Yet Again, Exxon Breaks Its Record Quarterly Profit. By Steven Mufson, WashPost, October 31, 2008. "Exxon Mobil smashed its own U.S. record for quarterly profits yesterday, ringing up $14.83 billion in net income thanks to soaring summertime crude oil prices. But with crude oil prices now less than half their July peak and the economic outlook bleak, the record may stand for a while. Exxon's third-quarter earnings rose 58 percent compared to the corresponding period in 2007, and its per-share earnings of $2.86 were higher than what analysts expected, capping a week of strong profit numbers from the world's premier oil companies, all of which benefited from the spike in oil prices in July... the sheer size of Exxon's earnings incites criticism. Rep. Edward J. Markey (D-Mass), chairman of the Select Committee on Energy Independence and Global Warming, renewed his criticism of Exxon for not investing in renewable energy alternatives. Exxon's... [response is] that it is better for it to stick to what it knows, oil and gas, and let investors use dividends to invest in renewable energy if they choose."
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