NEW YORK (July 27) - Exxon Mobil Corp., the world's largest public oil company, on Thursday reported quarterly profit surged 35 percent to more than $10 billion, driven by yet another quarter of sharply higher oil prices.
The results sailed past Wall Street forecasts and sent its shares to an all-time high, but quickly triggered a fresh wave of outrage from U.S. lawmakers and consumer groups angry at Big Oil's profiting handsomely while gasoline prices soar.
"While American families get tipped upside down and have their savings shaken out of their pockets at the gas pump, the Bush-Cheney team devises even more ways to line Big Oil's pockets," Rep. Ed Markey, a Massachusetts Democrat, said in a statement on Exxon's profits. He is a member of the U.S. House of Representatives Energy and Commerce Committee.
Your thoughts...
2006-07-27 10:59:01 · 4 answers · asked by marnefirstinfantry 5 in News & Events ➔ Other - News & Events
It might not be fair, but what's stopping them? We are all oil dependent (addicts) and we are willing to pay the large increases than come monthly. The last time I checked over the past 2 years prices have tripled in my area. That cannot be inflation, and reserves have not drastically changed to merit that kind of change. The problem is, not enough people are pressuring a decrease in the price. Where is the conversion and conservation? Profit only increases when prices increase and demand stays flat or increases. If demand fell, so would prices. Not that it is all S&D, but no amount of subsidies will compensate for no sales.
2006-07-27 11:05:53 · answer #1 · answered by Robert 3 · 1⤊ 0⤋
In having worked for Mobil Oil and just 6 years after the merger when the last of the heritage Mobil Oil Employees were thrown out, we had processes in place to prevent this spike within the industry. Trading is the problem coupled with the lack of refining capacity and with the war now consuming our tax dollars, they are utilizing the profits of the big oils to offset the cost of the War. Oil had settled to 40 dollars (and below) a barrel however if you recall when the US Supreme Court ruled that George no longer had a credit card in support in payment for the WAR, the product spiked.
If your Rep is knowledgable, as Him as to what happen to the 2700 synthetic fuel pattens that Exxon inherited from Mobil in 1999 ??
AGC 21 Technology (Synthetic Crude)
M Gasoline Technology _ Conversion of Natural Gas into Synthetic Gasoline and at a cost of 41 cents per gallon.
The very first synthetic fuels (gasoline plant) was New Zealand Synthetic Fuels by which 25 percent of the ownership was to Mobil. Today, the manufacture synthetic gasoline at 25 dollars per 42 gallon barrel yield.
The earth will never run out of fuel (I.E Gasoline). Our heritiage Mobil Oil Scientists saw to that !!!
The mergers have created the problem that we face.
2006-07-29 15:15:57 · answer #2 · answered by Author 2 · 0⤊ 0⤋
It´s logical. The price of oil is up, but the price of producing it isn´t. What does that mean? Higher profits.
2006-07-27 11:23:41 · answer #3 · answered by camp1971 3 · 0⤊ 0⤋
What about all the other consumer products that are making profit - why arent you complaining about those?
2006-07-27 11:03:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋