Exxon Mobil posts largest profit in American history

Guest

Oil giant Exxon Mobil has broken its own record of largest profit for a publicly traded American company in a single quarter. For Q2 2006 (April, May, June) they posted a profit of over $10 billion. That's almost $1300 every second of the day, seven days a week.

So, next time you're bleeding dry at the pump, keep that in mind. High oil prices are having a significant effect on the American economy. Not only is it triggering inflation (causing the Fed to raise interest rates) it's also squeezing manufacturers, the lifeblood of the American economy. Up here in Canada, America's largest supplier of oil, the oil-producing west is counting its billions and celebrating, but we're not immune either. Central Canada, our industrial heartland, is suffering, as is inflation.

Earlier this year and last year, I invested in oil stocks and earned the best return I've ever experienced. I left them for more stable stocks in other industries, but the money I made really sends a message. The oil prices that are causing so much hardship for so many are making a smaller group of people very, very rich.

How do we fight against this? There's only one way. Reduce demand. That means reduce consumption. Don't use your vehicle unless it's necessary, and don't drive a vehicle that is larger than you need.

TheSockStealer · Moderator **Joined:** 15 Jun 2005 **Posts:** 4465

This is exactly why we are trading our truck in. Thank goodness, because I hate it anyway. Our other car is a 97 Honda Civic, gets great mileage. We are probably trading for the same but newer model.

Mumsy · Senior member **Joined:** 03 Jun 2005 **Posts:** 3967

Honestly, the fact that you're still concerned about gas prices and the effect on the economy is astonishing to me. What about global warming? Most scientists reckon we've got about 25 years left until the planet implodes.

Zelda · Senior member **Joined:** 11 Jul 2005 **Posts:** 5737

Whenever I get upset about gas prices, I just think, at least there hasn't been a tsunami or a hurricane around here. At least we have a car. I feel like gas prices are one of those things everyone loves to complain about. My grandmother will drive thirty extra miles to find the gas which is a few cents less. Like that makes any sense.

Global warming is also a pretty big issue. I wish people who stop complaining about gas going up a few cents and ride their bikes or walk.

libby925 · Senior member **Joined:** 07 Jan 2005 **Posts:** 2611

umfpt · Senior member **Joined:** 17 May 2005 **Posts:** 3268

TheSockStealer · Moderator **Joined:** 15 Jun 2005 **Posts:** 4465

I wish we could take public transportation. Unfortunately, my husband works 2 counties away from where we live, which makes for an hour drive to and from work. And we live on a dirt road that is about 15 minutes from the nearest bus station. I wish we lived closer to the city too, but it's just not possible to afford.

Pichols · Senior member **Joined:** 23 Feb 2006 **Posts:** 4992

No way I could get by walking or riding my bike here. I have to do home visits to a huge county, and most of it is very rural. Some places take over an hour to get to by car from my office. Public transportation, walking, and biking is not an option for a lot of people. We don't even have public transportation around here.

When I first started my job, our gas reimbursement was 30 cents a mile. Now it's up to 43 because of the gas hikes. My monthly travel checks average like $500, sometimes as much as $700.

Mumsy · Senior member **Joined:** 03 Jun 2005 **Posts:** 3967

I tend to think that those areas where public transport does not make sense will become ghost towns in 20 years as gasoline becomes more and more scarce.
There's just not enough gas in the long-term to move people around an X-square mile radius to carry out their daily business. Either people have to become more self-sufficient/less interconnected or they have to move to more densely populated areas.
Unless someone gets a move-on in alternative fuel sources. Unfortunately, nuclear seems to be the only viable contender at the moment. Not terribly popular.

Guest · Posted: Sat Jul 29, 2006 4:08 pm Post subject:

The trend is actually shifting in the opposite direction in North America, Mumsy. More and more people are living in rural areas or the suburbs than ever before, due to rapidly rising housing costs. In many North American cities, the working middle class cannot afford to live in the city, and the list of cities in which that is the case is growing.