Friday, August 01, 2008

What happens when a country decides to put a couple of oil men in charge

These visuals just seemed to go together. The increase in gas prices during the Bush years is so perfectly mirrored by the rising profits of Exxon Mobil -- Best. Profits. Ever.

Whatever they planned in those secret Cheney energy task force meetings early in 2001, it seems to have worked. According to The New York Times:
Exxon Mobil reported the best quarterly profit ever for a corporation on Thursday, beating its own record, but investors sold off shares as oil and natural gas prices resumed their recent decline.

Record earnings for Exxon, the world’s largest publicly traded oil company, have become routine as the surge of oil prices in recent years has filled its coffers. The company’s income for the second quarter rose 14 percent, to $11.68 billion, compared to the same period a year ago. That beat the previous record of $11.66 billion set by Exxon in the last three months of 2007.
Well, at least somebody has benefited from the policies of the worst administration ever. Although it seems that even this silver lining has a cloud.
Exxon’s profits were nearly $90,000 a minute over the quarter, but it was less than Wall Street had expected. Exxon’s shares fell 4.6 percent, to close at $80.43. (The company calculates that it pays $274,000 a minute in taxes and spends $884,000 a minute to run the business.)

The disappointment from investors is bound to put added pressure on Exxon Mobil’s chairman and chief executive, Rex Tillerson, to search for new fields in politically precarious areas of Africa and the Middle East.
Poor Exxon Mobil. They're about to run out of oil! They need help in getting rid of those pesky environmental agreements that limit drilling in certain areas.
Kenneth Cohen, an Exxon vice president, said oil companies needed the profits to search for more oil and gas. He also challenged Congress to open up waters in the Gulf of Mexico and off the Atlantic and Pacific coasts to drilling, as well as other federal lands where drilling is prohibited.

“Our Congress needs to give us access to those areas that are currently off limits to the industry,” he said.
What about using some of those profits to invest in alternative, non-carbon energy sources? Nah. Exxon Mobil would rather invest its profits in buying back shares to prop up its stock prices. These guys are shameless. Like their colleagues in the White House.

1 comment:

Compassionate Badger said...

shameless is a good word for it...

"profits were nearly $90,000 a minute over the quarter, but it was less than Wall Street had expected"

less than expected?!?!?

WTF do these people want?!?!?