Exxon CEO Texan Rex Tillerson, whose compensation in 2007 was $21.7 million, including $1.75 million in salary, a $3.36 million bonus for record-breaking profits, and $16.1 million of stock and option awards
Exxon has broken its own profit records yet again, this time for the quarter that ended June 30. As you know from listening to the oil companies, there is no correlation between $4 per gallon gas and this phenomenon.
The world’s largest publicly traded oil company said net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.
Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.
It’s hard to comprehend that kind of money when your brain is more used to calculating 15 percent off on the $6.99 pair of shorts at Beall’s Outlet.
But John McCain, whose reward from the oil industry for changing his policy on drilling American shorelines was a campaign check for $1.1 million, feels my pain. He explained to ABC’s George Stephanopoulos on This Week, when asked what McCain would do differently than Bush to help the economy, his idiotic gas tax holiday would have helped poor people driving gas guzzlers.
McCain: There are many steps that can be taken, absolutely, including a gas tax holiday. Everybody â€”
Stephanopoulos: There’s not a single economist in the country who says it works.
Mc: And there’s not a single economist who knows very well the low-income American who drives the furtherst (sic) in the oldest automobile that sometimes can’t even afford to go to work.
St: But they all say that’s not who’s going to get the benefit. The oil companies, the gas companies, are going to absorb â€”
Mc: You know, they say that, but if one, it didn’t happen before, and two, we wouldn’t let it happen. We wouldn’t let it happen, Americans wouldn’t let them absorb that.
St: How would you prevent it?
Mc: We would make them…shamed into it. We of course know how to, American public opinion, and would penalize them if necessary but they wouldn’t. They would pass it on.
You really have to watch the clip to get the full effect. The part quoted starts at 6:28 and ends at 7:12. McCain is blustery and incredulous that there could be any question his new BFFs would try to make even more obscene gains than they’re making now. Except they are already calling for more.
But [Exxon] investors expected even bigger profits Thursday, especially after Europe’s Royal Dutch Shell reported a 33 percent jump in second-quarter earnings of $11.6 billion, which fell just shy of Exxon’s own record earnings from 2007.
McCain’s right about one thing. “Shame” is the word to use when talking about oil company profits.