Exxon still posting record profits, though not as much as forecasted

NEW YORK (CNNMoney.com) -- Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.

More... (http://money.cnn.com/2008/07/31/news/companies/exxon_profits/?postversion=2008073110)

1. Inflation
2. Record usage


Let's examine the Federal Government's record profits, that they do NOTHING to earn.

I like this pargraph:

"While oil companies are earning record profits and gas prices are soaring, the largest oil companies have invested more resources in stock buybacks than U.S. production," said Congressional Democrats in a press release shortly after Exxon announced its earnings.


Well maybe if they would allow the oil companies to drill in more areas they would be investing more back into exploration. The Dems refusal to allow more drilling is one of the problems and has been part of the problem for years now.

I just looked at the numbers again and they are making around 8cents on every dollar.