Exxon Mobil Profits Soar to $11 billion for the Quarter

The only way for Exxon to experience increases in profit from higher oil prices is if the end product of the oil - gas, plastics, other petro products - is also a higher price, which it is. Unless Exxon is selling surplus crude oil and possibly hedging the market.

What Exxon says is that the profit on gasoline is relatively small. I would think that Exxon would have a high profit margin on gasoline because they own practically the whole supply chain from raw material to finished good.

These are nuanced statements in these corporate reports which may be technically true, but misleading.

"... net income of $10.65 billion in the first quarter was its highest since it made $14.83 billion in the third quarter of 2008.. "
It's easy to get worked up over the numbers. It is worth remembering that on a global scale Exxon is a small player, and their profits would look tiny next to that of Saudi Aramco, if Aramco had to release a financial statement.

"... it had no control over high oil prices."
Can you prove otherwise? It's a pretty serious allegation that they do, and would require a vast conspiracy to enforce. The sort of thing that can't be hidden for too long. Not even by the mythical beast that Big Oil has become. At least in the minds of the more imaginative.

You are barking up the wrong tree here. OPEC has some control over oil prices. The volatility of oil prices clearly shows that nobody is in full control.

Most likely we are reaching the end of an era where American energy policy amounted to nothing more than begging the Saudis to pump more oil. Who knows, maybe we can get our dignity back.

Just because you are paying $4/gal at the pump does not mean that there is a vast conspiracy to rob you from the pleasure of driving your SUV. It may simply mean supplies are running low.

And if you support renewable fuel, you should be grateful: you can't do any better for alternatives than $4/gal. Unless, of course, you're willing to consider $5/gal...

"For some reason, Exxon's rationale of high oil prices contributing to the record profits in 2008 and 2006 no longer applies for 2011."
Just because they chose not to highlight it, does not mean it is no longer true, or even that they disagree. Just like George W Bush, in 2008, as president, couldn't allow to show how great high oil prices were for his personal finances.

"It's obvious someone in Exxon Mobil thinks the average American is stupid."
Your determination in proving them right is commendable.

Barry – further evidence of your argument is this article by Ron White:
http://www.latimes.com/business/la-fi-oil-refineries-20110429,0,7502154.story
'Oil companies are making more money and less fuel
Refiners including Exxon Mobil are raking in profits while producing less gasoline and diesel in the U.S. than usual for this time of year. They're also exporting more to foreign countries. With oil prices rising, that makes for sticker shock at the pump.'
I think this really needs to be analyzed by someone like you, and the word spread about the failure of 'supply and demand' with these oil companies.
thanks for the great work
Paul