The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Insanity at the pump

Jun 30, 2008

ExxonMobil will soon announce their profits for the second three months of the year. They made almost 11 billion dollars – in the first three months.

What does such a large number mean? It means that every day they made 120 million dollars in profit. It means that every minute they made more than $83,000 in profit.

We are told these oil and gas companies must spend enormous amounts in exploring for more oil and gas. So what is ExxonMobil promising to do with its 11 billion dollars in profit?

Half of it will go to buy back shares of the company’s stock, making stock owners even richer.