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The Party's Ending
Posted by Dan Stafford on 2010-02-01
It's being reported that poor ExxonMobil's profits have plummeted to a paltry $19 billion for 2009, after their over $45 billion year in 2008. Don't get me wrong, I don't want the U.S. economy to tank anymore than the next person. That being said, I don't have a lot of issue with ExxonMobil getting the bad news. As if we needed further proof that President Bush was ridiculously cozy with the oil industry, we can look at the money. In 1999, ExxonMobil made a profit of $7.9 billion -- $10.17 billion in 2009 dollars -- which means that in a decade, they increased their profits 86.8%, adjusted for inflation. To take it a step further, if you put all the profits into 2009 dollars, ExxonMobil profited $86.51 billion under President Clinton and $254.77 billion under President Bush. Not shocking, right? I mean you've got Mr. Liberal vs. Mr. Conservative. But how about this -- and all dollars are converted to 2009 money -- -- President Reagan : ExxonMobil profited $83.5 billion ($10.4B a year) -- President George H.W. Bush : ExxonMobil profited $30.4 billion ($7.6B a year) -- President Clinton : ExxonMobil profited $86.5 billion ($10.8B a year) -- President George W. Bush : ExxonMobil profited $254.77 billion, more each year than his father's entire term ($31.8B a year) -- President Obama : ExxonMobil profited $19 billion -- a higher yearly average than the first President Bush, Presidents Clinton and Reagan Or to put it bluntly, for the last 30 years, 56% of all ExxonMobil's profits came under President Bush. Given that since I was five, ExxonMobil has raked in close to $400 billion in profits, I'm pretty ok with them getting knocked down a peg or two. |