Big oil rakes in historic profits, keeps alternative energy off market

While the idiot left is busy blaming the Jews [2], the people who really run the planet are laughing all the way to the bank.

Big oil rakes in historic profits
While drivers have been paying up at the pump, profit has been gushing in to oil companies.

Thursday, ExxonMobil became the starkest example yet of how much big oil companies benefited from the huge run-up in oil prices in the third quarter even as two hurricanes ripped through the industry's Gulf Coast infrastructure. Exxon reported:

• Profit up 75% to $9.9 billion. That's the second-most a U.S. company has earned in a three-month period, a USA TODAY analysis of data from Capital IQ found. It's greater than the annual gross domestic product of entire nations, including Niger, Zambia and Iceland.

• Revenue up 32% to $100.7 billion. That's greater than the annual GDP of all but just 57 of the world's economies. It is also the most revenue — what is brought in selling goods and services — a U.S. corporation has posted in a quarter.

Exxon illustrates the energy sector's tremendous profit amid record-high energy prices. The industry is on pace to earn $96 billion this year — more than the USA's industrial and telecom companies will earn combined, says Standard & Poor's. (USA Today [3], Oct. 28)

Oh, and by the way...

Alternate energy not in cards at ExxonMobil
By James R. Healey, USA TODAY

ExxonMobil, which stunned Americans on Thursday by reporting nearly $10 billion in profit for the third quarter, says it has no plans to invest any of those earnings in developing alternative or renewable energy — something other oil companies do.

"We're an oil and gas company. In times past, when we tried to get into other businesses, we didn't do it well. We'd rather re-invest in what we know," says Exxon spokesman Dave Gardner.

Neither will Exxon significantly step up how much money it puts into finding oil or refining it into gasoline, which could help ease tight supplies that have driven oil and gasoline prices to records this year. (USA Today [4], Oct. 27)

See our last post [5] on the global oil shock.