4.28.2005

Guess What Else We're Competing For?

Exxon Mobil, Shell Profits Soar as Demand Gains Boost Prices
Well bully for them... why are we spending $2.55+ here in LA LA Land?

Exxon Mobil Corp. reported the fifth- largest quarterly net income in U.S. history and Royal Dutch/Shell Group's first-quarter profit jumped 28 percent as unprecedented demand lifted energy and chemicals prices.

Profit at Exxon Mobil jumped 44 percent to $7.86 billion, or $1.22 a share, from $5.44 billion, or 83 cents, a year earlier, the Irving, Texas-based company said today in a statement. Shell said its earnings excluding gains in the value of oil in storage rose to $5.55 billion from $4.33 billion.

[snip]

"There's been a huge increase in demand, especially if you look at China and India, where the economies are expanding so rapidly," said John Leiviska, who helps oversee $17 billion, including Exxon Mobil debt, at Advantus Capital Management Inc. in St. Paul, Minnesota. "Demand is rising in places where they're trying to enjoy a lifestyle like we have in the West."

[snip]

"These guys are making so much money, it's making my eyes water," said Joseph Ancona, an analyst at Burns Gustus & Co. in St. Louis. Ancona, who spoke in an interview yesterday, has a buy rating on Exxon Mobil shares and doesn't own any.
Can you say "Price Gouging" boys & girls? Yes, we knew you could...

Note the coming competition for resources with China & India... that's the long game and we're losing. Willingly. See, here in the U.S of A, we don't value education and would rather teach our children dopey mythology rather than science -the science & the skills they're going to need in the future- and we coddle multi-nationals with tax breaks when we should be encouraging breakthroughs in other sustainable energy sources. Mark our words: no good can come of any of this.

More soon.

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