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.
That profit works out to $1,485.55 a second.
That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007.
Explain to me please how this can be when oil consumption is down? We're told prices are up due to short/tight supply and futures trading. So how does Exxon Mobil get MORE? Do they charge a fixed profit or variable percentage on each gallon AS profit?
Why don't we all rebel? What is it about everyday life that seems to suck the outrage out of such gouging? We have become a nation of sheep. It's sad, really sad.
This might be the answer, below. Where's YOUR outrage?
United States By Tom Doggett
WASHINGTON (Reuters) - While the U.S. oil industry want access to more federal lands to help reduce reliance on foreign suppliers, American-based companies are shipping record amounts of gasoline and diesel fuel to other countries.
A record 1.6 million barrels a day in U.S. refined petroleum products were exported during the first four months of this year, up 33 percent from 1.2 million barrels a day over the same period in 2007. Shipments this February topped 1.8 million barrels a day for the first time during any month, according to final numbers from the Energy Department.
The surge in exports appears to contradict the pleas from the U.S. oil industry and the Bush administration for Congress to open more offshore waters and Alaska's Arctic National Wildlife Refuge to drilling.
"We can help alleviate shortages by drilling for oil and gas in our own country," President Bush told reporters this week. "We have got the opportunity to find more crude oil here at home."
This just in: Can you find the hypocrisy?
NEW YORK - Investors holding stock in cigarette makers on Thursday will be weighing the passage of a House of Representatives bill that will require the U.S. Food and Drug Administration to regulate tobacco.
The bill also calls for a scientific review of menthol in cigarettes, imposes tighter restrictions on tobacco advertising and creates new federal penalties for selling to minors.
The bill, called the Family Smoking Prevention and Tobacco Control Act, passed the House overwhelmingly on Wednesday. It still awaits approval by the Senate and President George W. Bush. Bush's administration has already said he will veto the bill.
Lorillard Inc., which makes Newport, Kent, Maverick and other brands, said Wednesday night that "while it fully supports reasonable federal regulation of the tobacco industry, that the FDA is already overburdened and is the wrong agency to carry out this enormous task."
<< EXCUSE ME AS I CHOKE HERE. YOU SHOULD TOO. Lorillard is concerned ABOUT THE AGENCY BEING OVERBURDENED??? WHAT??? DO THEY REALLY THINK WE'LL SEE THEM AS CARING CONCERNED ENTITIES? >>
Lorillard added that it hopes the Senate will "find an effective regulatory solution."