In 2005 crude was selling at under $40 a barrel. Today, we hear that the world will fall apart since oil is at $64.
Exxon Mobil smashed its own U.S. record for quarterly profits yesterday, ringing up $14.83 billion in net income.....But with crude oil prices now less than half their July peak and the economic outlook bleak.
Exxon's third-quarter earnings rose 58 percent compared to the corresponding period in 2007, and its per-share earnings of $2.86 were higher than what analysts expected, capping a week of strong profit numbers from the world's premier oil companies, all of which benefited from the spike in oil prices in July.
Royal Dutch Shell also posted higher earnings yesterday, beating analysts' estimates with a profit of $8.45 billion for the third quarter.
Conoco Phillips, the third-largest U.S. oil company, said last week that its third-quarter profit jumped 41 percent, to $5.19 billion.
I saw diesel below $3 yesterday. Last year I cried when I had to pay $3 a gallon. It cost me $170 to fill my truck. Then it went to $5. I have never filled the truck at these high prices. I will begin buying diesel when it gets to 2.50. Until then I park the truck and only use it to move the harp.
In San Francisco, I saw diesel selling at a price less than gas.
The drop in the price of fuel will help many as we use our cars for work, heating our homes, and powering our refrigerators, computers, and lights with electricity that is tied to energy costs. Jesus has given us a break from the corruption in the world. It will not last. Let us prepare for the days that are ahead.