Exxon/Mobil Earning $1,485.55 per second!

Exxon posts new profit record

World's largest publicly traded oil firm makes $11.68 billion in the quarter.

Last Updated: July 3rd
NEW YORK (CNNMoney.com) -- Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.
That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007.

The big international oil companies have been criticized for plowing much of their profits back into stock buybacks and other programs to benefit shareholders, as opposed to exploring for more oil which could bring down the price of crude for everyone.
"While oil companies are earning record profits and gas prices are soaring, the largest oil companies have invested more resources in stock buybacks than U.S. production," said Congressional Democrats in a press release shortly after Exxon announced its earnings.

But with Americans paying nearly $4 a gallon for gas, oil company earnings have been political fodder of late.
Congressional Democrats said they are having a conference later in the day to call for an end to tax breaks for big oil firms.
Several bills have been introduced in Congress to enact a 'windfall' profits tax on these earnings, or at the very least eliminate manufacturing tax exemption oil companies now enjoy. Presumptive Democratic nominee Barack Obama wants to tax oil companies at a special rate every time crude goes over $80 a barrel.
Most plans would either use this newfound tax money to fund investments in renewable energy, or give it to low income Americans struggling with high energy prices.
But so far those efforts have been blocked - mainly by Republicans - who say raising taxes on oil companies will only discourage investments in finding new oil and raise the price of crude.

From CNN MONEY..... Exxon posts new profit record