Exxon Mobil posted their Q4 numbers. Their profit for just October-December 2005: a whopping $10.71 Billion. That's $10,710,000,000 for you numerically challenged folks, and that's all PROFIT!
Tell me there's no collusion between oil companies to keep oil prices high. Tell me that the oil companies don't giggle like little girls when there's turmoil in the middle east, or hurricanes in the Gulf, or when tree huggers successfully prevent exploration/drilling on U.S. soil because they know that the futures will continue to go up, which obviously (according to this news story) increases their profits as well.
Do you know why the price of gas is $2.30/gal at the pump? Because the oil companies haven't found today's excuse to charge $2.31. (credit for this insightful joke goes to an ex-employee of Marathon Oil Company)
I'm pretty conservative and pro-business, but not for energy or utility companies. For those, I believe in heavy regulations and tight controls on profit margins.
Monday, January 30, 2006