Oil Companies’ Profits to Increase Greatly This Year; People’s Energy-Related Questions to Follow Suit.
The rapid increase in oil prices should equate to the oil industry having its best year since 2008, as reported by Chris Kahn for AP (via ABC). Exxon Mobil Corp., Chevron Corp. and ConocoPhilips are expected to report a combined $18.2 billion in first quarter earnings — a 40% increase from last year and just shy of the $20.2 billion that they earned in the first three months of 2008.
An increase in consumption, the constriction of supply (e.g., Libya’s reserve access is currently limited), and also a weaker US dollar are all speculated to contribute to an increase in oil prices.
While some stand to benefit from the rise in oil prices (shareholders), businesses and consumers will feel the hurt as gasoline prices inflate. Increases in gas prices tend to have ripple effects, increasing the prices of transportation and any good or service that is reliant on transportation — bread, toiletries, DVD players, air plane tickets, etc.
The broad societal effect of an increase in oil prices is precisely what makes this issue of interest to Dialogue Earth. This will undoubtedly augment expressed sentiment related to energy across social media platforms, such as Twitter. (more…)More »