Friday, October 31, 2008
The Economy is Doing Great...
...at least if the only statistic you are looking at is third quarter oil company profits. Marathon Oil Company, based in Houston, nearly doubled it's profits from a year ago. UK-based British Petroleum reported a 148% increase in profits. Royal Dutch Shell, Europe's largest oil company, also reported profit increases. What about America's largest oil company? Exxon Mobil reported its highest quarterly profits ever, breaking the record they set for themselves only last quarter by three billion dollars. All this apparently while we sink into recession...
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&*%$#!@&*%$@#@#!
ReplyDeleteis that the secretary of state's oil company that's winning? is hers beating the vice-president's?
ReplyDeleteWhat many people seem to forget is that these big oil companies, employee many people who depend on the company to make a living for themselves and their families. Some of those who depend on the profits of the company are; oil field workers, plant workers, chemists and other lab worker, sales people, advertising dept., delivery drivers, gas stations, share holders, accountants, office personnel, supervisory personnel, and yes the company executives.
ReplyDeleteI am sure that the executives are your favorite because they set the stage for the operation and the execution of the company budgets and control the companies monies. They take the scorn from the public and the politicians (most of the politicians are incapable of holding any job in the oil industry) when the company makes a profit. Then take scorn from the shareholder when the company does not make enough money to pay stock dividends
comments by Repeteover
The post refers to profit rather than revenues. All of the salaries for the many employees you listed fall under the day to day operating costs, which the revenues go toward. The profits discussed are the dollars above and beyond that paid to the employees. It is distributed to the shareholders, and the people that control the most shares, the executives and board members, obviously reap the greatest rewards. Yes, the shareholders should demand that the company they share ownership in makes a profit. But something is wrong when a company, like Exxon Mobil, is repeatedly setting new profit records, while the rest of the economy falls to pieces.
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