Thursday, October 27, 2005

Exxon Mobil 3Q Profit Balloons to $9.92B

What's happening in the United States of America? We're paying around $3.00 a gallon, the highest in history, and oil companies just post the highest profit in history! This reminds me of the railroad and steel monopolies of the 19th century, apparently the oil monopoly was never really broken up. When is someone going to step in and say this isn't right? Oil drives our economy, yet consumers can barely afford to go fill up their car! Prices at grocery stores have risen because of the higher cost of transporting goods. Restaurant prices are up because it costs more for the food, the gas to run the burners and everything else! This economy is in a depression, but the oil companies wouldn't know it. They're experiencing the highest profits in their history. They couldn't be happier.

You know what could really spur on this economy that Bush says is so strong? How about lower prices at the pumps? Am I the only person that sees this as price gouging the American consumer? I used to think that OPEC was the real enemy at the pumps, now I see that it's the American industy. OPEC has about bent over backwards trying to boost oil production, and they are at their max. Yet our precious American oil companies like Exxon and BP have released record breaking third quarter profits. Maybe I wouldn't be so upset if they used that money on new refineries, but I haven't heard of any new ones in production. Even congress passed tax incentives! Why can't we get our act together? This one commondity is absolutely vital to our economy, yet we treat it like the redheaded stepchild.

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