The public has been struggling with excessive gas prices at the pump, but the whole time the oil companies have been piling up huge profits at the pulbic’s expense. Record profits have been posted by the oil industry, but now ExxonMobil (XOM) has announced a record shattering corporate profit record. According to USA Today (TM) the company has just announced third quarter earnings
• Net income up 75% to $9.92 billion. That is the most a U.S. company has earned from operations in a three-month period and greater than the annual gross domestic product of entire nations including Cameroon and Zimbabwe.
• Revenue up 32% to $100.7 billion. That is greater than the annual GDP of all but just 38 of the world’s economies.
It appears that the energy industry will take in some $96 billion this year – an enormous sum even for this industry. As posted previously, it’s always helpful to have friends in high places, especially when it is a Congress and adminstration that turns a blind eye to the problem and lets the public suffer at the expense of corporate pirates.