not right here!
xBy Dale H Mader
It certainly appears that the vertically integrated oil companies in Canada and the United States are going to have a very Merry Christmas this year. Third quarter profits for the oil companies have skyrocketed to unprecedented highs. Exxon Mobil Corp. became the first public company ever to enjoy quarterly sales exceeding $100 billion dollars while pocketing a windfall profit of $10 billion US.
Meanwhile in Canada, Imperial Oil has reported a record third quarter profit of $652 million. Petro Canada earned $614 million. In fact, it appears that all integrated oil companies in both countries have seen profits explode during the three-month period.
These profits came after consumer prices for petroleum products soared to unprecedented highs amid panic predictions of severe long-term supply disruptions attributed to hurricanes Katrina and Rita.
Motorists in both countries were dealt a severe shock to their pocketbooks in September as retail pump prices went through the roof. Cash strapped families are facing a cruel winter ahead as record high heating oil prices will force them to eliminate or severely trim other family budget items just to keep warm.
There’s got to be something wrong with a system that allows corporate greed to take advantage of natural disasters like the recent tragic hurricanes, in order to amass extraordinary profits at the expense of ordinary consumers.
On a more positive note, Auto Atlantic is very pleased to welcome Mr. John Latka as a contributing writer to its pages. John is Founder and President of ABS Automotive Business Solutions Inc. ABS specializes in providing proven systems and strategies enabling the automotive industry to maximize sales and profits.
In this issue, Mr. Latka outlines some of the strategies he employs to assist car dealership clients to successfully achieve their goals and objectives.
In closing, all of us at Auto Atlantic, from publisher and owner Rob Alfers, to Regional Sales Manager Arnold Langille, and Office Manager Nicole Henry, designers Chris Reardon and James Somers, writers Terry Waterfield and John Cannell, wish you a happy holiday season and all the best in 2006.
You can contact Dale here.