ExxonMobil Makes $11B Quarterly Profit

Exxon apologizes for sticking it to us at the gas pumps last quarter.  The disgusting part?  Exxon feels that their company “doesn’t even make that much money selling gasoline.”  AP reports:
ExxonMobil

Exxon made almost $11 billion and practically apologized for it.Sensing public outrage over gasoline prices that have topped $4 in some states, the company struck a defensive posture Thursday after posting some of its best quarterly financial results ever.

Exxon said it had no control over high oil prices. It said it’s one of the biggest taxpayers in the United States. It cast federal subsidies as “legitimate tax provisions” that keep jobs at home, and cast itself as a victim of Washington scapegoating.

“They feel they have to demonize our industry,” said Ken Cohen, Exxon’s vice president for public affairs.

What’s more, the company argued, it doesn’t even make that much money selling gasoline.

Exxon’s profit of $10.65 billion for the first quarter was its highest since it made $14.83 billion in the third quarter of 2008, a record for a publicly traded company. That was also a time of $4-plus gas…

[Continues at Yahoo! Finance]

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  • http://hormeticminds.blogspot.com/ Chaorder Gradient

    Well the reality of Cartels is that even if one of the parties feels bad about their organization.. they cannot really do anything about it.

  • http://hormeticminds.blogspot.com/ Chaorder Gradient

    Well the reality of Cartels is that even if one of the parties feels bad about their organization.. they cannot really do anything about it.

  • 5by5

    “Exxon said it had no control over high oil prices.”

    What utter horse poo.

    Of course you have control over high oil prices. You have ULTIMATE control over it — simply CHARGE LESS FOR YOUR PRODUCT.

  • 5by5

    “Exxon said it had no control over high oil prices.”

    What utter horse poo.

    Of course you have control over high oil prices. You have ULTIMATE control over it — simply CHARGE LESS FOR YOUR PRODUCT.

  • http://pulse.yahoo.com/_3GB7WI6UH7TWVISEMHNJX2A3RI Tralphaz

    According to Exxon, the 1st quarter this year, they only earned 7 cents profit per gallon of gasoline sold, if true, the 11b profit is small compared to the 40-60 cents our state and fed. govt’s get per gallon of gas in taxes.

  • http://pulse.yahoo.com/_3GB7WI6UH7TWVISEMHNJX2A3RI Tralphaz

    According to Exxon, the 1st quarter this year, they only earned 7 cents profit per gallon of gasoline sold, if true, the 11b profit is small compared to the 40-60 cents our state and fed. govt’s get per gallon of gas in taxes.