Thursday, July 31, 2008

Exxon Really Feeling The Pinch, Eh?

So, in these hard economic times, with unemployment rising, the housing market in a freefall and the average American watching both their future prospects and their 401K balances decline, isn't it nice to see that the big oil companies are hurting too? I mean, Exxon Mobil Corp. reported their second quarter profits today and they missed Wall Street expectations and saw their stock drop three percent. Guess they made some sacrifices on behalf of their customers. Oh, wait... what is that on the AP wire?

HOUSTON — Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest profit from operations ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares slumped 3 percent.

Okay, I don't know what is worse. That Exxon is posting the biggest quarterly profit for any corporation ever by amorally ransacking the pockets of their customers despite the trying times... or that The Street thought they were going to do so on a grander scale.

When we are actively engaged in prosecuting a war in the middle of the largest oil producing region in the world, with a President whose family made their money in that business, at a time when the world stands at a crossroads of environmental change and when the average U.S. citizen is feeling a shortage of the pocket book due to prices at the pump and the increased costs of good due to the increased cost of the gasoline required to transport those goods... this is not profit-taking that needs to be addressed?

Calling this war profiteering would not be a dramatic exageration. In the midst of the Second World War, or even Korea or Vietnam, would this have resulted in outrage and government action? Almost certainly.

The predicted response from the Bush Administration and John McCain? Outrage indeed. Outrage that their stock dropped three percent.

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