Agence France-Presse:
The US economy might be faltering, but the oil industry is riding a "black gold" boom as gushing oil wells swell the corporate coffers of ExxonMobil, Chevron and ConocoPhillips by billions of dollars.
Corporate America is used to vast profits, but the oil industry's earnings dwarf all other industries, including banking, technology, and food and drink.
The country's largest energy group, and the world's biggest company, ExxonMobil Corp., posted record third-quarter net profit of 10.49 billion dollars, or around 114 million dollars a day, on Thursday.
Golly! Other industries are hitting a rough patch, but plucky ol' Exxon (or should it be Triple-Exxxon, for obscenity?) makes a $10.49 billion profit. Am I really supposed to believe that oil is more important than food and drink?
This is getting completely out of hand. If a business does well, yay for them. But if a business does well because there are oilmen in the White House who turn a blind eye on price gouging, no yay for us.
Do you really believe that oil prices have dropped for any reason other than an extremely oil-friendly White House is in danger of being hamstrung by an election?
Dick Cheney once said, "Conservation may be a sign of personal virtue, but it is not a sufficient basis for a sound, comprehensive energy policy." His solution, burn oil.
"As a country, we have demanded more and more energy. But we have not brought on line the supplies needed to meet that demand," he said. Cheney's solution is buy oil, burn oil, steal oil, eat oil if you have to, but consume oil and produce more.
Which, of course, means sell more. Weird how that works out, isn't it?
Tags: news politics Bush Cheney oil energy environment business financial
1 comments:
I stumbled over your blog today and I found the "need" to comment.
I am with you on the reason gas prices are going down. Tons of people are wandering around unaware of the connection......
Leave it to "Dubya" and his oil buddies....:-)
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