Up $10.9 Billion, Exxon Worries About New Tax

By Steven Mufson
Washington Post Staff Writer
Friday, May 2, 2008; Page A01

Bolstered by winter's record crude oil prices, Exxon Mobil yesterday reported a huge first-quarter profit and provoked new congressional vows to come up with legislation that would tax windfall profits or demonstrate concern about high gasoline prices.
The oil giant earned $10.89 billion, up 17 percent from the previous year. (how many factory workers can show a 17% increase in their revenues over last year?) The amount was short of the all-time record Exxon set in the previous quarter but high enough to put the company on the defensive in the face of consumer ire and congressional indignation.
"Crude prices are at historic highs (Mission Accomplished!) and we recognize that they are having a significant impact on many in our society through higher gasoline prices and higher energy costs in other sectors," said Exxon's vice president for public affairs, Kenneth P. Cohen. He warned, however, that "high prices also have the potential to result in bad public policy, such as windfall profits tax, that will hurt consumers in the long run."
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