Jul 31
The world’s largest publicly traded oil company, Exxon Mobil, reported today that second quarter income increased 14% to $11.68 billion — the highest ever for any American company. Meanwhile in London, Royal Dutch Shell announced a 33% increase in their second quarter profit, rising to $11.56 billion.
These record profits come as gas production fell around the world. Gas prices remain above $4/gallon throughout most of the United States. Rising oil prices are being fueled by increased demand from China, India and other parts of the world.
The bottom line? It’s good to be an owner. Aren’t you?
Links
- Rising Oil Prices Swell Profits at Exxon and Shell - NYTimes
- Another record profit for Exxon - BBC News
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October 4th, 2008 at 6:06 pm
They may be turning a profit, but their stocks have been falling in value. Where does that leave you now? Still glad to be an owner? And what about when we eventually run out of oil? It will happen, someday.
Better to invest in companies that are aggressively pursuing clean, renewable energy sources, especially since it looks more and more like Obama is going to be the next president.