Exxon Mobil Excess

From CNN Money:

Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.

The company’s prior record was $11.68 billion in the second quarter of 2008.

What is your reaction to this news release? It is no mystery that this figure was a direct result of the record oil prices we have seen this past summer. Now that global economies are on the ropes, we have seen the price of oil plummet almost as drastically as it rose. Obviously, Exxon Mobil will not set a record next quarter.

What galls me is that instead of using these staggering profits to diversify their energy portfolio, Exxon Mobil will only look for new oil fields or new oil rich shale deposits. Just imagine these billions being invested in wind farms or solar farms. These energy technologies are not as immediately profitable as oil, but long term could provide generous profits.

Obviously, Big Oil is uninterested in alternative energies and focused solely on massive profits.