Maybe someone smarter than I am can explain it.
ExxonMobil reported a profit last quarter of $11,700,000,000. Profit, not revenues. So far this year they’ve made more in profit than it cost for the entire Apollo series of moon landings.
How does this jibe with the idea that gas prices are so high due to oil prices and demand? It obviously is not costing the oil companies much more to produce the oil and gas if their profits continue to soar.
Politicos anxious for an issue in an election year keep calling for more drilling, so that the oil companies can rape our environment a little more at taxpayer expense and increase their already ridiculous profits. And that potential oil won’t come onto the market for decades.
I just don’t understand. If the companies are making such insane profits, the actual cost of oil isn’t really to blame for the high price at the pump. Oil companies are simply engaged in one of the largest transfers of wealth the world has ever seen, sucking every last nickel from poor and rich alike with extortionist pricing.
With a profit that high, doesn’t it seem reasonable to think that oil companies could simply lower prices at the pump and still make a ton of money while helping the economy? And are they using that profit to transition to the next source of energy? I don’t think so.
This has been one of the many dubious hallmarks of the Bush administration: corporations raping and pillaging, taking as much money as they can as quickly as they can with the realization that the gravy train will end very soon. Probably with the next election, but possibly when the economy simply collapses under the weight of behemoth corporations, fraud, and greed.
ExxonMobil reported a profit last quarter of $11,700,000,000. Profit, not revenues. So far this year they’ve made more in profit than it cost for the entire Apollo series of moon landings. How does this jibe with the idea that gas prices are so high due to oil prices and demand?
