Thursday, May 01, 2008

Exxon/Mobil Reports $10.9 Billion Profits For 1st Quarter 2008

Exxon Mobil Corp., the world's largest publicly traded oil company, said Thursday record crude prices helped its net income grow 17 percent in the first quarter, but the results came in below Wall Street forecasts.
Exxon Mobil 1Q profit up 17 pct, Wall Street expected more

Gas prices continue to climb and Exxon/Mobil's nearly eleven billion dollars profit (for a single fiscal quarter) are considered a disappointment.

Things are out of whack here.

Gas prices will continue to climb as long as $2.00+ a share is considered bad performance and eleven billion dollars is a disappointment.

It is not the job of the American people or their government to ensure that oil companies maintain a particular rate of profitability. At some point, shareholders have to expect that two bucks a share is dramatically better than the raise realized by most working Americans.

And it is not the wages of the secretaries, drillers, truck drivers and other workers that are cutting into profits. One only need look at the salaries and stock options of the C-level executives to see the source of the problem.

Gas prices will only stabilize and lower when the demand goes down. As long as we are all driving to the corners store, to church, to school and to work instead of walking or using public transportation, then gas prices will continue to sky-rocket. Supply and demand is controlled by the consumers.

We must make better choices. We must reduce out consumption of energy.

Park your car -- take a walk!

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