Exxon Hits All-Time Profit Record FOR ANY U.S. Company (Again!)


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If Exxon wasn’t getting huge breaks from our government at a time when banks are failing, the stock market’s in the tank and Americans face record unemployment, profit landmarks of this magnitude wouldn’t sting so much.

But with the nation suffering as it is, Exxon’s “noise machine” had better crank it up a notch to defuse the potential bad PR that such an announcement could create.  If no one gets upset, shame on us.

When will government’s accommodation to what once would have been deemed “Robber Barons” warrant the outrage of a suffering citizenry?  How swollen do profits have to become before we realize that given prevailing economic conditions, they’re simply obscene?

If you buy all that crap about how much they’re spending on R&D, let’s see line item comparisons between Exxon’s advertising and its R&D costs.  If they mirror say, the pharmaceutical industry, there’s a direct inverse correlation. At least, that was the case last time I checked. If anyone has data on this, please forward it.

I’ll see what I can find out and get back to you. In any case, this smells as bad as their refineries.

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2 Responses to Exxon Hits All-Time Profit Record FOR ANY U.S. Company (Again!)

  1. mark says:

    Good post, and thanks for the link! And I have no problem with companies making profits — but if tax breaks are meant to spur on troubled industries, or to encourage domestic investment, it seems to me that there are loads of better places to spend the public cash.

    Cheers,
    -mark

  2. Paul Sonderman says:

    Thanks. Profits are what capitalism is about. What bothers me is the disparity between corporate officer pay and that of the rank and file; also the chronic contention by the petro kings that they need special treatment due to their high R&D costs, which in large part don’t go to refining (when capacity is needed) because higher profits lie in discovering new oil.

    If they’d use land rights they currently own/lease and build/update refineries instead of always trying to acquire, it may lessen profit but would increase domestic production, which helps keep it affordable to end users as it diminishes our reliance on foreign suppliers. Thanks for your comment.

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