It seems the recession is depressing to Big Oil. Apparently, global economic woes have resulted in a blip in the record-breaking pace of profits that the oil giants have enjoyed over the past few years. Less demand these days means less cash flowing to oil companies.
As reported in the Washington Post, Exxon Mobil -- the world's largest oil company -- is reporting a 68% slump in profits, to $4.73 billion. During last summer's silly season of skyrocketing prices at the pump, Exxon reaped record revenues of $14.8 billion. Meanwhile, Royal Dutch Shell reports a 62% drop in profits, to $3.25 billion. ConocoPhillips is bemoaning a 71% profit decline this quarter, and is looking to cut capital expenditures and sell off some pipelines to offset the losses.
Naturally, consumers can expect that gas prices will rise as a result of lower profits for the industry.
We also shouldn't be surprised that Big Oil and its allies in Congress are doing everything they can -- like continuing to spend millions on lobbying -- to kill clean energy legislation.
Call it karma or cosmic justice -- or whatever you want -- but now is our best opportunity to break Big Oil's stranglehold on our energy supplies by passing a comprehensive clean energy and climate bill that puts American back in control of our economy, our security, and the future of our planet.
So let's all save our crocodile tears and urge Congress to watch our for our bottom line for a change.