Now this is getting a bit ridiculous..
IRVING, Texas - Exxon Mobil Corp. posted record profits for any U.S. company on Monday — $10.71 billion for the fourth quarter and $36.13 billion for the year — as the world's biggest publicly traded oil company benefited from high oil and gas prices and demand for refined products. The results exceeded Wall Street expectations and Exxon shares rose nearly 3 percent on premarket trading. The company's earnings amounted to $1.71 per share for the October-December quarter, up from $8.42 billion, or $1.30 per share, in the year ago quarter. The result topped the then-record quarterly profit of $9.92 billion Exxon posted in the third quarter of 2005.The money sure as hell isn't being made at the pumps. Profit margins are low because of increased local competition. But there appears to be no competition at the refining or harvesting levels. There is no competition for the local gas station to purchase its oil, but they still need to deal with their local competition, so they have razor-thin profit margins, while Exxon posts profits in the tens of billions. Something's got to give--and I don't think it's going to be Exxon.
(Filed under energy madness)
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