Exxon hit by falling production
By Daniel Pimlott in New York
Published: July 26 2007 14:41 | Last updated: July 26 2007 14:41
Exxon Mobil, the world’s largest publicly traded oil company, missed expectations as it reported earnings down by 1 per cent in its second quarter, hit by lower natural gas prices and falling oil production. [...]
Dangit! My stock went down!!! Thanks a lot Chavez, you evil dictator nitwit
! I'm down 3.33% this morning.
What does this mean for you if you don't own the Exxon (ticker=XOM
) stock? Higher fuel prices. You see, oil production fell across the board greatly due (but not entirely) to Hugo Chavez's nationalization of oil concerns in Venezuela. Venezuela sits atop a huge amount of oil. Venezueala has estimated reserves of 316 billion barrels of crude oil
- the largest in the world. That beats Saudi Arabia by 55 billion barrels, folks.
Do you still think Iraq is about oil when we have such huge reserves available in a banana republic on our back porch? Why fiddle with Islamo-fascists when we can take out one small dictator?