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Exxon Quarterly Profit Exceeds Annual GDP of UAE, Kuwait

That's right. According to the CIA, Exxon makes more in one quarter than the nations of the UAE or Kuwait make in the entire year.
Exxon's revenue for the three-month period was still greater than the annual gross domestic product of some major oil producing nations, including the United Arab Emirates ($74.67 billion) and Kuwait ($55.31 billion), according to statistics maintained by the Central Intelligence Agency.
But, they have the nerve to blame OPEC for rising gas prices.
[Exxon] the world's largest oil company, reported Thursday the fifth highest quarterly profit for any public company in history, posting gains from higher oil prices that were likely to stoke the furor over outsized oil company earnings.

Despite the 7 percent gain in earnings to more than $8 billion in the first quarter, Exxon Mobil said its earnings came in below its record fourth-quarter because all three of its business - exploration and production; refining; chemicals - didn't perform as well.
AAAWWWWW! They didn't make as much as they expected to. My heart bleeds for them - and I mean that quite literally - straight from my wallet.
The earnings report comes amid consumer outcry in the U.S. about soaring gasoline prices. The average retail price of gasoline in the U.S. is now $2.91 a gallon, or 68 cents higher than a year ago.
And we're supposed to believe that this is a coincidence?
It also comes as Washington lawmakers are looking to appease consumers with various proposals to make big oil companies pay more taxes or provide consumers with some other relief.
Now, you know what they do with all their profits. America, the bastion of freedom has turned into a cesspool of corruption where lawmakers don't look for REAL solutions - they 'look to appease consumers.' Throw them a bone and rub their bellies, they'll feel better after a coke and smile!
In January, Exxon posted the highest quarterly profits of any public company in history: $10.71 billion for the fourth quarter of 2005 and $36.13 billion for the full year.
So, EXXON is number 1 and number 5! Maybe they're also numbers 2, 3, and 4!

Earth to America! This is a wakeup call.

Big Oil has been robbing us blind for over a century. It's time to put a stop to this travesty.

The paltry measures they're proposing are not enough. We need meaningful energy reform in this country or these bastards are going to continue bleeding us dry at the pumps and in our homes.

13 Comments:

At Thursday, April 27, 2006, Blogger borkafatty said...

Agreed cause this is not just hurting us at the pump this is hurting UTILITYS, FOOD ect:

I make more money than I ever did, and am paying out more than I ever did, so there is no such thing as getting ahead.

The rich will always be rich and Ill continue to work 65 hours a week. Do I have a choice, nope. Am I complaining fuckin right I am!

 
At Thursday, April 27, 2006, Anonymous Anonymous said...

Being an auditor for more than 35 years tells me that Exxon's latest is BS. Of course they don't have to worry about being audited, for THEIR president is in office--and controls the IRS. I guarantee you that an effective audit of their books for the last 3 years would send some to jail.

 
At Thursday, April 27, 2006, Blogger borkafatty said...

Hold on to your ass EXXON the iranians are a coming knocking..

hmm you think this is why gas prices have spiked, let the EXXON share holders get theirs while the rest of us fend for ourselves in the bile...

interesting to say the least...good by US economy hello bread lines!


http://www.iranian.ws/iran_news/publish
/article_15158.shtml

 
At Thursday, April 27, 2006, Blogger qrswave said...

Hey, thanks for the links and the comments.

I need to correct myself. The title should read "Exxon Quarterly REVENUE Exceeds Annual GDP of UAE, Kuwait"

Not that I think it makes much of a difference - $10.1 billion in profits comes close enough.

Besides, if I change the title the link would go dead on other sites.

 
At Thursday, April 27, 2006, Anonymous Mighty Thor said...

Isn't Monopolist Conspiracy Mammon Wonderful?
(Mighty Thor, 27 Apr 06)

Yes, observe the Judeo-oligarchic MAMMON empire is MONOPOLISTIC conducting warfare--hence fraud. All fascism enforcing monopolist conspiracy is justified on "National security" excuse--hey, of course.

Bush II works for the top conspirators, the Council on Foreign Relations (CFR--see JBS.org) which is behind the Federal Reserve Bank Counterfeiting conspiracy and topmost monopoly-cartel, governing junta

CONCLUSION: Orwellian "perpetual war for perpetual peace" is natural order of the day when nothing else is working, a large mercantilist plantation is the world, isn't it wonderful? What, u disagree?--u must be a terrorist. Honest elections and death to the Fed. Thor

 
At Thursday, April 27, 2006, Blogger William Wallace said...

OK - ready to fight back? Check out www.petrobuster.com and learn not only how to increase your own mpg by 25% or more, but also have to make some killer p/t income showing others how to fight back and put money back in their wallets everytime they fill up. It's time to put on the gloves and take back some control!

 
At Thursday, April 27, 2006, Blogger borkafatty said...

just as a side note, the proposed DIVINE STRAKE that will take place in nevada on june 2 was suppose to be 5 time larger than the largest convention weapon we have.

There was a little typ "O" it will be 50 time larger..thank you have a nice day!

http://www.sltrib.com/search/ci_3678364

 
At Friday, April 28, 2006, Anonymous Anonymous said...

You can't handle the truth. The truth about high gas prices is:

1. No new oil refineries since 1972 in the USA.
2. Hurricanes destoyed 100 oil rigs in Gulf of Mexico
3. 25 oil refineries in Gulf of Mexico damaged by hurricanes, 2 back up and running.
4. War in Iraq and oil supply worries.
5. Iran saber rattling
6. Chavez in Venezuela confiscated oil fields of two companies and making threats
7. Nigeria supplies 3% of world oil but output has slowed dramatically due to rebels
8. India & China need a lot more oil now due to economic growth
9. Taxes - big oil companies earn 8-9 cents / gallon profit. Fed/State taxes are more than .50 cents / gallon

All of that creates fear, uncertainty and doubt and the market reflects that. You want to drill new oil in terrorist laden places? or in places like Venezuela where they confiscate your oil fields? Khazakstan? Go ahead.

It would be easier to drill in Alaska, but Democrats won't budge on that.

 
At Friday, April 28, 2006, Anonymous Anonymous said...

the truth is, even if they drilled every drop of recoverable oil out of Alaska, it will never make a dent in US oil demand. Think about it anonymous, why has there been no new refineries built in the US since 1972? It's not because the US is occupied by terrorists (well, that's debatable), it's not because the government is going to confiscate them. It's because the oil industry has been well aware of coming petrocollapse for a long long time. The reason they haven't built refineries is because there is dubious return on investment.

In other words, peak oil is here, and everything else is just window dressing.

 
At Friday, April 28, 2006, Blogger qrswave said...

Anon,Fri Apr 28, 10:36:25 AM EDT,

You're right about the reason why big oil won't pay for refineries (No ROI). And as an added bonus for not building new refineries or upgrading old ones they get obscene profits from short supply now.

On a different note, this piece was linked at slate.com in a roundup of blogger's views on Black Gold:

"Low Down at Redneck Liberal says tsk-tsk to the tycoons: "While making a profit is a good thing, there has to be a line somewhere that making obscene profits at a time that it is detrimental to the well being of society just shouldn't be done." And Qrswave at econo-blog The Truth Will Set You Free rails against big oil and calls for energy reform."

 
At Thursday, June 12, 2008, Blogger nl said...

Wow... big oil is the problem eh?

Lets look at a fact...

93% of the worlds OIL isn't controlled by "big oil" it is controlled by state owned companies. Companies owned and controlled by Governments.

If you think Exxon makes a grip at an 8% profit margin before taxes. Think again.

We are trying to point the finger at the private company that only has control of 1% of the world's oil supply is a joke. Is it nearsightedness and absurd. Yeah they are making a lot but putting hand cuffs on capitalism when the problem outside of our country is MUCH MUCH MORE MASSIVE.

Is nothing more than rhetoric, propaganda for ELECTIONS>

it would be nice if we actually had all the facts.

I don't like paying $4 a gallon for unleaded but news flash, it will only get worse.

By the way, we are building a new refinery in WY, it is the first one in over 35 years.

To those who say there is no profit in refining isn't a accurate thought. There is but we won't or haven't been able to permit for one because of environmental factors.

going forward we will have to make sacrifices, what do you want to start off with?

 
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