Tuesday, April 25, 2006

Bush Surprised by Exxon/Mobile Profit Trend: Blames Congress!

Dear President Bush,

Are you sweating it? Your revisionist history of last summer’s Energy Bill indicates you might be experiencing hellish conditions. Your energy plan was passed by Congress and signed into law just after Exxon/Mobile announced its highest 2nd quarter profit in the company’s history. Net income was up 41% for the first half of 2005. Since then, XOM has gone on the shatter every corporate profit record internally as well as internationally. Quarter after quarter things just keep on getting better, for big oil that is.

Projections for the 1st quarter of 2006 include another 19% increase in profitability and that was before $75 per barrel oil. Consultants say the answer lies in reducing consumption and increasing supply. They also suggest last years Energy Bill is short on both. As the architect of the plan I believe experts are indicting you and Congress. How do you plead? Ignorant as usual would be my guess…

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