Feb 5, 2007
For 2006, ExxonMobil reported the largest profit in U.S. history, more than 39 billion dollars. That number translates into more than 100 million dollars – in profits – every single day of the year.
The oil companies claim the reason for the outrageous prices was that their costs had gone up. They blamed the OPEC countries. “Look,” they said, “we have to pass the higher cost of crude on to you.”
These absolutely obscene profits prove what a lie their argument is.
No, the main beneficiaries of the high prices are none other than the big oil companies. These companies then turn those profits over to their investors in the form of dividends and stock buy-backs.
And who are the oil companies’ investors? The capitalist class itself.