First BP, now Exxon
I blogged a few days ago about the profits from BP. Now Exxon has posted their results and guess what? Quarterly profit surged 35% to more than US $10 BILLION.
It was the second largest quarterly operating profit ever posted by a US company, just shy of the Texas behemoth's own record fourth-quarter profit reported in January. The results sailed past Wall Street forecasts and sent its shares to an all-time high, but triggered a fresh bout of outrage from US lawmakers and consumer groups angry at Big Oil's handsome profits in the midst of high petroleum prices.
Fresh bout of outrage? At multiple BILLIONS in profits? Now why would that cause outrage?