That's how much Americans on minimum wage struggling with high gas prices now earn per second since the Federal increase just this month.
In contrast, CNN is now reporting Exxon Mobil made nearly $1,500 per second last quarter.
Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.
But as AP has questioned, just where is all that money going?
In North Carolina’s 8th District, the answer is easy – Republican Congressman Robin Hayes, who’s 2006 oil interest portfolio of up to $15 million is suddenly up to $23 million according to his own personal finance disclosures.
Yet, even as Robin Hayes joins President Bush in calling for more domestic exploration and giving away more of our most precious resources to oil interests, the fact remains oil companies have little to no interest in more exploration or reducing the price at the pump.
The big international oil companies have been criticized for plowing much of their profits back into stock buybacks and other programs to benefit shareholders, as opposed to exploring for more oil which could bring down the price of crude for everyone.
Critics charge the oil companies with deliberately restricting production in an attempt to keep prices high.
The industry says it's investing as much as it can in finding new oil, but is having a hard time given the shortage of workers and equipment in the sector.
Did you catch Big Oil's excuse? It's already investing all it can in finding new oil, but is having a hard time given the shortage of workers and equipment.
So why does my opponent Robin Hayes want to give oil interests even more Federal land than they can possibly drill on by their own admission? Hayes is just dancing with the one who brung him as he has the past decade in Congress.
There are already millions of acres of federal lands that are under lease but are not producing, and nearly 80 percent of offshore oil is already in areas that are open for exploration. My position is quit playing games with America’s energy policy.
The fact is, the real solution to energy independence will never come from oil interests. That's obvious. It's going to take nothing short of a moon shot commitment to renewable energy alternatives by a White House and Congress far more representative of our interests over oil's.
Cross posted at Daily Kos. Please help recommend.
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