EXXONMOBIL LAPS UP IRAQ WAR PROFITS

[babylonsister]

EXXONMOBIL LAPS UP IRAQ WAR PROFITS
Submitted by davidswanson on Sat, 2008-01-26 14:46. Media

By Nick Mottern, Director, www.ConsumersforPeace.org


“EXXON GUNS FOR ALL-TIME PROFIT RECORD” declared CNNMoney.com on January 23, 2008, explaining:

“ExxonMobil, the world’s largest publicly traded oil company, is within striking distance of setting an all-time profit record – again.”

As ExxonMobil prepares to celebrate what could be a record profit of more than $10 billion for the last quarter of 2007, jubilant company officials and stockholders might want to join in a moment of silence for the more than one million war dead in Iraq – Iraqi and American combined. They paid the ultimate price in a war in which ExxonMobil has had a hand and which we can estimate is responsible for at least $2.5 billion of ExxonMobil’s latest profit.

This estimate of ExxonMobil’s war profit, between 20 and 30 percent of its overall profit, was kindly provided at my request by Dean Baker, economist and co-diretor of the Center for Economic and Policy Policy Research, who said that the excess profit can be traced to: (1) the loss of at least one million barrels a day of Iraqi oil production due to the war; and (2) “the additional uncertainty about supplies created by the war.”

“I’m just speculating,” Dr. Baker says, “but the price of oil is probably about $10 to $22 a barrel higher because of the war” attributed to the two factors noted above. “If (oil) prices were 10 – 20 percent lower, Exxon’s profits might be 20 – 30 percent lower.”

Dr. Baker, who has testified before Congress on the oil industry, specializes in evaluating the social costs of political decisions, studying housing, Social Security and Medicare, as well as oil.

What this analysis means is that the Iraq War is not only a major factor in the profits of ExxonMobil and other major oil companies, but in the cost of gasoline and petroleum products in the U.S. and around the world. The $150 billion plus economic stimulus package before Congress is prompted in part by the oil price inflation besetting U.S. consumers.

more...

http://www.afterdowningstreet.org/?q=node/30449

[RUMMYisFROSTED]

1. There oughta be a law...

[Junkdrawer]

8. There was, that's why they invented Saudi Arabia...

Long Story...

[Gman]

2. War is a free-market business opportunity

The morals against war-profiteering and others like usury don't exist any more.

[Fire Walk With Me]

4. Yep. Disaster capitalism is greed moving into its logical extremes.

It's an excellent cautionary tale for our children. If we can fix it, that is.

[ordinaryaveragegirl]

3. And guess who's footing the bill?

That would be us, the American drivers. We're getting the Royal Screw every time we fill up, and the Big Oil execs are laughing all the way to the bank. :mad: :mad: :mad:

[bvar22]

6. Not just American drivers,

but the children of American taxpayers.
Your children will be stuck with the $BILL$ for the Invasion and Occupation of Iraq.
Exxon reaps the $PROFIT$ today!

[Toots]

5. For four years running now Exxon has had a NET PROFIT

Net Profit ( Profits after all expenses have been paid), in the pocket money, of OVER one hundred million dollars per DAY Imagine what your local community could do with one hundred million dollars..These people put that in their damn pockets every single day and apparently that amount is increasing....I wonder if they like the Bush* Administration?

[annabanana]

7. No overhead. .Big Win/Big Win for them.

All income, no expenses.. except PR.

[gratuitous]

9. Whaddya mean "no expenses"?

Think of all those potential oil consumers that have died in Iraq defending ExxonMobil's obscene profits. They could have made even more money. They clearly need a tax cut or monstrous rebate to offset that lost revenue. How heartless do you have to be to consider dead soldiers over ExxonMobil's even greater profitability?

It's a crying shame, I tell you. Perhaps every American should be asked to contribute a little extra directly to ExxonMobil.

[fed-up]

10. k/r for the (post primary) night crew nt