Independent Christian Voice


ConocoPhillips quarterly profit up 89 percent

From Reuters:
NEW YORK (Reuters) - ConocoPhillips, the No. 3 U.S. oil company, on Wednesday reported quarterly profit surged 89 percent, surpassing Wall Street forecasts, driven by record oil prices and sharply higher refining margins. ConocoPhillips, like other major oil companies, has reaped a windfall from soaring crude oil prices -- which touched a record $70 a barrel in the quarter -- and better refining margins, as powerful hurricanes blew through the Gulf of Mexico, severely disrupting energy operations.

The Houston company's net profit in the third quarter rose to $3.8 billion, or $2.68 a share, compared with $2.01 billion, or $1.43 a share, a year earlier.

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This is an industry that seeks incentives and subsidies from our government (like help in the repair of offshore platforms in the wake of the hurricanes). Yet, the entire industry is posting record profits. This is an industry that profits at the peril of its consumers (squeezing the budgets of the working families to the breaking point). And yet, this administration and Congress continues to look for ways to funnel more taxdollars to them (like the most recent energy bill); at the same time, these same leaders tell us that programs to help the poor in our country have to be scaled back to cover the costs of recent disasters. It's nothing short of disgusting.


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