ExxonMobil sets all-time profit record for entire U.S.

ExxonMobil put more profit on the books in 2006 than any other company in the history of the United States of America. 

If that doesn’t sink in, then I don’t know what to tell you.  ExxonMobil recorded a net profit of $39.5 BILLION last year.  That’s just about $4.5 million per hour for the entire year – not too shabby.  At the end of 06, the company had $32.8 Billion in cash sitting around with nothing to spend it on. 

More and more lately, I’ve been a fan of oil / gas conservation.  However, seeing a company like Exxon set obscene profit records all while perpetuating the myth that there is a current oil / gas shortage is just wrong.  The only way I’d be okay with it is if Exxon is using a vast portion of this profit to advance alternative fuel sources.  As it stands, companies like Exxon are just gouging the public because we have no feasible alternative. 

So what’s the answer?  Windfall profit taxes?  Price freezes?  Nah, those things don’t and won’t work.  We need a better answer, in a hurry.  Otherwise the oil companies will continue to grow fat with crazy profits, all while squeezing the average Joe.

Source.

Published on February 3, 2007 in Auto Industry News,Gas Prices

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