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In the wake of great disasters comes linings of silver... at least if you're a multinational oil company. The Boston Herald had a great article today discussing the fact the big oil companies are making more money in net revenues than they've ever made and more than any company has ever made in a single quarter. The average American is paying nearly $3 a gallon at the pump and families are having to worry about whether or not they'll be able to afford to pay heating costs with natural gas slated to climb 71% by some accounts. But... the energy and natural gas companies are making record profits. Here's the lead for the story:
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.''
I don't know there's a lot to say on this one. It's quite obvious people are being gouged severely at the pump and at a cost yet to be determined. As various goods and services climb in prices as companies profit margins erode due to fuel costs, lifestyles will decline. Much of our economy, built on disposable income, will wither and begin to dry up. This means that the wealthy will be able to live like they always have and the distance between them and everyone else will continue to increase, which I suppose is the way they like it.
The process is collusion on many levels and while certainly the oil producing countries and members of OPEC are making money, I daresay they're not entirely comfortable with the levels of production they're being forced into AND it's fairly obvious oil refineries haven't been running at capacity levels much as they've been stating for months now. It's enough to drive one mad as one fills with anger and would really like to see these criminals drink the sludge by the barrel they're pumping out of NOLA right now.
posted by Stithmeister @ 7:40 PM
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I'm currently working in the telecomm industry but one of my passions is still politics.
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