Mike Stevens | Jan 31, 2009

While the vacuum hose attached to our wallets appears to have let up a little – in so much as exchanging a shattered leg for a shattered hand could be considered an improvement – drivers continue to feel the pinch at the pump. So it could be considered something of a slap in the face - but no great surprise, mind - to learn that fuel giant Exxon Mobil has recorded not only a profit, but a record profit for 2008.

The world’s largest publicly traded oil company has posted a profit of AU$71 billion – a whopping $9b over its 2007 profit. The company’s 2008 profits come largely on the strength of the second and third quarters of the year, when fuel prices in Australia were frequently over $1.50 per litre – with similar prices around the world. The last quarter of the year saw earnings drop by 27 percent; small comfort to the rest of us.

The world’s second-largest oil mob, Chevron, posted a similar profit for 2008, coming in with an easy AU$67.5 billion.

[ Source: AP / Google News]

Follow Mike Stevens on Google+