Truckers' strike/slowdown

[tw]

Originally Posted by classicman

Where was that? My recollection from the news was that they are making record profits. Cite please.

Your recollection is the popular myth some confuse the exception with reality.

Exxon has record profits. If you move $100 of a commodity and make $10, then when a commodity costs $1000, the profit better be $100. That (and not speculation) is why Exxon is earning a less percentage while moving a more expensive product. Record profits but taking a less percentage in profits.

Exxon is one of the best - most productive in this business. If reaping so much benefit, well, why is Exxon's P/E ratio a paltry 12. Average is maybe 14. Apple is 39. Google is 40.

Exxon is the exception. Most oil firms are not doing as well. During every oil spike, that reality routinely gets forgotten by people who only hear what they want to hear. People who want to blame someone rather than themselves.

The source was already cited - NY Times of 14 May 2008.