[OT] Gas companies report record profits (old energy thread)

[Grant Shipley]

After much discussion back in August (on this list) over why gas was
so expensive......

I think we have the answer now.

Exxon Mobil sets profit record -
Nation's No. 1 oil company reports larger than expected jump in 4Q
income to cap record year

http://money.cnn.com/2006/01/30/news/companies/exxon_earns/index.htm

"Of course Exxon Mobil isn't the only oil company reporting sharply
better results. The 12 U.S. oil companies in the S&P 500 that have
reported fourth-quarter results have seen an average of a 48 percent
rise in earnings excluding items in the period, according to First
Call...."

"Strong oil earnings in the third quarter prompted calls in some
quarters of Congress for a so-called "windfall profit" tax on oil
company earnings, as well as a joint hearing of the Senate Energy and
Commerce committees into earnings from big oil..."