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Exxon Posts $10.89B Quarterly Profit

HeadlineMay 02, 2008

Another huge quarterly profit for the oil giant Exxon Mobil is sparking calls for increased congressional regulation of the energy industry. On Thursday, Exxon reported first quarter earnings of $10.89 billion, up 17 percent from last year. In a statement, Democratic Senator Charles Schumer of New York said, “Oil companies are racking up obscene profits left and right while American families are stretched to the limit by skyrocketing gas prices. It’s high time for Big Oil to pay its fair share.”

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