Quote:
Originally Posted by Garth
Exxon's Record Profits
Gas prices are at the highest that they have ever been, and Exxon Mobil just reported a $10.9 billion dollars in profits for the first quarter. The second largest quarterly profits by any American company - ever; beaten only by Exxon Mobil's last quarterly profit of over $11 billion.
I understand that much of the price we pay for oil goes to refining and drilling costs, but is $10.9 billion really necessary. You think they could limit their profits to only $5 billion and drop the price of gas a few cents? It just looks a little fishy to me.
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Exxon, like all oil companies, are simply cashing in on the high world market price of oil. Nothing wrong with that. Oil companies did not sneakily manipulate the market like Enron did. They are simply reaping the benefits from a volatile market.
That being said, it is high time the US was subjected to the same high prices the rest of the civilized world is paying for gas. And $3.50 per gallon is low. It is small change. Time to add on some serious environmental taxes as the rest of us have live with.