Thursday, April 29, 2010

Who Benefits from Expanded Drilling & High Gas Prices?

Expanded offshore drilling means more risk of spills. And just as the economy begins to recover, families are losing more of their disposable income to rising gas prices. But hey, not everyone's complaining!:
Exxon Mobil said Thursday its quarterly profit increased 38 percent as oil prices rose in the first three months of the year.

The company reported a profit of $6.3 billion, or $1.33 a share, in the first three months of the year. [...]

Exxon’s profit relied heavily on its exploration and production operation. Oil prices surged over the last 12 months, jumping from a low of $33 a barrel in the first quarter of 2009 to more than $80 a barrel this year.
It's about time Exxon Mobil's profits got back on track. After all, it's been a whole 16 months since it posted the biggest profit of the history of the planet. Good to see them back on their feet!

UPDATE: As my friend Teddy Goodson reminds me, Exxon's 2009 federal income tax bill was $0.

Cross-posted from BlueVirginia.us
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