Big Oil Expected To Have Best Year Since 2008

NEW YORK (AP) — Oil companies should report a windfall for the first quarter following a swift rise in oil prices. The industry seems set for its best year since 2008.

Analysts expect Exxon Mobil, Chevron and ConocoPhillips to report a combined $18.2 billion in first-quarter earnings over the next three days. That’s a 40-percent increase from a year ago and just short of the $20.2 billion they earned in the first quarter of 2008.

Bigger profits will certainly benefit oil company shareholders, including millions of people owning 401(k)s and pension plans. But the increased cost of oil also means rising prices for gasoline, food, airline tickets, shipping and other things.

Gasoline rose more than 53 cents per gallon from January to March as oil increased from $91 to $107 per barrel.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Francisco

    They are all thiefs. Just greedy.,,,

  • Big Oil Expected To Have Best Year Since 2008 | Los Angeles for Me

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  • Bebe

    They are greedy. And Wall Street is driving on prices by better on oil futures. It’s not supply and demand. Congress needs to bring the hammer down on both oil companies (which make record profits and pay no taxes) and Wall Street (which gambles on very real commodities, which hurts regular people, and pay no taxes.

    • Bebe

      That was supposed to say “driving up prices by betting on oil futures.”

  • Mike

    Biggest year? At who’s expense? Big oil doesn’t have a record year due the brilliance of the company brain trust. Big year = gouging the public.

  • Just some guy

    Greedy?YEAH.That’s a nice way of putting it.See how they try to put a nice spin on everything…401k’s will do better,pension plans,(that’s the spin) BUT…You will pay more money for gas,so if you get a raise in one area,they take it away in another.And when going over all the stat’s for the last two years,you can bet on a couple of thing’s that will not make you happy.Because of all the bad weather,the world over,Wheat,and other staple’s are going to rise.Because a lot of crop’s didn’t get grown due to harsh winters and flooding there is less food the world over.Wich raises prices.And that means we have to import the food that didn’t get grown here,wich will be jacked up cause it takes fuel to transport it.By mid summer expect to see $7.00 a gal for gas.Hyperinflation has already begun,and they already have been going up,(food prices) and will continue.I see they also plan to slash peoples food stamps,and medicare.All said and done i don’t see a very bright future for a lot of people.I see something more scary than they even want you to know.Crime will escalate.People will go hungry.But hey,at least the guy’s in Big Oil will be allright.Now i can sleep better knowing all the rich oil barons will be able to keep living in luxury while the rest of us just try to live.Nice.

    • Duh!

      But then again, the oil companies aren’t laying off people.
      Food price increases is mostly due to the increase in minimum wage. But the price of gas and diesel will also have an impact on rising costs.

      Al Gore says global warming should make for warmer winters. Why are we having record setting cold winters all around the world?

      • Bebe

        Don’t be stupid. You’re doing the oil and coal companies’ PR for them presumably for free. “Global warming” causes more moisture to evaporate, accelerating hurricanes, tornadoes, causing drought in some places, floods in others, while the ice caps melt. The idiocy of global warming deniers just makes me want to scream. Basically, you’re saying that if an oil or company can make up a convincing lie, you’ll not only buy it but promote it for them.

        ps. The increase in minimum wage? Are you kidding me? You need to go back to school and study basic math.

    • Bebe

      Rises in food and oil prices can predominantly be blamed on one place where greed is overabundant: Wall Street.

      The rules were changed to allow people who did not take physical possession of commodities to bet on their futures. This was basically license for Wall Street to gamble on commodities that have very serious consequences for consumers.

      We need to demand that all our legislators, of whatever political affiliation, kick Wall Street traders out of commodities. And while we’re at it, these “masters of the universe” are only charged 15% on their income, fully half of what the rest of us pay. That’s what they charge. Then they have loopholes which allow them to pay much less. They’re freeloaders.

      The oil companies not only don’t pay taxes, they receive taxpayer money in the form of subsidies.

      Basically, we need to get money out of politics or this kind of graft will continue unabated.

  • HooDatIS?


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