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Happy Oil Companies

Reported by Eleanor - August 6, 2004 -

Obscene! Oil hits $44/Barrel as ExxonMobil and Royal Dutch/Shell make $5.8 Billion in profits in THREE MONTHS. Seattle Post Intelligencer: "Happy days are here again at the gas pumps, for the oil companies."

This item was summarized by democrats.com, and can be referenced at Happy Pump$, the
Settle Post-Intelligencer Editorial Board

Two major oil companies announced huge growth in income last week, with Exxon Mobil scoring a record $5.8 billion in profits for just the second quarter of the year. Royal Dutch/Shell Group reported a 54 percent growth in net income."

[These two companies have also been given multi-million-dollar contracts to refill the Strategic Petroleum Reserve, which means they have been given free range of public oil lands in the Gulf of Mexico. They are making money hand over fist as the public gets burned, coming (to the pump) and going (shelling out tax dollars to support the SPR scam).]

"As markets reopen this morning for the week, traders will wonder whether the price of oil, just $10 per barrel a few years ago, might hit $45 a barrel. Do we hear $50?" What we heard on 8/03/04 was $44 - followed by media propaganda gushes of "oil prices drop!" (When it slid down a buck or so.)