Someone please explain to me why gas prices are still so high and home heating bills were doubled at the start of the year when companies like Exxon are pulling in record profits:
IRVING, Texas – Exxon Mobil Corp. posted record profits for any U.S. company on Monday — $10.71 billion for the fourth quarter and $36.13 billion for the year — as the world’s biggest publicly traded oil company benefited from high oil and gas prices and demand for refined products. The results exceeded Wall Street expectations.
The company’s earnings amounted to $1.71 per share for the October-December quarter, up from $8.42 billion, or $1.30 per share, in the year ago quarter. The result topped the then-record quarterly profit of $9.92 billion Exxon posted in the third quarter of 2005.
Exxon’s profit for the year was also the largest annual reported net income in U.S. history, according to Howard Silverblatt, a stock market analyst for Standard & Poor’s. He said the previous high was Exxon’s $25.3 billion profit in 2004.
Note this wasn’t record earnings, but profits—the bit that’s left over after you get done paying for everything to run your business. There’s a related poll at MSNBC.com asking readers if they think oil companies are price gouging. Not surprisingly 92% of respondents so far have answered “yes.”