Low oil production means more profit for Exxon
How my eyebrows did raise then when reading this article about Exxon (XOM) not increasing oil production so as to keep their record profits high, on Business Week. It is common practice now for oil companies to simply trade any capitol invested in new projects for the equivalent in oil so the countries are paying them to drill directly from their oil reserves. So why do they need our money again?
I know this may sound like a direct quote from Captain Obvious but oil companies like Exxon don't really care if Americans are struggling to keep their houses and buy food because of their desire to see higher profits which is reason number 643 why I intend my next new car to be electric. End rant.
[Source: Business Week]
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