Exxon Earns Nearly $11 Billion Profit In First Quarter

Exxon turned a  $10.7 billion profit during the first quarter of 2011, the highest earnings the company has seen in one quarter since 2008. 

Exxon officials said Thursday that higher oil prices are the root cause for the 69 percent boost in earnings, compared to those from a year ago.

House Minority Leader Nancy Pelosi (D-Calif.) said the report means that lawmakers should vote to cut off tax subsidies to the oil industry.

“There is no reason American taxpayers should subsidize Big Oil’s profits. This week, Speaker Boehner said that oil companies should pay their fair share; it’s now time for him to make good on that statement and schedule a vote next week on ending taxpayer subsidies to Big Oil.”

High profits for big oil companies may not bode well for Americans feeling the pain at the pump, but Exxon has taken steps to dilute the situation saying the company had little control over the price of oil. The price per barrel of oil now sits at $113. 

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