The petroleum giants were raking in money hand over fist while all of us were sweating blood over gasoline prices that had reached $4 per gallon in many parts of the country — all during the so-called “gas shortage” caused by Gulf War 2.
Exxon Mobil Corp. on Thursday said its profit rose to $10.49 billion in the third quarter, making it the second-largest quarterly profit ever recorded by a publicly traded U.S. company.
The world’s biggest oil company said its net income amounted to $1.77 per share for the July-September period, up from $9.92 billion, or $1.58 per share, a year ago.
We all are paying for this increased cost of gasoline, whether we have a vehicle or not. Not only does the price of gasoline affect how much you pay at the pump, but it also affects the cost of everything that relies upon transportation at some point anywhere it its marketing, between its point of origin and the time when it comes into your possession.
Someone remind me again as to why oil companies are so heavily subsidized by the government when renewable fuel resources don’t get nearly that much? Why, according to the rethuglican agenda, do large corporations deserve welfare while unemployed, underpriviledged people do not?
More information about oil companies and their government subsidies.