Thursday, July 31, 2008

ExxonMobil Continues To Clean House

The majority of Americans are struggling at the pump and consequently in all other places that deal with their bank account (food, health care, utilities, etc). With record prices for oil and the popularly refined product known as gasoline, people are being tapped out more than ever to get from point A to point B. So where is all that money going?

From RawStory:

HOUSTON - Exxon Mobil reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation, but the results fell well short of Wall Street expectations and shares fell in premarket trading.

The world's largest publicly traded oil company said its net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.

Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.

Nearly twelve billion in profit....that is approximately a billion dollars a week....for one single oil company (granted it is the largest, but still). How we do not have a windfall profits tax on these greedy bastards is incredible. People are suffering across the country because of the high cost of oil and only a select few are making money off of it.

Bush would never sign anything to help anyone but his base, but Congress must get a bill ready for President Obama to sign in January so that we can start to fix this problem by reining in the oil companies and starting to make a meaningful investment in alternative energy.