1 Boring Old Man

Exxon Mobil Reports $39.5B Annual Profit

The Associated Press
Thursday, February 1, 2007; 9:26 AM

NEW YORK — Oil giant Exxon Mobil Corp. on Thursday posted the largest annual profit by a U.S. company _ $39.5 billion _ even as earnings for the last quarter of 2006 declined 4 percent.

The 2006 profit topped the previous record of $36.13 billion which Exxon set in 2005.

Revenue at the world’s largest publicly traded oil company rose to $377.64 billion for the year, surpassing the record $370.68 billion that Exxon posted in 2005.

^{I think it’s important for us to look on U.S. businesses as a valuable national asset, not just as an activity we tolerate, or a practice that we do not want to get too close to because it involves money. Far better for us to understand that the drive of American firms to be involved in and shape and direct the global economy is a strategic asset that serves the national interest of the United States.}

^{One of the problems we face, I think, is that we have far too many policymakers who lack any real understanding of what the modern world economy is all about or how it actually functions. I am concerned that we have a lot of policymakers who may be wise in the ways of Washington, but are, frankly, naive about the way the world economy works. I think they tend to still view international commerce as a process by which nations trade a few agricultural commodities and some manufactured goods and that is it. They believe that commerce is easily controlled and regulated by national governments, and that, if necessary, the United States can isolate itself from the rest of the world’s economy and remain prosperous.}

^{National boundaries simply do not mean what they used to mean economically. The vast flows of capital and technology, the internet, the tremendous growth in services moving back and forth across international borders and between centers of economic opportunity and activity around the globe, have dramatically transformed what we think of as the world’s economy. We need enlightened political leadership that understands and comprehends the complexities of the world economy. All too often these days that leadership appears to be lacking.}

^{Dick Cheney, Speech at the London Petroleum Institute, 1999}

^{The only acceptable strategy is one that eliminates the possibility that Iraq will be able to use or threaten to use weapons of mass destruction. In the near term, this means a willingness to undertake military action as diplomacy is clearly failing. In the long term, it means removing Saddam Hussein and his regime from power. That now needs to become the aim of American foreign policy.}

^{We urge you to articulate this aim, and to turn your Administration’s attention to implementing a strategy for removing Saddam’s regime from power. This will require a full complement of diplomatic, political and military efforts. Although we are fully aware of the dangers and difficulties in implementing this policy, we believe the dangers of failing to do so are far greater. We believe the U.S. has the authority under existing UN resolutions to take the necessary steps, including military steps, to protect our vital interests in the Gulf.}

^{Letter to President Clinton, Project for the New American Century, 1998}