{"id":405516,"date":"2011-04-28T18:37:52","date_gmt":"2011-04-28T18:37:52","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/28\/exxon-mobil-takes-on-gas-price-rage\/"},"modified":"2011-04-28T18:37:52","modified_gmt":"2011-04-28T18:37:52","slug":"exxon-mobil-takes-on-gas-price-rage","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/28\/exxon-mobil-takes-on-gas-price-rage\/","title":{"rendered":"Exxon Mobil takes on gas price rage"},"content":{"rendered":"
\n

\"exoon,<\/a>Click the chart for more on Exxon Mobil.<\/strong><\/span> By Ben Rooney, staff reporter<\/span>April 28, 2011: 2:37 PM ET<\/span><\/p>\n

NEW YORK (CNNMoney) — In an attempt to deflect rising anger among American drivers and political leaders, Exxon Mobil said Thursday that it makes relatively little money on gasoline, even as it reported a nearly $11 billion quarterly profit.<\/p>\n

“We understand that it’s simply too irresistible for many politicians in times of high oil prices and high earnings — they feel they have to demonize our industry,” said a statement from Exxon vice president Ken Cohen.<\/p>\n

The statement argued Exxon is not to blame for the recent surge in gas prices, now above $4 a gallon in many areas<\/a>.<\/p>\n

Exxon argued that most of its profit comes from overseas operations, and that earnings in its refining business, which converts crude into gas, make up only 6% of its earnings.<\/p>\n

The company said the recent surge in oil prices is due to strong global energy demand, and a stormy political climate in the Middle East and the weak U.S. dollar.<\/p>\n

In addition, Exxon said federal and state taxes make up 40 to 60 cents of the price for a gallon of gas, compared with the 7 cents per gallon that the company earns.<\/p>\n

Exxon also lashed out at the task force recently created by the Obama administration to crack down on speculation in the oil and gas market.<\/p>\n

In response to recent criticism of tax loopholes for the oil industry, Exxon said it has paid nearly $59 billion in U.S. taxes over the past five years, including $9.8 billion last year.<\/p>\n

The retort came after Exxon Mobil, the world’s largest publicly traded oil company, said it earned $10.7 billion in the first three months of 2011, up from $6.3 billion in the same period last year.<\/p>\n

Exxon chief executive Rex Tillerson said the performance reflects higher crude oil and natural gas “realizations,” using industry jargon for prices.<\/p>\n

Tillerson also pointed to strength in Exxon’s chemicals business and improved refining margins.<\/p>\n

Oil prices averaged $95 a barrel in the first quarter, compared with $79 a barrel in the first quarter of last year.<\/p>\n

But the rally in the oil market accelerated toward the end of the quarter, with prices powering above $100 a barrel in March. In April, oil prices have averaged nearly $110 a barrel, up 20% from the start of the year.<\/p>\n

The spike in gas prices has weighed on consumer spending, and put a damper on economic growth in the first quarter.<\/a><\/p>\n

While oil prices remain below the record highs of nearly three years ago, the recent run has raised hopes among investors that 2011 could be another banner year for Exxon.<\/p>\n

In 2008, Exxon reaped the largest annual profit<\/a> of any company in U.S. history, reporting a whopping $45 billion on the back of high oil prices. Its largest quarterly profit, $14.8 billion, came in the third quarter of that year.<\/p>\n

Other major oil companies have also benefited from the recent run-up, including Royal Dutch Shell (RDSA<\/a>), which said Thursday that profits rose 40% in the first quarter to $6.9 billion. Chevron (CVX<\/a>, Fortune 500<\/a>), the world’s second-largest publicly owned oil company, is scheduled to report results Friday.<\/p>\n

Despite the strong results, shares of Exxon (XOM<\/a>, Fortune 500<\/a>) edged down 0.6% to $87.27 each. But the stock is up 20% so far in 2011, making it the best performer in the Dow Jones industrial average after Caterpillar (CAT<\/a>, Fortune 500<\/a>).\u00a0\"To<\/a><\/p>\n

First Published: April 28, 2011: 8:27 AM ET<\/p>\n<\/div>\n

Read the rest here:
\nExxon Mobil takes on gas price rage<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Click the chart for more on Exxon Mobil. By Ben Rooney, staff reporter April 28, 2011: 2:37 PM ET NEW YORK (CNNMoney) — In an attempt to deflect rising anger among American drivers and political leaders, Exxon Mobil said Thursday that it makes relatively little money on gasoline, even as it reported a nearly $11 billion quarterly profit. “We understand that it’s simply too irresistible for many politicians in times of high oil prices and high earnings — they feel they have to demonize our industry,” said a statement from Exxon vice president Ken Cohen<\/p>\n","protected":false},"author":0,"featured_media":405517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-405516","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"\nExxon Mobil takes on gas price rage - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/28\/exxon-mobil-takes-on-gas-price-rage\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Exxon Mobil takes on gas price rage - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Click the chart for more on Exxon Mobil. 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