Oil Profits Border On Obscene

This week, Exxon-Mobil, the world's largest publicly traded company, announced first quarter profits of $11 billion on revenues of $117 billion. Thanks go to the rising price of oil, which has almost doubled in the past year, and to higher gasoline prices, which on average, rose about 30 per cent (in the United States) over the year. The irony is that Exxon-Mobil's announcement caused the value of its stock to fall some four per cent because it didn't live up to Wall Street's expectations.
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Posted by Editor at May 13, 2008 12:29 PM