ExxonMobil is one example of how much big oil companies have benefited from the recent run-up in oil prices, even as major hurricanes have destroyed much of the industry's infrastructure in the Gulf Coast.
$10 Billion in Net Income, $100 Billion in Revenues
Exxon's net income went up 75 percent to nearly $10 billion in the third quarter; this is the most a U.S. company has earned from operations in a three-month period. It is greater than the annual gross domestic product of some entire nations.
Exxon's revenue went up 32 percent to over $100 billion, which is greater than the annual GDP of all but 38 countries.
More Than Industrial and Telecom Combined
Other companies have increased their profits similarly, and the industry as a whole is likely to earn $100 billion in net income this year, which is more than what the United States' industrial and telecom companies combined will earn.
The soaring profits have come as a result of oil companies selling gasoline to wholesalers at record prices. The difference between the price of oil and the price charged to wholesalers hit a record.