Friday, July 13, 2007

Exxon Mobil Hits Milestone

Exxon Mobil becomes the first company on earth valued at $500 billion dollars.
Shares of Exxon Mobil rose 2.7 percent Thursday pushing the market capitalization of the Irving-based company to $504.9 billion — more than the annual economic output of Argentina, Finland and Kazakhstan combined. A 40 percent gain in the past 12 months made Exxon Mobil 26 percent bigger than General Electric Co., the next largest U.S. company.

A bottleneck in U.S. refining capacity also helped earnings for integrated companies such as Exxon Mobil that produce, process and market petroleum.
As you read this remember that this company receives tax breaks from the United States. This is an example of your tax dollars at work. It is time for a windfall profits tax.

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