Monday, January 30, 2006

Must Be Time For Another Tax Break

I'm sure they don't want to share the profit. U.S.: "Exxon Mobil Corp., the world's biggest oil company, said fourth-quarter profit rose 27 percent on surging energy prices to a record $10.7 billion, capping the most profitable year for any company in U.S. history.

Net income climbed to $1.71 a share from $8.42 billion, or $1.44 a share, a year earlier, the Irving, Texas-based company said today in a statement. Excluding a gain from a lawsuit, profit was $1.65 a share, 21 cents higher than the average estimate from 22 analysts in a Thomson Financial survey.

Revenue rose 20 percent to $99.7 billion as rising demand and hurricanes lifted prices for crude oil, natural gas and gasoline. The average U.S. profit on refining crude into gasoline and other fuels widened to a record of almost $11 per barrel processed, based on futures prices.

``Exxon is the most efficient operator in a market characterized by rampant demand and lagging supply growth,'' Derek Vogler, who helps manage $11 billion, including Exxon Mobil shares, at Country Trust Bank in Bloomington, Illinois, said in a Jan. 17 interview."
As the price of gas shoots towards $3 a gallon again, I wonder what it will take for the American people to realize that they have been taken for a very expensive ride, they are far from home and have no way to get back.

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