More oil company profit reports are coming in and the news is great—for them, at least. Exxon Mobil and Shell both posted “their best quarterly results ever on Thursday, with Exxon becoming the first U.S. company ever to ring up quarterly sales of $100 billion.”
Exxon’s profits are up 75% over a year ago, and Shell’s are up 68%—positively dwarfing the 34% increase posted by BP a few days ago.
How’d they make so much money? By fleecing you and me, that’s how. Apparently neither profit nor pain is a shared commodity in the business world. The real question is: How much more of this before people wise up to the fact that they’re being screwed?
Too bad the current administration is run by a cabal of oil cronies; otherwise, we might be able to count on the government for help. Unfortunately, just last week the Senate voted to deny over $300 billion to help low income families cope with expected hikes in the cost of heating oil. So, when you’re freezing your ass off this winter because you can’t pay your heating bills, don’t forget who to thank.
Originally published as Over a BarrelPowered by Sidelines