Friday, October 31, 2008

While the economy sinks, oil giants soar

Surely you're aware of the recession. The stock market is down, consumer spending is down, banks are failing, home sales are in the toilet... but there's one business that's doing quite well, thank you very much.

Exxon announced yesterday that it broke its own record for most profitable quarter. The company earned $14.8 billion, a 15% gain over the previous record set last quarter and a 58% gain over the same quarter a year ago.

Shell also announced record earnings yesterday. Their current cost of supply (CCS) net profit was $10.9 billion, a 71% year-over-year increase for the third quarter.

Meanwhile, the oil industry is in line for $32.9 billion "in tax breaks, subsidies and other handouts" over the next 5 years, according to a study published in July by the nonprofit Friends Of the Earth.

No comments:

Post a Comment