it's now official, we're in an economic recession.


October 30, 2008

the u.s economy has officially contracted in the last few months(thus, technically, a 'recession', as it's smaller than it was previously...).
but not everyone is doing badly.
do you remember how high gas prices were over the summer?
and did you ever ask yourself, 'how are gas prices determined, and why are they so high?'
well, to an extent gas prices are determined by market forces and the cycle of supply vs. demand in the commodities market.
but at the same time gas prices are fairly arbitrarily determined by the worlds oil producers.
so, as i said, not everyone is doing badly.
houston, texas based exxon/mobil, for instance.
in june, july, and august they had revenues of $170,000,000,000.00 and profits of $15,000,000,000.00.
if that seems very very high that's because $15 billion dollars in quarterly profits represents the highest profits ever earned by a corporation.
so while everyone was paying a lot for gas, and as the country was sliding into recession, exxon/mobil were taking in more in profits than any company ever.
$15 billion in profits in 3 months, while gas prices were hovering around $4 a gallon nationally.
i can't imagine that makes anyone(apart from exxon/mobil employees and shareholders)feel very good.
some other interesting exxon/mobil facts...

1-exxon/mobil have received over $100,000,000,000.00(yes, one hundred billion dollars)in u.s tax breaks and subsidies and reduced fees for mining/drilling rights. so, in addition to buying heating oil and gasoline and helping exxon/mobil earn record profits you as a taxpayer have also subsidized them with over one hundred billion dollars of your tax money.

2-john mccain has received over $3,000,000.00 in campaign contributions from exxon/mobil and other petroleum producers.

3- 43 of john mccain's staff members have received $17,000,000.00 in lobbying fees from exxon/mobil and other petroleum producers

you can do the math and figure out who john mccain would represent if he were elected.
happy motoring.
moby

b. hughes

Submitted by Hawk Eyed Dream... on October 30, 2008 - 7:19pm.

b.hughes, formerly enron-houston oil-texas oil...hot topic with oil and gov't since Kenneth Starr. its all so dirty, i think i will take a shower (with lava soap)...-J

it appears obama can be bought as well so what's your point?

Submitted by sacred dignity on October 30, 2008 - 5:57pm.

Recipients of Campaign Donations from Fannie and Freddie** (1998-2008):

1. Chris Dodd: $165,400
2. Barack Obama: $126,349
3. John Kerry: $111,000
4. Paul E Kanjorski: $96,000
5. Jack Reed: $78,250
6. Harry Reid: $77,000
7. Hilary Clinton: $76,050

Other financial institutions:

donations from goldman sachs:

1. barack obama: $627,730

donations from lehman brothers:

1. barack obama: $353,922

donations from JP morgan:

1. barack obama: $398,021

donations from citigroup:

1. barack obama: $393,899

This is what Obama stated in an Ad in April 2008:

"Since the gas lines of the '70s, Democrats and Republicans have talked about energy independence but nothing's changed -- except now Exxon's making $40 billion a year and we're paying $3.50 for gas. I'm Barack Obama. I don't take money from oil companies or Washington lobbyists, and I won't let them block change anymore,"

Donations from Exelon Corp, an Energy Company (nuke) based in Chicago (since 2004):

1. Barack Obama: more than $275,000

Donations from Milagro Oil:

1. Barack Obama: more than $50,000

Donations from Sinclair Oil:

1. Barack Obama: $17,000

many of these figures do not include individual donations from executives, their spouses, employees and other family members. there are many more industries and sectors not mentioned here but you get the picture.

** from open secrets