To the People

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Thursday, November 01, 2007

Oil Prices Up, Exxon Down

High oil prices are usually associated with bursting profits for the oil titans. Information released today points contrary to this populist notion.

Oil prices rose above $96 dollars a barrel today, but Exxon issued a weak earnings report causing its stock to drop.

The reasons are simple, a weak dollar which translates to only a slight increase in the price of oil by 1% when economic adjustments are taken to account. So far the oil companies are bearing the burden of higher prices and not consumers.

Stories from the International Herald Tribune and New York Times.

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