feeding the beast

This morning as my car swallowed another $50 worth of gas I realized I am no longer shocked and appalled at how much it costs to fill up my gas tank. It has become business as usual. Back in the day (i.e. early last August, before Katrina) it took about $35 to fill my tank. Now it's $50. That means I'm on track to spend about $800 more this year just to fill up my gas tank. Of course, though, higher gas prices also shuffle in higher prices for consumer goods, groceries, pretty much anything anybody spends their money on.
Of course I'm not alone in feeling resigned about this all. CNN.com is reporting that consumer confidence in the U.S. starting to lag as retail sales are plummeting, and the job and housing markets are sluggish at best. That being said, the good news is that Exxon Mobil and Chevron are raking it in! Despite production and development costs surging nearly 30% over the past year across the industry (costs to find new sources of oil and to refine said oil), profits for the 2nd quarter at Exxon are up 36%, and up 18% at Chevron. Exxon posted 2nd quarter profits of $10.4 billion. $10.4 BILLION profit in three months time despite significantly higher expenses! This profit margin increase marks the second biggest profit by a U.S. company ever- the first being set by Exxon Mobil in the last quarter of 2005 with a profit of $10.7 billion. Thanks, guys. Let me know what else I can do to help you earn you your $40,000,000,000.00 profit this year.


