Thursday, September 08, 2005

ExxonMobil's $10 Billion Quarter

Why are gas prices so high?  So the oil companies can make more money! ExxonMobil just posted the largest profit any corporation has ever made in one three-month period -- ten billion dollars (that's a one followed by ten zeroes and three commas), or $110 million/day!  That's a 34% jump from the previous quarter, and 69% more than a year ago.  And this was before the Katrina-inspired price jump of the last week.

In Missouri and other states, the attorney general has sworn to crack down on price gouging at local gas stations.  Why isn't anyone -- the feds would have to be the ones -- looking into this price gouging by the oil companies?  Of course, I know the answer is entirely wrapped up in Big Oil's influence in Washington, but if a little mom-and-pop operator can feel the pressure for inflating the pump price, so should ExxonMobilChevronTexacoBPAmocoShellGreedCo.