...of Exxon.Exxon Mobil Corp. reported today that its 2005 earnings totaled $36.13 billion, the largest annual profit ever for a U.S. company.
The company's annual profit was up 43 percent from the year before.
Exxon Mobil, the world's largest publicly traded oil company, also reported a $10.71 billion profit for the last quarter, an increase of 27 percent from the year before.
Just how big is that? Consider that their revenue in 2005 rivaled the gross domestic product of the 4th largest nation in the world (itself an OPEC member):
Exxon's revenue last year allowed it to surpass Wal-Mart as the largest company in the United States, and by some measures Exxon became richer than some of world's largest oil-producing nations. For instance, its revenue of $371 billion surpassed the gross domestic product of $245 billion for Indonesia, an OPEC member and the world's fourth most populous country with 242 million people.
Yet when Congress proposes new taxes on oil companies (remember the U.S. government, which is going bankrupt from the rich-folk's tax cuts and the fiscal mismanagement of the Bush regime?), they seek to put on the "poor me" routine:
Oil companies are trying to downplay their profits, partly because some members of Congress have been calling for new taxes on oil companies. Exxon and the American Petroleum Institute, an industry trade group, ran newspaper ads today saying oil companies' earnings per dollar of sales are below, or in line with, those of other industries.
So remember, when you tank up you are supporting an industry that loves to get filthy rich at your expense...and gives little to nothing back. Their profits, not Katrina or Rita, is what is driving the continued high price at the pump. And is it any surprise that oil companies here in the U.S. are making record profits (at our expense) with a former oil baron in the White House?
This is the reason they (the GOP) claims the economy is so good. Their rich buddies, getting richer.
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