Last Auto News - Exxon Sets New Profit Records – Almost $19k per Second

Last Auto News -

Gas prices are on the decline - but don’t feel bad for Big Oil.

CNN Money reports, “Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates…the leading U.S. oil company, said its third-quarter net profit was $14.83 billion.” That demolishes the previous record of $11.68 billion, which was set by…Exxon Mobil. Last quarter.

The current numbers equate to $1,865.69 per second, $111,941.40 per minute, $6,716,484 per hour, and $161,195,616 per day.

Analysts say this may be the last big record the company sets for a while. The New York Times reports, “Oil prices have dropped sharply in recent weeks, falling more than 50 percent from their peak just three months ago, as oil consumption slows in the economic downturn.” Global oil demand is falling amid recession fears, and “as prices fall, oil company profits are set to shrink in future quarters.”

Jalopnik comments, “Obviously this means additional tax incentives are needed to hasten oil exploration off the coastal shelf, to develop oil shale fields that’ll be useless when a barrel of crude costs less than a movie ticket, and to create techniques to mine the souls of treehuggers for industrial uses.”

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