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Global Oil Scam: War, Disaster, Lower Living Standards Mean Mega Profits

Steve Watson - Infowars
July 31, 2006

Commentary This week has seen every major player in the oil industry announce record profits despite prices being at all time highs and production levels decreasing.

Surging oil prices helped drive quarterly profits for US energy giant ExxonMobil to 10.36 billion dollars, revenues have exceed $1bn a day, the first time in history for a US company. The second-quarter profit was up 36 percent from a year ago and approached the company's all-time record profit of 10.71 billion dollars that was believed to be one of the biggest for any company.

At $6.3bn, Royal Dutch Shell's underlying profits for the three months to the end of June were 36 per cent higher than over the same period last year, despite serious disruption to production in Nigeria. Shell's earnings were equivalent to about $3m an hour.

ConocoPhillips announced yet another record profit, a 65 percent increase in profit over this time last year.

BP Plc, Europe’s biggest oil company, said second-quarter profit climbed 30% to a record as crude prices surged and refining earnings increased.

Chevron Corp. said Friday its second-quarter profit surged 18 percent to set a new three-month high.

The record profits have been attributed to the rise in prices caused by the hurricanes in the gulf of Mexico and the escalating violence in the middle east.

Gas prices have hit all time highs.

"Americans are paying near-record gas prices, oil companies are reaping billions in profits, but the response from the Oil Men in the White House and the Republicans in Congress has been billions for Big Oil and a backhand to the American people," Senate Democratic leader Harry Reid said Thursday.

US Representative Ed Markey added, "While American families get tipped upside down and have their savings shaken out of their pockets at the gas pump, the Bush-Cheney team devises even more ways to line Big Oil's pockets."

The three largest oil and gas producers in the world generated profits of nearly 23 billion dollars in the second quarter.

The oil industry's boom comes a year after the policy to artificially jack up prices was formulated and announced by the Bilderberg group in 2005 at their annual gathering.

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