It's clear where the Republican administration's economic priorities are - and it's not your 401K retirement plan...
Exxon Mobil Corp., the world's biggest oil company, said third-quarter profit jumped 58 percent, exceeding analyst estimates, as record crude prices made up for the largest drop in output in at least a decade.
Net income rose to $14.8 billion, or $2.86 a share, from $9.41 billion, or $1.70, a year earlier, the Irving, Texas-based company said today in a statement. Profit excluding one-time items, such as a gain on a pipeline sale, was an all-time high for any U.S. corporation and was 18 cents a share higher than the average of 13 analyst predictions compiled by Bloomberg.
Earnings from oil and gas wells alone were higher than the company's total profit a year earlier, even as output fell 8.2 percent, the most since at least 1997. After touching a record above $147 a barrel in July, crude prices tumbled $80 as demand for fuel grew at the slowest rate in 15 years.
"Just this morning we received two pieces of news. One, first, the Gross Domestic Product, that is all the things that come in, everything about our economy, the measure of our economic strength, actually shrank," Biden said. "The second thing we learned this morning is Exxon Mobile, Exxon Mobile announced its largest quarterly profit ever. They made $15 billion this past quarter."
"Here the entire economy of America is shrinking, and the oil companies are, this one in fact, made the largest profit in its history in a quarter. Ladies and gentlemen, what more evidence do we need that the Exxon Mobiles of the world don't need a tax break?"
"That $4 billion should go to middle class taxpayers, people who need the money," Biden said to applause. "John and Governor Palin have this upside down. They literally have it upside down."
Related: GOP Oil Suckups are Wrong Again
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