HOUSTON – Exxon Mobil reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation, but the results fell well short of Wall Street expectations and shares fell in premarket trading.
http://rawstory.com/news/2008/Exxon_Mobil_has_biggest_profit_ever_0731.html
So, it wasn’t their best day but I bet 11.68B is more than you’ve got in your wallet, right?
Should some windfall profits be plowed back into lowering the price of gas for the average consumer?
How do the candidates stand on Big Oil reaping windfall profits while gas prices get ridiculous for regular folks?
it actually dropped to $3.77 a gallon today. it cost me less that $40.00 for 3/4 tank wow
McCain is against taxing them.
Obama is for it.
Edit: Actually, McCain has changed his position many times and today he is saying he is against it.
The is one and only one way to reduce gasoline prices in the short run, and that is to increase the supply of oil.
The only way to increase the supply of oil in the United States of America is to start drilling in more places.
That means removing the restrictions that Congress has placed on drilling offshore and in ANWR.
In the long run, demand for gasoline can be reduced by increasing the number of electric cars.
Battery Technology is improving to the point that electric cars are becoming practical.
The Tesla Motor Company in Menlo Park California has just come out with an electric car that will go 220 miles on a charge! Finally we are seeing electric cars that will travel more than 15 or 20 miles on a charge.
With increasing numbers of electric cars we will need massive amounts of additional electric generating capacity.
A good use for the money that the oil companies are making would be to invest that money in the construction of nuclear power plants.
That would increase the electric generating capacity that we need for electric cars and would provide massive amounts of electricity with no greenhouse gases added to the atmosphere.
Unfortunately Solar Energy has a cost of production over 10 times the cost of production of an equivalent amount of nuclear power.
I recommend that we do not invest money in solar photovoltaic production of electricity because the cost of production is so high.
It sucks, they have us by the **** but at least they paid 125 billion in taxes, of course that was passed on to us,
my bike runs on energy from the human body!
and how much of that money is going into the pockets of Republicans?
There seems to have been a massive transfer of wealth — from consumers to the oil companies.
and how much will Exxon oil be investing into new sources of oil next year?
Do you complain when google reports record profits, when their main source of income is pornography?
Maybe you can answer why oil companies come in 7th when the list of industries profits are listed?
McCain is like Bush. They are wealthy and support big oil companies.McCain will give further tax breaks to Exxon so their CEO’s can become even wealthier. McCain rejoices because it means him and CIndy’s stock has gone up. Obama already spoke out against this. He doesn’t agree with it at all and wants to stop this. Vote for McCain if you support oil companies like Exxon.
Did you know that the GOVERNMENT makes more off gas than the oil companies do
?
dont forget how much money was put into obamas campaign from those oil companies more than mccains and also what about the billions they have spent in finding new land to drill on and of course the tax money you received from them as well.
the republickans want to drill for more oil,
the demokrats want to invest in alternative sources,
so who do you think is reaping that harvest?
I did not need gas today. I saw it at $3.48, though.
We’ll survive…walking is good for the heart!
$3.29 a gallon still way to high
Let’s see – Exxon-Mobil paid to find the oil, drill for it, bring it up, take it to a refinery, refine it into products we can use and deliver those products to the market. I say, ” GOOD FOR EXXON-MOBIL TO MAKE A PROFIT DESPITE THE INTERFERENCE OF THE FEDERRAL GOVERNMENT!!” The federal governemnt did none of the work involved in getting oil from the ground to market and stole more from the sale of it than E-M made. Exactly how much profit can a company make before you cry babies scream, “WINDFALL!!”? Exactly how much should any private company lose from their profits (that’s why they’re in business -profits) to the government or cry babies? How many people have seen their retirement investments grow as a result of this profit? How much nave people lost through Socialist Insecurity (mismanaged by the federal government)? What is wrong with profit???
The results fell short only because America set a new record for conservation, it was all over the news this past weekend. Fact is they didn’t really think we would do it, they thought we’d just **** it up and carry on.
Today the pump average is $4.17, however we have a 39 cent state gas tax.
It is funny how we all support grandiosely capitalism when it is to our advantage but when someone else applies it and gets profits from it it’s an outrage.
We only complain when we get directly affected huh?
When banks made a fortune landing money and you got the best interest rate ever you were all ok until it went down the drain and people got in trouble for being too stupid to take a variable rate … then its outrage.
Same with the oil Co.
But if the banana industry ripped billions in profits it would be ok so long as you can continue to pay $5.00 a lbs … and when it becomes $20.00 lbs it’s another outrage.
America just doesn’t know what it wants anymore. You can’t have the both ways.
Should they be forced to reinvest the profits? YES absolutely but if we mess up with THAT economy our global one will DEFINATELY go into a huge recession … and that TOO would be yet another outrage.
Didn’t buy gas today.
However, If they had a loss of $11.68B that would make many people much happier. Consider Exxon is in reality 2 oil companies (Exxon and Mobil). Consider theirs is a capital intensive industry and they are in competition throughout the world for scarce resouces sorely needed by everyone. Their profit margin is under 11% compared to Microsoft’s profit margin of just under 30%. So why isn’t Microsoft being hammered for gouging the public.
I bet you couldn’t pay less than I did!!
The pump was at $3.67 at the Holiday Station Store where I filled up in Rosemount Minnesota. I had a 30 cents off coupon from making a purchase at Cub Foods to use at the Holiday gas station for gas. Hmmm I ended up paying $3.37 a gallon.
Beat That!!!!
Keep in mind that NO ONE who owns ANY stock mutual funds should answer this question negatively. Pretty much all stock mutual funds own shares in Exxon Mobil.
- STB