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LONDON/NEW YORK (Reuters) – Exxon Mobil Corp and Royal Dutch Shell Plc reported significantly bigger first-quarter profits and beat analysts' forecasts, helped by high oil prices and strong refining margins.
Those profits come as U.S. oil companies face growing criticism for tax breaks they receive for pumping oil, even as the retail gasoline prices continue to spiral higher, reaching an average of $3.886 per gallon, up 35 percent a year ago, according to travel group AAA.
Exxon, the world's most valuable publicly listed company, posted a 69 percent increase in earnings to $10.65 billion, its biggest profit since the third-quarter of 2008, when oil prices last traded above $100 per barrel.
Shell's earnings rose 22 percent to $6.9 billion, although asset sales pressured its oil and gas output down 3 percent to 3.50 million boepd
I'm shocked there isn't more of an uproar about oil prices,
Originally posted by robyn
Big Oil will continue to prosper for the forseeable future.
If tax breaks for these companies are rescinded, they will simply pass on their increased costs to the consumer. Thus, while withdrawing the tax breaks may benefit government revenue, it will ultimately lead to higher prices to the consumer. In a way it is a kind of back door "carbon tax". And, the government will simply use any additional revenue to expand - not to save taxpayers any money.
This just another example of this administration looking for easy targets rather than squarely facing the greed, waste and corruption that are at the heart of our financial troubles. Cnn sure made a point of reporting these profits today. Just another target (other than our current "leadership") to get peeved at.edit on 28-4-2011 by robyn because: math error