Oil companies earn record quarterly profits

(Photo of pump prices in May from Flickr and and futureatlas.com)

Washington Report 2: While drivers were paying high prices at the gas pump over the past few months, oil companies were raking in profits. The major oil companies all announced record 2nd-quarter profits in the past week:
• Exxon Mobil: $11,680,000,000
• Shell: $11,600,000,000
• BP: $9,460,000,000
• Chevron: $5,980,000,000
• ConocoPhillips: $5,439,000,000
And that’s just for 3 months. All those zeros kind of take you aback, don’t they? (Source: Greenwire)

Oil profit announcements next week may give Dems edge in spat over offshore drilling

(Photo of ConocoPhillips gas station from Flickr and photographer Alec Ananian)

Washington Report 1: Three major oil companies will announce their earnings next week, possibly giving Democrats an advantage in the political fight over energy. Dems today failed 50-43 to pass a bill calling for more regulation of commodity traders, blaming high gas prices on speculators. Republicans, on the other hand, are calling for more domestic exploration, especially offshore and in shale. Dems say the oil companies should drill in the 68 million acres they already have under lease rather than offshore, and tried unsuccessfully to pass a bill to that effect. One big oil company, ConocoPhillips, announced its second-quarter earnings last week, revealing a $5.4 billion profit, up 13% from the same period last year. Rep. Rahm Emanuel (D-Chicago) criticized the oil companies for using too much of their record profits for stock buy-backs and not enough for drilling. ConocoPhillips used $2.5 billion to buy back stocks. Exxon, Chevron and BP will all announce their earnings next week. Dem leaders are expecting record profits from all, at a time when people are hurting because of the price of gas. They think that will give them an election-campaign advantage, while Republicans think they have a winning message with their call for more offshore drilling. If you want to take action in opposition to offshore drilling, go to the Sierra Club Web site and write an effective letter to the editor. (Sources: Greenwire, E&E Daily)