News Release

Exxon: Record Prices, Record Profits


AP is reporting: “Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.

“The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company’s revenue by 12 percent to a level just short of a quarterly record. Its shares rose to a new high in morning trading.”

Hoover is director of the Coalition. She said today: “As many are struggling with record energy prices, Exxon is posting record profits. We’re finding that just one month of Exxon’s profits, invested in alternative fuels, would double the annual investment of the federal government in renewables, fuel efficiency and alternative energy.”
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Director of Public Citizen’s Energy Program, Slocum said today: “We’re getting so little bang for our buck. In Europe, they do pay more for gas, but much of it is made up of taxes that subsidize mass transit, so they’re getting something very tangible for their money. We don’t get anything like that for the prices we’re paying. We need to tax these windfall profits that companies like Exxon are posting and make investments into getting off our oil addiction.”
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For more information, contact at the Institute for Public Accuracy:
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167