July 31, 2008

Would you like to make $90,000 a minute?

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Here's how: Sell oil and gas.

Don't believe it can be done? Exxon did it in its second quarter this year.

That $90,000 a minute translates to $11.68 billion in profits, an increase of 14 percent from last year's second quarter. It also sets a new earnings record for a single quarter for any American company. And yes, that means Exxon broke it's own record.

This article in the New York Times sums up Exxon, the world's largest publicly traded oil company, and other oil companies' profits. Like Shell's $11.56 billion.

Here's a good line: Record earnings for the world’s largest publicly traded oil company have become almost as predictable as the surge of gasoline prices at the pump in recent years.

And we still have to debate what's really behind higher food costs?

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