
Of the $99b pocketed by the Fortune 500 corporations in 2008, Exxon Mobile's accounted for almost half of it. No wonder the economy collapsed - almost nobody was making any money except for the oil companies. So can we develop alternative energy yet?
Hat tip to Broken Sidewalk.
Comments
Dave, You are right that
Dave,
You are right that Exxon had the most profits, but wouldn't you expect that from the company with the highest revenue? One of the things you need to be careful of is using numbers to mislead people. When I got my Fortune 500 in the mail, I'm more interested in who is making the highest percent profit on revenue. Exxon percent is 10.2, not bad, but nothing near the top. In fact of the top 20 companies in the Fortune 500 with the highest profits as a percentage of revenues, only 4 are oil and gas companies.
Another thing to remember is that oil and natural gas are commodities, so the companies that produce that have no control over the price. If you wait until next year I think you'll see Exxon's amazing profits drop considerable and it will have nothing to do with them! Are you going to call out Microsoft for price gouging? Their profits as a percentage of revenue was 29.3!
The reason to produce alternative energy is to protect our country from the Middle East, Venezuela, and Russia, places that have the natural resources we use and would use that dependence against us. Oil and gas companies are not the bad guys, they take huge risks to find and produce the resources we need, let's help them do what they do, so we have time to build a bridge to more sustainable options.