Obama Far Outdoes Bush in Escalating War -- The Numbers Will Surprise You
Continued from previous page
ExxonMobil: $158.5 billion
Shell: $108.5 billion
BP: $89.2 billion
ChevronTexaco: $60.9 billion
ConocoPhillips: $46.9 billion"
In Febuary 2008, CNN reported:
“Exxon shatters profit records
Oil giant makes corporate history by booking $11.7 billion in quarterly profit; earns $1,300 a second in 2007.
Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a U.S. company, boosted in large part by soaring crude prices.
Exxon, the world’s largest publicly traded oil company, said fourth-quarter net income rose 14% to $11.66 billion, or $2.13 per share. The company earned $10.25 billion, or $1.76 per share, in the year-ago period.
The profit topped Exxon’s previous quarterly record of $10.7 billion, set in the fourth quarter of 2005, which also was an all-time high for a U.S. corporation."
In January 2009, during a severe economic crisis, the Washington Post reported:
“Exxon Mobil finished a roller-coaster year in the oil markets with an all-time record $45.2 billion in profits…
The world’s most far-flung oil giant broke its own record for corporate profits in a year that saw oil prices climb to $147 a barrel in July… Exxon Mobil still beat analysts’ expectations by registering $7.82 billion in profits, or $1.55 a share, for the final quarter of the year. Exxon Mobil and Chevron’s revenue combined for 2008 exceeded the gross domestic product of all but 16 of the world’s nations, according to Bloomberg.
Royal Dutch Shell, Europe’s largest oil firm… posted a $26.3 billion profit for the year."
Once again, beyond these blatant examples of war profiteering, there are more insidious forces at play that most people don’t see. When you take a closer look at the oil profits, you see the true driver and ultimate beneficiary of these profits are none other than the same people who benefited the most from the stock market collapse and the ensuing $23.7 trillion taxpayer “bailout."
As the Washington Post reported, the huge oil profit margins were the result of the soaring price of a barrel of oil, reaching “$147 a barrel in July."
The intercontinental Exchange (ICE)
In 2000, Goldman Sachs, Morgan Stanley and several oil companies “founded the InterContinental Exchange (ICE)…. ICE is an online commodities and futures marketplace. It is outside the US and operates free from the constraints of US laws. The exchange was set up to facilitate "dark pool’ trading in the commodities markets."
A Congressional investigation into this exchange found that these companies were fraudulently inflating the price of oil by executing “round-trip" trades where one company would sell shares in oil to another company who would then sell the shares right back. This would drive the price of oil to however high they wanted it to go to. “No commodity ever changes hands. But when done on an exchange, these transactions send a price signal to the market and they artificially boost revenue for the company. This is nothing more than a massive fraud, pure and simple."
So when oil was selling at $147 a barrel, the actual worth was most likely closer to half that price. Phil’s Stock World summed up the situation:
“How widespread are ’round-trip’ trades? The Congressional Research Service looked at trading patterns in the energy sector and this is what they reported: This pattern of trading suggests a market environment in which a significant volume of fictitious trading could have taken place. Yet since most of the trading is unregulated by the Government, we have only a slim idea of the illusion being perpetrated in the energy sector.