Oil prices are much lower than they were in 2008 and that is reflected in the earnings of the worlds most profitable company, ExxonMobile. Profits plummeted 68% in the third quarter as reported by the New York Times – www.nytimes.com. Down from a high of $14.83 billion in the third quarter of last year, ExxonMobil earned a meager $4.73 billion in the same period this year. Boo Hoo. Don’t feel too bad for ExxonMobil or any of the other oil companies who reported similar drops in profits. We are in the calm before the liquid energy storm. Some people may argue that the recession was a blessing in that demand for petroleum decreased, prices went down and we pushed the energy crisis a few more years into the future. However, that future is still coming. We all know that petroleum is a finite resource, new discoveries have come to a screeching halt and demand continues to rise, especially in Asia. It seems that no matter what climate treaty, energy legislation or environmental regulation may come to pass, demand for petroleum will always be a part of modern societies. ExxonMobil will soon be rolling in it again.
