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Apr
28

Exxon’s Profit: Exploitation

Rich Getting Richer

So XOM, better known as Exxon Mobil Corp posted its first quarter profits which amount to $11 billion dollars. This represents a 69% jump in the profits compared to the same period last year. The oil prices for an individual consumer are hitting $ 4 a barrel. Does it alarm anyone to know Exxon bought back around $ 5 Billion of its stock last year? They claim to have expanded their portfolio and increased output by making strategic moves such as the natural gas project in Qatar and buyout of XTO.

 

This is just insane if you ask me. No one should be allowed to make that kind of money especially when a lot of its coming from the pockets of an average worker. What does this profit figure represent? You might mistake this for excellent performance but let’s not deny this figure represents a rip off. The consumer has not bargaining powers in this sector.

The economy is still recovering from the recession. Nothing can be said about the financial future of the United States. People are re-evaluating their spending patterns and no visible trends are apparent yet. During such circumstances, a company can make such profits by sheer exploitation of the consumer.

I do not oppose profit making is wrong. My question relates to the ethical implication of this profit? The shareholders are happy. Is the average American happy? The rich get richer while the poor dye trying.

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