Exxon Records Highest Profit ever for U.S. Firm:$11.68 Billion.
Is true? Yes. If you're looking at the number of digits. $11.68 billion is a lot of money for three months.
Is it accurate? No. Not if you're looking at the percentage which the company gets to keep after expenses.
So what's that percentage? About 8% of revenue. By comparison, GE's 2007 profit was 13%. Toyota's profit percentage for 2007 was 6.5%. Disney's 2007 profit was 9.7%. Of course, the U.S. government's 2007 profit was 100% (the hypocrite libs never whine about that).
But it's big bad oil that needs a beat down in the media - for providing what most of the World is willing to pay top dollar, or yen, or euro, to get in it's tankers.
And don't forget, much of that big bad oil revenue is not simply from the sale of crude, but the investment dollars which investors pour into investment portfolios based upon the speculation that this crude oil commodity will continue to be in high demand.
Sounds like good investment to me. Good investment that any fund manager of any large corporation would be negligent not to invest in. An investment designed to help fund retirement & severance packages that most employees would scream (and rightfully so) bloody murder if the funds weren't available for their promised benefits! Or maybe these AP nitwits don't care about their retirement plans? (ha!).
I say all this sounds like good news, and signs of a healthy World economy, and God bless America!
I wonder if the hyperbolists in the media want cheese with their whine?
