We’re Not All In This Together – Exxon Posts Near Record Profit

by Ben Hoffman

Oil giant Exxon Mobil Corp. reported a $10.65 billion first quarter profit Thursday, a 69 percent jump from the same period last year that will fuel political battles over U.S. oil-and-gas policy.

The company is benefiting from higher refining margins, but also a surge in the price of oil that has led to $4 per gallon gas prices in the U.S. It’s also made oil companies a rich political target for the White House.

Exxon’s profits are its highest since its record 2008, when it posted profits of $10.9 billion in the first quarter, $11.7 billion in the second quarter, and $14.8 billion in the third quarter (and $45 billion for the year).

Major oil companies including Shell and ConocoPhillips are also reporting profit growth this week – earnings that are driving a fresh push by the White House and Capitol Hill Democrats to repeal an array of tax breaks that the administration says would be worth $4 billion in the first year.

“You know, for $4 billion, we could do an awful lot. And you know where we could get $4 billion is by ending taxpayer subsidies we give to oil companies and gas companies,” President Obama said at a Democratic fundraiser in New York City Wednesday night.

“That’s profits coming from your pocket into their pocket. They’re making enough profit. We should be investing in the energy of the future, not yesterday’s energy,” Obama added.

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One Comment to “We’re Not All In This Together – Exxon Posts Near Record Profit”

  1. The fat cats of big oil and gas, just laugh at as their cash registers have a constant cha-ching.

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