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Big Oil, Big Money
For the fourth straight quarter, Exxon raked in $10 billion or more in profits.
Results released on
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My old enfeebled brain still remembers when Exxon changed its name (based on a computer-generated list of random letter combinations) and became the first corporation in US history to report a one billion dollar profit. Imagine that. When I started my doctoral program in 1967 the daily stock volume on the NYSE was 5-6 million shares. Imagine that. Billions a day today. The last time Exxon profits jumped like this was in the oil crisis of 1973-74. Congress had to stop this rape of the poor citizens so they passed an excess profits tax. Of, course that never worked but had a great many unintended consequences. The thing is that then, as now, our congressional and business leaders were masters of the practice of skating fast over thin ice.