Exxon Mobil Profit Rises On Soaring Prices

[Gold9472]

Exxon Mobil profit rises on soaring prices

http://today.reuters.com/news/articl...RNS.xml&rpc=23

Thu Apr 27, 2006 8:42am ET

NEW YORK (Reuters) - Exxon Mobil Corp., the world's largest publicly traded oil company, on Thursday reported quarterly profit surged, driven by rising oil prices.

Net income in the first quarter was $8.4 billion, or $1.37 a share, up from $7.86 billion, or $1.22 a share, a year earlier.

Revenue jumped to $88.98 billion from $82.05 billion.

Crude oil prices have risen steadily from about $20 a barrel in 2002 to over $75 last week, handing oil and gas companies a long-running profit bonanza.

But the fat profits have also angered U.S. drivers grappling with rising gasoline prices and provoked sharp criticism of Big Oil from lawmakers and consumer advocates.

[EminemsRevenge]

In an industry that has been around for a hundred years...methinks that it is the consumer's fault that there isn't a 100mpg car on the market yet.