Amid all this crazy talk of economic problems around the globe and that irrational fearmongering about so-called “Global Warming”, our hearts should be warmed to hear that Exxon-Mobil is about to announce the largest corporate profits in world history: $39 billion in 2007, $10.37 in the fourth quarter, just $111 million per day, just $4.4 million per hour, and a paltry $73,000.00 per second.
Question: How many seconds for your annual household income? More than it takes to read this paragraph? If so, then you are likely to have been quite happy with George Bush’s tax increases on America’s unborn that have dug such an ugly hole in the US Government’s finances.
Remember that $13 billion in financing for renewable energy programs was dropped from the 2007 Energy Security Act due to the unfair burden this would place on Exxon and the four other largest oil companies.
Now, Exxon’s soaring profits depend on multiple things, including Peak Oil driving up oil prices (along with tensions in the Middle East and growing PRC/Indian/Third World oil demands) and inaction in the face of Global Warming (that might foster lower fossil fuel use). ExxonMobile has long argued and/or funded front organizations to argue that Global Warming is a left-wing conspiracy. More recently, they have been arguing that it is too expensive to do anything about global warming since it would cripple their industry and drive up gas prices. Well, the driving up of gas prices is occurring absent any serious action.
Consider how far $39 billion could go to fostering an Energy Smart society? How many wind turbines? How much Energy R&D? How much insulation? How much money toward incentives for PHEVs (and PHEBs)? One company’s annual profits and we could make a major dent in the requirements to turn the nation around and begin to seriously Energize America toward a prosperous, climate-friendly future.
Hat tip to DeSmogBlog (Kevin Grandia) for the catch and great write-up.