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There's something pathologically wrong with a massive oil company like Exxon, making $11 billion in profits for the first quarter of 2011 alone, and virtually apologizing for it.
What makes this all so obscene is that they're still crying for government subsidies. When will American taxpayer support for these massive conglomerates end? Exxon still hasn't made good on what it owes the people of Alaska for the Exxon-Valdez spill in 1989.
This is not right. What's happening in the US is not right.
Exxon is kinda sorry it made $11B this quarter
PR offensive seemingly meant to head off public outrage over high gas prices
By Chris Kahn
The Associated Press
NEW YORK — Exxon made almost $11 billion and practically apologized for it.
Sensing public outrage over gasoline prices that have topped $4 in some states, the company struck a defensive posture Thursday after posting some of its best quarterly financial results ever.
Exxon said it had no control over high oil prices. It said it's one of the biggest taxpayers in the United States. It cast federal subsidies as "legitimate tax provisions" that keep jobs at home, and cast itself as a victim of Washington scapegoating.
"They feel they have to demonize our industry," said Ken Cohen, Exxon's vice president for public affairs.
What's more, the company argued, it doesn't even make that much money selling gasoline.
Exxon's profit of $10.65 billion for the first quarter was its highest since it made $14.83 billion in the third quarter of 2008, a record for a publicly traded company. That was also a time of $4-plus gas.
The first-quarter results were also the best among the big oil companies, which have reported improved results this week.
As oil company profits approach levels of three years ago, when gas prices last spiked in the United States, the industry is fighting a renewed push from President Barack Obama and Democrats to end its $4 billion a year in taxpayer subsidies.
Rest of article here.
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