Exxon Posts Huge Profits as Gas Prices Soar

Exxon announced first-quarter profits of $8.4 billion. Gas prices are averaging over $3 per gallon. ’Nuf said.

Washington Post:

The world’s largest oil company, Exxon Mobil Corp., announced first-quarter profits of $8.4 billion today, up 7 percent from a year ago.

Although the net earnings fell below some analysts’ expectations, they still gave the Texas-based oil giant the fifth-highest quarterly profits ever recorded by a publicly-traded company, and they appeared likely to contribute to growing pressure on the Bush administration and Congress to relieve the public’s pain over high fuel prices.

With gasoline topping $3 a gallon in some parts of the country, Senate Republicans are considering legislation to send $100 rebate checks to millions of taxpayers and suspend a federal tax on retail fuel sales. But they are trying to package the measure with a controversial proposal to allow oil drilling in part of the Arctic National Wildlife Refuge in northeastern Alaska, guaranteeing a fight with Senate Democrats.

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