Friday, February 1, 2008


Well, someone’s pie is getting higher:
Exxon Mobil Profit Sets Record Again


Exxon Mobil delivered its strongest performance ever last year, earning a record $40.6 billion in net income because of surging oil prices, the company said Friday.

The figure, a 3 percent increase from the previous year, exceeded the company’s own record for profits at an American corporation, set in 2006, and is nearly twice what it earned in 2003.

Exxon said its fourth-quarter net income rose 14 percent, to $11.7 billion, or $2.13 a share. That also made it the company’s most profitable quarter ever.

Remember: $40.6 billion is the net income. Not gross. NET. Chevron also reported similar good news, posting a 29% increase in profits.

It’s not just the American oil companies. The highest-ever profit by a European company was posted this week by Royal Dutch Shell, at $27.6 billion.

So considering how flush ExxonMobil and Chevron are, would someone please explain to me why the GOP continued to coddle Bloated Big Oil at the expense of tax credits for renewable energy?

WASHINGTON (AP) — Senate Republicans on Thursday blocked a $32 billion package of tax breaks for renewable energy that would have been financed mostly by new taxes on major oil companies.

Democrats came three votes short of overcoming a threatened GOP filibuster that was keeping the measure from being attached to a broader energy bill. Republican senators argued that the nearly $29 billion in additional taxes on major oil companies would have led to reduced production and higher gasoline prices.

For the record, this was not $29 billion in “additional taxes,” it was repealing existing tax breaks that the oil companies have enjoyed since, well, forever, but especially since the GOP-controlled Congress passed the 2005 Energy Billl.

Thanks, liberal media, for getting the story wrong--again.

And can someone explain to me why, with over $40 billion in net profits in their pockets from this year alone, ExxonMobil continues to fight (all the way to the Supreme Court!) paying $2.5 billion in punitive damages to over 30,0000 fishermen and others whose livelihood was ruined by the Valdez spill? Yeah remember that? Some of you kids reading this weren't even alive back then. It happened nearly 20 years ago, but ExxonMobil is too greedy to pay up, even after all this time.