Site editor’s note: This post from DJ Pangburn originally appeared on death + taxes.
What a joy it is to see some businesses doing well as the corpse of capitalism slowly re-animates…
Exxon-Mobil reported a 55% surge in third quarter earnings compared to last year. The U.S. oil giant posted $7.4 billion in earnings, which translates to $1.44 per share. It’s annual revenue rose $13 billion to $95.3 billion, much of the credit going to the demand coming out of China attempting to feed its unstoppable economic engines.
In a statement, ExxonMobil chairman Rex Tillerson commented on Exxon-Mobil’s profits:
“Despite continuing economic uncertainty, we had strong quarterly results and continued to advance our robust investment opportunities.”
Royal Dutch Shell’s quarterly earnings also rose significantly, even as the company divests itself of some of their oil-producing facilities in Nigeria. Shell is also benefiting, as the Wall Street Journal reported, from, “improved security in the Niger Delta” and the opening of new oil fields. Translation: Shell’s private army is controlling those violent and unpredictable Nigerian warlords with the help of friendly government officials like Nigeria President (puppet) Goodluck Jonathan.
For Exxon-Mobil, however, higher oil and gas prices created the profit surge. So, as Americans and other people worldwide struggle financially, gas and oil prices remain high, flushing billions into the coffers of oil corporations. Such is the reality of free markets when it comes to big industry.
Here is an idea for middle class: maybe you should take what little money you have left and invest in energy. Dip into the already depleted college fund. You, too, might profit in the midst of a recession.