Exxon Mobil Posts Biggest Profit in U.S. History

Well Exxon Mobil Corp. has set a quarterly profit record for a U.S. company, surging past analyst estimates. The company said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.Exxon's prior record was $11.68 billion in the second quarter of 2008.

The company said its revenue totaled $137.7 billion in the third quarter. According to CNN Money, Exxon's earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 a barrel at the beginning of the third quarter, and had fallen to $100.64 at the end. Compare that to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.

So, why does Exxon Mobil need tax credits from the government? Isn't this the argument that Barack Obama has been making? So, while the economy is in the tank, Exxon managed to make history once more. Ain't America great?