This is an example of high performance in April (Spring) of a Surface power solar system on a nice day.
Archive for May 4th, 2011
Last week, Exxon Mobil reported quarterly earnings of $11 billion. As a side note, many headline left out the word “quarterly.”
We are a capitalistic society, so the ultimate role of any corporation is to boost sales, improve profit margins and make money for shareholders. For this, Exxon Mobil must be applauded. But there is one unnerving point with this report.
Against a backdrop of $4.00 petroleum prices across the country, Exxon reported:
• “….. net income of $10.65 billion in the first quarter was its highest since it made $14.83 billion in the third quarter of 2008 …..”
• “….. it had no control over high oil prices.”
• “….. it doesn’t even make that much money selling gasoline.”
Flashback to 2008, and again with a backdrop of $4.00 petroleum prices across the country, Exxon reported:
• “….. net income of $14.83 billion and sets a national record for quarterly profit.”
• “….. earnings were buoyed by oil prices, which reached record highs in the quarter …..”
• ”….. the fourth quarter (is not expected) to be nearly as good as the third because of lower oil prices ….. “
Taking this one step further, in 2006, Exxon reported:
• “….. $36.1 billion in profits, highest in U.S. history.”
• “On the strength of energy prices that hit all-time highs last year, Exxon Mobil earned $36.1 billion …..”
• “….. Exxon and other oil companies have benefited from unusually high market prices for crude oil, gasoline and natural gas — the result of tight supplies and high demand.”
For some reason, Exxon’s rationale of high oil prices contributing to the record profits in 2008 and 2006 no longer applies for 2011. The current report includes a litany of financial mumbo jumbo to defuse the issue of record earnings and surging gas prices.
It’s obvious someone in Exxon Mobil thinks the average American is stupid. If not, then someone in the Ivory tower is insulting our intelligence.