Exxon Posts Record Oil Profit Yet Gas Still Expensive

Posted on | January 30, 2006

While browsing MSNBC.Com I ran across some "wonderful" news about how well Bush has handled US Economic policies and such. Additionally Exxon posted a record $10.7B profit today. Yet gas prices sky rocket and have yet to drop below $2/gal since they peaked out at over $3/gal several months ago. You might recall back in November oil company executives were summoned to Capital Hill to answer to Congress as to why their profits were in record territory along with gasoline prices. Naturally since big oil is a Republican ally, nothing ever came from it.

The quarterly profit bought Exxon’s annual profit for 2005 to $36.13B. That is 42% increase in profits over their previous record of $25.3B back in 2004.

It is sad that I cannot remember the last time filling my car’s roughly twelve gallon tank cost less than $20.

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