Exxon Mobil breaks its own profit record for highest profits ever recorded by any company in world history, again this year.

Published: February 1, 2008 in the New York times: (see entire article by clicking here.)

“The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.

Exxon Mobil earned more than $1,287 of profit for every second of 2007.

The company also had its most profitable quarter ever. It said net income rose 14 percent, to $11.7 billion, or $2.13 a share, in the last three months of the year. The company handily beat analysts’ expectations of $1.95 a share, after missing targets in the last two quarters.

Like most oil companies, Exxon benefited from a near doubling of oil prices, as well as higher demand for gasoline last year. Crude oil prices rose from a low of around $50 a barrel in early 2007 to almost $100 by the end of the year — the biggest jump in oil prices in any one year.”

One Response

  1. Back in the ’70’s, I experienced the “oil crisis”. Back in the ’70’s we had to wait in line. Why aren’t we waiting in line now? If there is an oil shortage, shouldn’t we be waiting in line like we did back then?

    Also, in the 70’s, gasoline prices rose somewhat, but absolutely not four times! I can understand prices rising due to supply issues, but petroleum falls outside the typical supply/demand formula.

    It’s not necessary to be a student of economics to know in advance that the demand for fuel will only slightly decrease when gasoline prices rise.

    I might better understand paying such a high price for gasoline if oil companies made only modest profits, instead of the record breakers we’re witnessing. I’m certain we’ll read about the scandals in a few years. This makes me sick.


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