Yesterday, British energy giant BP PLC reported $6.5 billion in third-quarter profit, up from $4.9 billion in the same period last year. And tomorrow, analysts expect Exxon Mobil Corp. to show that it earned nearly $9 billion over the past three months -- the largest corporate quarterly profit ever
In the third quarter of 2004, for instance, Exxon Mobil earned $6.2 billion. When the company reports its third-quarter results tomorrow, David Dropsey, an analyst with Thomson First Call research, expects profit of about $8.8 billion.
Chevron made $3.2 billion in last year's third quarter; Dropsey predicts the company will hit about $4.3 billion for this year's third quarter. ConocoPhillips Co. is expecting a $3.5 billion quarterly profit when it reports today, Dropsey said, up from $2 billion last year.
Yesterday, House Speaker J. Dennis Hastert (R-Ill.) called it "fine" that energy companies are reaping record profit. "However, there have been allegations of price gouging in the wake of the hurricanes. This is unacceptable, and any company who does it will be prosecuted," he said.
http://www.msnbc.msn.com/id/9819463/
Name for me one other business where, when your cost of goods and production supposedly increases, your profits skyrocket?
It is a sham, friends.
1 comment:
"Name for me one other business where, when your cost of goods and production supposedly increases, your profits skyrocket?
Cocaine.
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