Who Benefits from Expanded Drilling & High Gas Prices?

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    Expanded offshore drilling means more risk of spills. And just as the economy begins to recover, families are losing more of their disposable income to rising gas prices. But hey, not everyone’s complaining!

    Exxon Mobil said Thursday its quarterly profit increased 38 percent as oil prices rose in the first three months of the year.

    The company reported a profit of $6.3 billion, or $1.33 a share, in the first three months of the year. […]

    Exxon’s profit relied heavily on its exploration and production operation. Oil prices surged over the last 12 months, jumping from a low of $33 a barrel in the first quarter of 2009 to more than $80 a barrel this year.

    It’s about time Exxon Mobil’s profits got back on track. After all, it’s been a whole 16 months since it posted the biggest profit of the history of the planet. Good to see them back on their feet!

    • Va Breeze

      In person-this afternoon and evening in Norfolk:

      The U.S. government will hold two public meetings today to take comments about proposed seismic research off the Virginia coast in advance of possible offshore drilling for oil and natural gas.

      The meetings will be conducted by the Minerals Management Service at 1 p.m. and 7 p.m. at the Hilton Norfolk Airport hotel, at 1500 N. Military Hwy.

      They are the only meetings scheduled in Virginia and are among 13 others held this month along the Atlantic coast.

      They come in response to a decision last month by the Obama administration to move forward with possible offshore drilling on the Outer Continental Shelf and are intended to gather ideas, comments and concerns about environmental impacts that offshore exploration might create.

    • Elaine in Roanoke

      The spreading environmental catastrophe unfolding in the Gulf of Mexico right now should give pause to even the most die-hard “drill, baby, drill” people.

      Hmmm…I wonder if I could find a Wall Street firm to be a “market maker” and sell off “oil spill insurance swaps.” We could call them OSIS and have Standard & Poor’s rate them triple-A. Then, we could short them big time and not tell the gullible bast**ds who bought them.

    • jack

      for shareholders, and an outrageous 7.0% profit margin!

      Those greedy bastards.  

    • tx2vadem

      Lee Raymond is gone.  XOM has an excellent safety record.  And they make no bones about who they are.  And I don’t know when you are going to learn this, but Exxon Mobil does not set the price for gasoline or oil.

      BP on the other hand has been plagued by safety and environmental problems in the last 10 years.  And they are the ones who were leasing this rig.  They are also the ones who go the extra mile when it comes to green washing.  But I guess you don’t pick on them because that would be too easy?