Hard to say which is more annoying: that Exxon Mobil made $10.5 billion last quarter, or that the profit is only the second highest in history for a U.S. company.
The first highest, of course, was the $10.7 billion Exxon Mobil made in the fourth quarter of 2005.
Most of the company’s profits come from overseas production of oil and natural gas, but analysts also credited high U.S. demand for gasoline, which barely budged even when prices topped $3 a gallon during the summer.
“At what price do people really start cutting back? We’re not sure,” said energy analyst Jacques Rousseau.
Good question. And the petroleum industry knows a good way to find out.
Posted by Dave Knadler
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