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| Somewhat related to the post below, I've been doing some math of my own lately. Take Exxon profits for example. Last year, I think they averaged about 9 BILLION dollars of profit per QUARTER! That about $36 billion made in ONE year from ONE oil company. Then take 12 billion bu of corn times $3/bu. Thats also $36 billion. In other words, Exxon could buy EVERY bu of corn produced this year with only last year profits. Gotta make one stop and wonder how meaningless ethanol would or will be in a free market situation. Ethanol seems highly overhyped when I think of it this way. Seems big oil could easily make the corn market do whatever it wanted to drive out ethanol is short order.
PS I know if Exxon tried to by every bu, the price would go up drastically due to rationing, but I was just trying to show how small of players we really seem to be in such a technologically advance society. | |
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Oil profits
