[KevinDavis]

So what..

[thackney]

The law gives incentives to producers such as Exxon to expand production, such as for drilling for new wells in deeper waters in the Gulf of Mexico.

We give incentives to produce more US oil, which pays royalties of 12.5% to the US and that is considered a bad thing? Only by people who don't understand math.

[thoughtomator]

Oil company profits are a pittance compared to the tax revenue generated by their activities.

[EagleUSA]

came under new fire yesterday when it emerged that ExxonMobil's profits are likely to soar above $10 billion this quarter on the back of the fuel crisis.
-----
After all that has gone before this, how can anyone be surprised by this?? All you have to do is look at typical stockholder information of ALL the oil companies...read the balance sheet. Of course they are profiteering. Whatever the market will bear, especially in a market that really has NO COMPETITION.

[atomicpossum]

Nationalize oil production. These companies should only break even. Just like the medical industry, they shouldn't profit by something that people need. And while we're at it, how much money is Nabisco making after they got me addicted to Oreos?

It's the F'ING FREE MARKET. Don't want them to profit? Don't buy their gas.

[Enchante]

Maybe liberal Mass-holes like Markey and Meehan, Kennedy and Kerry, will someday figure out that they are incompetent blunderers when it comes to economic and energy policies, but I won't hold my breath.... they want to maintain maximum 'environmental' blockages on new exploration and production, then they whine about prices and blame everything on big bad oil.....

[hobbes1]

Prices are soaring because of perceived shortages

And who to blame for that???? (MSM)....

[trubluolyguy]

Just a free market at work.

[sharktrager]

If I am not mistaken, their profit margins have remained consistent, and were rather modest (8% iirc). Yes, they make more cash, but should they cut their profit margin because speculation and consumption are driving up prices?

[kennyo]

Raising the price of food,water,diapers,and gasoline is not gouging.

[Paradox]

Liberals should be happy. Higher gas prices are finally making people reconsider purchasing SUV's and looking into hybrid cars. Alternative fuels are going to get a second look. You see, they aren't unhappy that the prices are so high, they are unhappy that somebody is PROFITING from it. If that money were instead burned in a big pit, they wouldn't be so upset. They are anti-profit bigots.

Ok, I'll say though that PR wise, its going to be tough on Exxon, but their response to this is entirely up to them.

[rightupnorth]

I'm skeptical of the need for tax incentives right now. $60-$70/bbl oil should be enough incentive for exploration.

[aShepard]

...." ExxonMobil is spending about $5 billion a quarter buying back its own shares."......

That's the bad news in this release.

If exxon can't find a better investment to fund their future, they spend $20 billion a year to buy back about 2%their stock. So it sounds like they have not found any other investments that have the potential for gains, other than cutting their dividend cash outflow of 2.0% of share price.

Sad!

[Ben Mugged]

The DemoRats want to further the perception that large companies are a few fat cats smoking cigars and laughing while millions slave under the yoke of their control. The companies need to do some spin control and take out some ads showing individual stockholders as teachers, firemen, soldiers, retired Americans and other investors. I'll just bet you the Senate retirement 401K is vested in oil stock.

[<1/1,000,000th%]

Bank of Amercia's profit margin is twice as high as ExxonMobil's.

People don't borrow money in Boston?

[TChris]

More whining from the "profit is eeeeeeeevil" gang. Nothing to see here.

[Eva]

I advised all of you, last year, who are complaining about the price of gasoline, that the best way to counter the higher prices was to buy stock in one of the oil companies. Conoco-Phillips stock more than doubled before it split and is back to 3/4 of its high.

Don't complain, just get in on the action.

[Ronzo]

This article is a POS. For instance:

Oil companies came under new fire yesterday when it emerged that ExxonMobil's profits are likely to soar above $10 billion this quarter on the back of the fuel crisis. That's $110 million a day, and more net income than any company has ever made in a quarter.

Wal-Mart makes 142 million A DAY the last time I checked, which was about a year ago...might be a little less now. But it's still a lot more than Exxon makes a day, and Wally World isn't even an oil company.

Anyway, it's not the size of the profit that counts, it's how it compares to last year's profit that tells you something.

Still, a $10 billion profit is pocket change compared to a $200 billion welfare program for New Orleans...