America may be into a recession, fortunately one of the center pieces of the Bush administration is doing rather well.
Exxon, Chevron earnings soar on record oil prices
Chevron, the second-largest U.S. oil company, said its fourth-quarter earnings rose 30 percent as the soaring crude prices outweighed relatively weak refining profits.And
Exxon's net income in the quarter rose nearly 14 percent to $11.66 billion, or $2.13 a share, from $10.25 billion, or $1.76 a share, in 2006. Analysts, on average, were expecting earnings of $1.98 per share.
Exxon Mobil Posts Record Profits
Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company—$40.6 billion—as the world's biggest publicly traded oil company benefited from historic crude prices at year's end.Recapping: We are headed into a recession, or are already in one depending on who is doing the analysis.
Exxon also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, beating its own mark of $10.71 billion in the fourth quarter of 2005.
Going along with the recession is inflation, which is caused by higher fuel costs.
Oil companies are pleased as punch with record profits.
2 comments:
So what if these bastards wreck the economy right? They can just slide away to their mansions in some other country. Traitors the bunch.
Dubai seems to be an in place for the billionaires.
The thing of it is, if they are making record profits (which are inflationary for the rest of us), and the GNP for the last quarter grew at only 0.6%, then is that 0.6% from the oil companies. What else is growing. Not much.
Its a weird thing, they, oil, are showing growth yet at the same time causing us inflation and slowing down growth in most other areas.
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