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It's tough being a multi-national oil company these days. Crude prices are so unstable. Pesky environmentalists make it so difficult to make a profit...it's a wonder these giants don't just pack it in. Hardly worth it anymore.
Shell was today accused of making "obscene" profits at a time when pensioners, motorists and industry are struggling with higher energy prices when it unveiled annual earnings of $27.6bn (£13.9bn).
The oil major has made British corporate history with the record figures, which are equivalent to more than £1.5m an hour and come at the end of a three month period when crude prices have averaged over $90 a barrel.
Jeroen van der Veer, chief executive of Royal Dutch Shell, described the performance as "satisfactory" and admitted that overall production for the year had actually dropped 2%. Link
See how difficult it is to be in the oil business these days? You produce 2% less product and you still make 1.5 million pounds an hour profit, an all time record. Think about that.
What about American oil giants, like say, Exxon-Mobil?
Exxon broke the record it previously had set for profits by a U.S. corporation, earning $40.6 billion last year. It earned $11.7 billion in the fourth quarter, or $2.13 a share, up 14 percent from the fourth quarter of 2006. Revenue for the quarter rose 30 percent, to $116.64 billion. Exxon's profit for the year came to $4.6 million an hour. Link
You may have believed that huge American and European oil companies were ripping everyone off, taking advantage, what with the middle east being so, you know, unstable. It seems there's always that temptation to blame Big Corporation first. However in this time of the Long War, all Americans really do want their Big Oil....well....to be all that they can be.
The Junior White House wants the Coalition of the Drilling to have what it needs in preparation for the grave and gathering Alternative Fuels War Against Them.
The Commander in Chief signed on to Big Oil subsidies when the GOP warriors controlled the Congress. Since then though ominous dark clouds have been forming. Just look at what the new infidel majority Democrats are doing over in their socialistic cult gatherings in the House....
House Democrats drew on their new majority.....to pass an energy bill that would repeal roughly $14 billion in subsidies and royalty relief for the oil and natural-gas industry called "unwarranted" corporate welfare doled out by the last Congress. Link
Can you believe these Democrats? Taking away Big Oil's welfare check while we are at war? How will Big Defense continue the Long War? Big Commander Guy will have to wield Big Veto Pen.
The Long War is being waged against those who desire to take away our freedoms, our way of life. Here's one of those freedoms being protected by Big Defense for the sake of Big Oil....
The oil industry clearly favors republicans to push its agenda on Capitol Hill and ExxonMobil is no exception. In 2006, 89 percent of ExxonMobil's donations went to republicans....Since 2000, ExxonMobil has managed to give in excess of $4 million to political candidates. In comparison, politicians received about $1.4 million from the entire alternative energy sector during that same period. Link
The American freedom the Republicans want to protect above all freedoms? Big Bribe.