Exxon’s record 3Q profits near $10 billion, but what about soaring gas prices? |
Earlier today on the weekly web radio show I host, I had more than a few angry words about the announcement that Exxon Mobil posted record third quarter earnings of nearly $10 billion. I’m not begrudging them — or any corporation — for making record profits, but if they are having record earnings why is the price of gas soaring? Why is the price of natural gas going up this winter? What the hell is going on here?
Fortunately a few politicans in Washington are asking the same question:
Those results led Democrats in Congress to demand a new windfall profits tax. Big oil behemoths are making out like bandits, while the average American family is getting killed by high gas prices, and soon-to-be record heating oil prices,” Sen. Chuck Schumer, D-N.Y., said in a statement. But Energy Secretary Samuel Bodman said President Bush opposes such a move and is instead considering a wide range of proposals to help cushion consumers, including the creation of an emergency reserve of gasoline and other refined products.
Why does President Bush not opposing anything to push back these oil tycoons not surprise me? Lord, can 2008 get here quickly enough? This has been the worst times in America in recent memory, all under Bush watch. A vicious 9/11 terrorist attack, a war propogated on lies and generating over 2,000 soldiers KIA in Iraq, catastrophic hurricanes (not the President’s fault, btw) and now the oil companies making insane profits. Good for them, good for the shareholders, so why can’t there be a way to make this good for the consumers too?
Why is gas higher at the pump under these conditions? Why are some of these record earnings not going back to the price at the pump?
What am I missing here?
Did this post make you go hmm?
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Ready for a wacky question? Who has made more money off of fuel sales, the oil companies or the government?
Here is a hint, http://taxprof.typepad.com/taxprof_blog/2005/10/gas_taxes_excee.html .
Comment by Tom — October 30, 2005 @ 8:44 pm PST
Interesting data in the article.
The government changes, the oil policy remains the same.
And if it even doesn’t, it is hardly to believe the customers will profit out of it.
That is my cheerless opinion.
Comment by Robert from Dubai — May 22, 2006 @ 4:26 am PST