The top 3 oil companies have recently recorded another quarter of record-breaking profits. $14.83 billion for Exon Mobile, $8.45 billion for Royal Dutch Shell, and $5.19 billion for Conoco Phillips. With 92 days in the 2nd quarter, that puts the daily combined profit for these three companies at over $309 million. Again, that’s profit, not revenue. $309 million every day, $212,500.00 per minute, or $3,543.00 per second. Tell me again why gas and oil cost so much?
The future does not look quite so golden however. With the global economy in a tail-spin, demand for fuel has fallen sharply, resulting in lower prices. Even OPEC threatening to lower production recently has had little effect on the price of crude. Still, these three companies will likely report record annual profits anyway.
Some members of congress are calling for these companies to use more of their gargantuan profits to invest in alternative energy sources, but with little incentive for them to do so, don’t expect to see much change.
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