Oil Companies are still hangin in there!

While our Economy is in a recession and struggling, it sure is nice to see that the Oil companies are keeping their head above water! We have company after company posting enormous losses and slashing jobs. Consumers are cutting back and shopping at more discount stores. All while BIG OIL is swimming in their record profits! More earnings came out today and they were astonishing.
BP earned $7.62 BILLION for the quarter. Royal Dutch Shell earned $9.08 BILLION for the same quarter! Yes that is Billion with a capital "B"! While this is nothing new (they have posted successive billion dollar quarters for quite some time) it is still extremely frustrating. I am all for companies prospering and doing well, but this is a bit extreme when the American public is struggling to pay for gas! (let alone their mortgage)

What is really interesting is that their production either stalled or was down. Even with this being down they had record profits! Hmmm?
This may be because BP sold its gas for 52% more than it did a year earlier, while Shell received 66% more.

This is a very complex issue and it isn't as simple as lowering gas prices, but something needs to be done. There are some very smart people working on Wall Street, the Government, BIG OIL, etc. I think they can put their heads together to try and regulate all of this a bit more efficiently!

Now we have all the stimulus money coming our way. I wonder how much of this money will make its way back to BIG OIL. It is safe to say quite a bit of it will!

You comments are welcomed!

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