Both candidates for the presidency, and most certainly the lone straggler in the race, will focus only on $10.9 billion in profit, ignoring the full story:
Exxon Mobil Corp., the world’s largest publicly traded oil company, said Thursday record crude prices helped its net income grow 17 percent in the first quarter, but the results came in below Wall Street forecasts.
As expected, margins at the company’s refining operations dragged heavily on the bottom line as the big jump in prices on refined products such as gasoline, while a menace to consumers, failed to keep pace with the rapid increase in crude prices.
Still, queue the countdown clock to when Exxon Mobil will be once again demonized by politicians. Forget that the price increases at the pump are based in market dynamics and not just arbitrarily set to claim more windfall profits so that the CEO can make more money for himself. The correct answer will be ignored because the ignorant fairy tale purchases votes.
I wish to make a pledge. I will write a nice entry praising a policy position of whichever presidential candidate waits the longest to cite Exxon Mobil as an example of rising gas prices and why government needs to step in.