No recession for Big Oil profits

This video from the USA is about Big Oil profits.

By Bill Van Auken:

As layoffs and prices rise, Big Oil posts record profits

2 February 2008

Amid growing fears that the US economy is sliding into recession, accompanied by both mounting layoffs and an increased assault on the living standards of the working population, the big oil companies once again posted record profits.

ExxonMobil, the world’s largest oil conglomerate, announced Friday that it had broken its own previous record for the highest corporate profit ever, raking in a staggering $40.6 billion last year, up 3 percent over 2006.

The profit taken in by this single company amounted to more than the gross domestic product recorded in two thirds of the world’s nations, placing the company midway between Ecuador and Luxembourg, while its total sales—more than $404 billion—top the GDP of 120 countries. It is more than the entire amount spent by the US federal government on K-through-12 education.

The second-largest US oil company, Chevron, posted $18.7 billion in profits for the year, up 9 percent over 2006, while the No. 3 firm, ConocoPhillips, took in $11.9 billion—an actual decline over 2006, due to its loss of oil concessions in Venezuela.

For its part, Royal Dutch Shell reported an annual profit of $27.6 billion, a record for European companies.

Big Oil corporations and art: here.

Big Oil and US politics: here.

Exxon and the Rockefeller dynasty: here.

The Blood of the Earth: The Global Battle for Vanishing Oil Resources by Dilip Hiro: here.

Britain: ENERGY PRICE RISE CONDEMNED – UNISON demands profits inquiry: here.

6 thoughts on “No recession for Big Oil profits

    Posted by: “bigraccoon” redwoodsaurus
    Mon Feb 11, 2008 8:26 pm (PST)

    Chavez threatens to halt oil sales to US

    By SANDRA SIERRA, Associated Press

    CARACAS, Venezuela – President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an “economic war” if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets.

    Exxon Mobil has gone after the assets of state oil company Petroleos de Venezuela SA in U.S., British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project by Chavez’s government.

    A British court has issued an injunction “freezing” as much as $12 billion in assets.

    “If you end up freezing (Venezuelan assets) and it harms us, we’re going to harm you,” Chavez said during his weekly radio and television program, “Hello, President.” “Do you know how? We aren’t going to send oil to the United States. Take note, Mr. Bush, Mr. Danger.”

    Chavez has repeatedly threatened to cut off oil shipments to the United States, which is Venezuela’s No. 1 client, if Washington tries to oust him. Chavez’s warnings on Sunday appeared to extend that threat to attempts by oil companies to challenge his government’s nationalization drive through lawsuits.

    “I speak to the U.S. empire, because that’s the master: continue and you will see that we won’t sent one drop of oil to the empire of the United States,” Chavez said Sunday.

    “The outlaws of Exxon Mobil will never again rob us,” Chavez said, accusing the Irving, Texas-based oil company of acting in concert with Washington.

    A U.S. Embassy spokeswoman did not immediately return a call seeking comment.

    Venezuelan Oil Minister Rafael Ramirez has argued that court orders won by Exxon Mobil have “no effect” on the state oil company PDVSA and are merely “transitory measures” while Venezuela presents its case in courts in New York and London.

    Exxon Mobil is also taking its claims to international arbitration, disputing the terms it was granted under Chavez’s nationalization last year of four heavy oil projects in the Orinoco River basin, one of the world’s richest oil deposits.

    Other major oil companies including U.S.-based Chevron Corp., France’s Total, Britain’s BP PLC, and Norway’s StatoilHydro ASA have negotiated deals with Venezuela to continue on as minority partners in the Orinoco oil project.

    ConocoPhillips and Exxon Mobil, however, balked at the tougher terms and have been in compensation talks with PDVSA.


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