$0.0018 per second

That's how much Americans on minimum wage struggling with high gas prices now earn per second since the Federal increase just this month.

In contrast, CNN is now reporting Exxon Mobil made nearly $1,500 per second last quarter.

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.

But as AP has questioned, just where is all that money going?

In North Carolina’s 8th District, the answer is easy – Republican Congressman Robin Hayes, who’s 2006 oil interest portfolio of up to $15 million is suddenly up to $23 million according to his own personal finance disclosures.

Yet, even as Robin Hayes joins President Bush in calling for more domestic exploration and giving away more of our most precious resources to oil interests, the fact remains oil companies have little to no interest in more exploration or reducing the price at the pump.

The big international oil companies have been criticized for plowing much of their profits back into stock buybacks and other programs to benefit shareholders, as opposed to exploring for more oil which could bring down the price of crude for everyone.

Critics charge the oil companies with deliberately restricting production in an attempt to keep prices high.

The industry says it's investing as much as it can in finding new oil, but is having a hard time given the shortage of workers and equipment in the sector.

Did you catch Big Oil's excuse? It's already investing all it can in finding new oil, but is having a hard time given the shortage of workers and equipment.

So why does my opponent Robin Hayes want to give oil interests even more Federal land than they can possibly drill on by their own admission? Hayes is just dancing with the one who brung him as he has the past decade in Congress.

There are already millions of acres of federal lands that are under lease but are not producing, and nearly 80 percent of offshore oil is already in areas that are open for exploration. My position is quit playing games with America’s energy policy.

The fact is, the real solution to energy independence will never come from oil interests. That's obvious. It's going to take nothing short of a moon shot commitment to renewable energy alternatives by a White House and Congress far more representative of our interests over oil's.

With your support, that day comes November 4, 2008.

Cross posted at Daily Kos. Please help recommend.

Comments

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Democrats across the country were mobilized in the DCCC's Democratic Day of Action, and the winning campaign will be announced by the end of the week. We appreciate all your help on the ground, at HelpLarryWin.com and on BlueNC!

Larry Kissell
Democratic Candidate for Congress
North Carolina's 8th District

Someone Working...For a Change

Larry Kissell
Democratic Candidate for Congress
North Carolina's 8th District

Someone Working...For a Change

What's wrong with 8.5% profit?

Throwing around (x) dollars per second or (x) dollars profit sounds impressive until you look at the profit margin. Using the numbers in the original post, Exxon made an 8.4% profit for the period. That is good performance, but not really an excessive or uncommon profit margin. Most banks, at least before they wrote too many lousy loans, did better than that. Software companies often beat that too.

I have no problem with the rest of your argument, but this whole profit/second is meaningless. I'd even go so far as to say that most Americans, when addressing "fair" profit levels would find 8.5% more than reasonable for any company to earn.

You're kidding right?

The profit margin would have been much higher if not for the stock buybacks making money for people like Robin Hayes.

You seem to be falling for the company line.

SPLib, I know you're a small businessman

You'd be pleased with an 8.5% profit during any given quarter. Any business should be. Let's say I had loaned you money to keep your business going until you turned a profit. Wouldn't it be right for me to ask for a certain percentage of that profit as repayment of the loan - at least until the loan was repaid?

The problem is not the profit margin, but the profit margin on the backs of the taxpayer. Government subsidies helped build that profit margin - and that means our tax dollars - our money. I daresay most families have not seen an 8.5% profit margin this year; most of us are doing well to just break even. If Exxon requires subsidies to make what most businessmen would consider a reasonable profit, I'd say they've got some management issues and might need to look at restructuring.

An alternative hypothesis

is that "big oil" is simply getting less big. Could it be that they're not plowing money into locating new reserves because the largest and most accessible reserves have already been found?

Here's an introduction to Peak Oil at The Oil Drum.

If you judge the oil companies by their actions as opposed to their propaganda, one possible conclusion is that the era of cheap nonrenewable energy is ending. "Hey, let's just buy back our stock and look for a new business model."

Unfortunately, the Demopublican party lines are not being honest about this issue. We cannot separate energy, agriculture, the economy, and the environment. They are interrelated, and using them as partisan issues to divide the electorate and advance various corporate agendas is taking us in the wrong direction.

Sustainability, anyone?

BJ

William (B.J.) Lawson
Congressional Candidate, North Carolina's 4th District

William (B.J.) Lawson, M.D.
Congressional Candidate, North Carolina's 4th District

You know,

When you're running as a Republican candidate, it's disingenuous of you to use the term "demopublican".

I find it almost dishonest. If you're not really a Republican, you should be honest enough to let the Republicans of Orange County know that. I don't think there are that many of them, but still, they have a right to know, don't you think?