In 2008, ExxonMobil set a record for making the most profits in a year, breaking their own former record. Well, you ain’t seen nothing yet. According to the Wall Street Journal, spiking oil prices are set to lift earnings of ExxonMobil by around 50% compared to last year. Will they again break their record? Win or not, it is clear who is going to lose. You.
Other oil companies, including Chevron and ConocoPhillips, are set to see slightly smaller profit increases of 33%. And yet, two months ago the Republicans voted unanimously to continue billions of dollars in subsidies to the big oil companies, while simultaneously calling for drastic cuts to social programs including Medicare and Medicaid. Adding injury to insult, the Republicans are using high gas prices as an excuse to open up more environmentally endangered areas to oil drilling, even though doing so will have virtually no impact on gas prices ever, and absolutely none in the near future.