMA: GULF RECOVERY NEEDS "SOME ADULT SUPERVISIO...
- *FREE* FARM AID WEBCAST *LIVE*
- DON'T SKIP THE "NEWS FOR GIRLS" SECTION OF THE TRI...
- "Drowing in Incompetence in New Orleans"
- SYNERGY GONE GOOD
- LIBERAL CRAP KURT VONNEGUT NEVER WANTS TO HEAR AGA...
- CAN THESE POSSIBLY BE REAL?
- "I've never heard a single word of complaint."
- "They were abandoned long ago"
- BUY AMERICAN!
- DUCKING, DODGING AND WEAVING
- CONFESSION IS GOOD FOR THE SOUL
- chicagocrime.org Wins $10,000 Batten Award
- EXERCISING POOR JUDGMENT
- OBAMA: BUSH NEEDS TO WAKE UP
- YOU AND 39,999 OF YOUR FRIENDS
- THEY FEED ON THE DEAD
- Powell: "A lot of failures at a lot of levels"
- REHNQUIST: HIGH COURT JUSTICE
- LOOKING TO THE FUTURE
- A HECK OF A STATEMENT, BROWNIE!
- LAURA BUSH: HE CARES... NO, REALLY... NO, I'M SERI...
- NEW ORLEANS FLOOD IN CHICAGO
- DeLAY DeLUDED
- REPUBLICAN PRIORITIES
- PROFITEERS AND GOUGERS: GET YOUR EXX ON!
- GET YOUR BLAME ON!
- CINDY SHEEHAN IN DuPAGE COUNTY
- OBAMA: "STILL UNSATISFIED"
- "Was there bureaucratic bungling? The short answer...
- REPUBLICAN HOUSE WON'T BUDGE ON LOUISIANA COSTAL P...
- jux·ta·pose: To place side by side, especially for...
- IT'S ELEMENTARY
- "As tragic as it is for New Orleans, it is a boon ...
- BLACK CNN
- “How come CNN isn’t showing footage of how dry Mic...
- "If you can keep your head when all about you are ...
- "Ooh, that's one ugly snout wound."
- LOMBARD CUTS OFF NOSE TO SPITE FACE
- NO WONDER BUSH DIDN'T ACT SOONER
- WHAT WOULD COWBOY JESUS DO?
- "The smartest man in pop music"
- OFFICERS DOWN
- "Disgraceful response"
- DENNY RETIREMENT DELAYED BY CLINTON?
- CLASS AND RACE
- LET 'EM ROLL
- AWAITING ORDERS
- COMMUNICATION FOR KATRINA VICTIMS
- CNN: BUT IN FACT, CHERTOFF IS A LIAR.
- MAKE JABBOR GIBSON FEMA DIRECTOR
- DOG AND PONY SHOW
- IN WORD:
- DENNIS HASTERT'S TO-DO LIST
- GOP FINALLY IDENTIFIES CAUSE OF KATRINA SUFFERING
- IF HISTORY IS OUR GUIDE...
- THE CHICAGO CONNECTION
- WHITE HOUSE RHETORIC V. AMERICAN REALITY
- CHICAGO'S KANYE WEST CALLS IT LIKE HE SEES IT
- "DIVERGING VIEWS" OR DISINFORMATION?
- MORE GOP CRITICISM OF BUSH RESPONSE
- CHICAGO'S HURRICANE HELP SPURNED
- THAT'S A GOOD QUESTION
- "No food... no water... 90 degree heat"
- BUSH DISASTER PLAN REVEALED
- STEINBERG V. KASS
- KASS: NOW IS NOT THE TIME FOR FACING REALITY
- LIKE A CHICKEN WITH ITS HEAD CUT OFF
- LEVEES UNDERCUT BY BUSH ADMINISTRATION
- SNEED v. KASS
- PAY AT PUMP
- ▼ September (96)