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November 19 2005
Who`s Greedier: Big Oil or Multi-National Drug Corporations?

OilExxonMobil 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.



Dr. MercolaDr. Mercola's Comments:

I have not made a great study of the subject of oil price fluctuations and oil company profits, but if you ask me, this just doesn't add up. The price of gas shot up beyond $3 per gallon and the oil companies -- not the people who are selling oil to the oil companies -- have record profits.

Many of you are also in for a rude awakening when you go to pay your heating bill this winter. I was quite shocked to see my November bill increase by nearly 300 percent over 2004. I knew it was going up but hadn't anticipated that level of increase. I suspect many people will really begin to wonder about the headline of this article when they start to see their mid-winter heating bills.

Makes you wonder what would've happened if Hurricanes Rita and Katrina wouldn't have caused nearly so much trouble along the Gulf Coast where much of this country's oil refining is done ...

It all sounds a bit like the shell game the mega-drug companies use to justify "inventing" new drugs to take the place of older ones or to treat imaginary conditions.


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jim.adams2
[ Joined on 11/06 ] [ Posted on June 21, 2008 ]
       
   
 
Novice User

After  having listened to many discussions by many experts on CNN, CNBC etc. with divergent opinions including the retired CEO Rayburn being interviewed by Beck and read a full page ad of ExxonMobil perspective, the use of $USD is a phony argument,  Bush et. al. and America chose to DEvalue the $USD as did the world,  and logically the groups like OPEC want lots more $USD paper to maintain a real return. We have unbalance trade with China competing for oil. Also the highly touted high returns of HEDGE FUNDS have been  speculating in OIL FUTURES DAILY I hope get burned by sharp drop in price since they are betting AGAINST AMERICA. There are many other factors impacting price beyond general greed including power-politics, demographics etc. and especially the lack of WILL of the DEM s running Congress to make possible the use of our OWN DOMESTIC HUGE RESERVES of oil in various forms and locations.Natural Gas that would have a great impact in the SHORT TERM according to the famous Mr. Pickens, expert oil man, who is putting his wealth into Natural Gas. Finally, to BE REALLY FAIR ONE MUST ONLY USE PERCENTAGES. EXXONMOBIL RETURN ON SALES IS ABOUT 8.5% WHICH IS APPROXIMATELY THE AVERAGE OF ALL INDUSTRIES! NOT EXCESSIVE. Politicians, talk show hosts and amateurs who don't do their homework are misleading the people and looking for a scapegoat instead of where the real blame lies for the crisis-bad decisiions by oilmen named Bush especially now pushing solutions when he is impotent to do anything rather than 8years ago when he had a Rep Congress and no lameduck illness. Also political parties and candidates for the election benefit, foreign and domestic enemies propoganda, foreign producers,  very ignorant citizens, and certainly, not the least, years of DO-NOTHING Congress controlled by 71,000 lobbyists with tons of cash from LYING so-called  Environmenalists (especially the greedy lying GORE) to buy bad votes, proven by thousands of scientists nobody pays attention to

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