Bring It On!

Economy Is Great- If You’re an Oil Company or Defense Contractor

July 28th, 2006 | by Ken Grandlund |

Boy, this Bush economy is really spreading the wealth around, at least for Big Oil and the Military-Industrial complex.

Third quarter reports show ExxonMobile reaping record profit levels, raking in over $10 Billion in profit in the third quarter alone. Since the costs of extracting, refining, and delivering crude oil has not changed much, this is pure profit for the oil giant. If this were simply a matter of passing increased costs along to the consumer, the oil companies would not realize such extreme profits at all, as their costs would also be rising. It’s not about supply and demand either, despite market economy apologists. And it’s not just ExxonMobile either. Profits at Royal Dutch Shell grabbed over $7 Billion in profit in Q2 and ConocoPhillips sucked another $5 Billion out of consumers pockets.

Can anyone say price gouging? Add these obscene record earnings to the record tax breaks given these oil barons by the Bush administration and it’s clear that the Bush tax cuts are working wonders- for the uber-rich at least. Meanwhile, most of the regular joes are cutting back on summer travel, family entertainment, eating, and so on.

But if that’s not enough evidence that America is just a subsidiary of the corporate crassholes, defense companies are enjoying earning increases too, from 17 to 54 per cent as the neverending Bush war doctrine catches on around the world.

Can anyone say war profiteering? Many of these defense contracts are allotted through Homeland Security contracts, the federal governments newest money hole, where rampant fraud and waste have been documented.

You want to talk about ‘wealth redistribution?’ There it is folks. Plain and simple.

[tag]Oil Profits, Defense Profits, ExxonMobile, Royal Dutch Shell, ConocoPhillips, economy, war profiteering, price gouging[/tag]

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