At a time when Americans see their home prices plunge, bills climb and credit lines shrink, Exxon Mobil's gargantuan profits strike some people as odd. The world's largest publicly traded oil company turned a profit of $11.7 billion for the second quarter. All of this was made possible for the soaring crude prices. At the same time, oil-service companies saw a lot of activities. Whether prices of oil go up, they will make money. Whether the prices go down, they will still be needed to work on these oil platforms.
At the same time, European rival Royal Dutch Shell posted its own record profit of $11.6 billion. How much more can Exxon make to satisfy its investors when state-run oil companies such as those in Saudi Arabia and Venezuela control about 80% of known global oil reserves?
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