Another Milepost On The Road To Oblivion

Exxon Mobil posted its 1Q 2011 numbers today:  $10.65 billion in profit off of $114 billion in revenue.  They want you to know that Exxon's not such a terrible company, either.

In a blog post Wednesday, company Vice President Ken Cohen asks people to look past the “inevitable headlines and sound bites about high gasoline prices,” think about world oil market disruptions and the falling U.S. dollar and remember ExxonMobil’s investments in renewable energy.

The Wall Street Journal reported this week that higher crude oil prices in the first quarter are expected to lift ExxonMobil’s earnings by about 50 percent.

But it’s only natural that ExxonMobil would make money because oil prices are through the roof, Cohen said. And ExxonMobil is an oil company.

“Here’s a simple fact of economics that’s getting everyone in Washington pretty excited this week: When prices increase for a commodity like oil, companies that produce and sell that commodity earn more money,” Cohen wrote.

In one instance, Cohen reminds readers that “ExxonMobil doesn’t set oil prices,” noting the company produces less than 3 percent of the world’s daily oil supply, “so it’s really not credible to suggest that we are responsible for world oil prices.”

Maybe.  But you guys are responsible for getting billions in taxpayer subsidies when you make billions in quarterly profit.  We'd like our money back, please.