By Leftlane Staff
Thursday, Jul 27th, 2006 @ 10:06 am

Oil giant Exxon Mobil said Thursday it earned $10.36 billion in the second quarter. The announcement comes amid record gas prices in the United States. The figure is the second largest quarterly profit ever recorded by a publicly traded U.S. company. In January, Exxon posted the highest quarterly profits of any public company in history: $10.71 billion. After the news broke this morning, the company’s stock hit an all-time high. Meanwhile, OPEC says it’s unable to do anything to stop surging oil prices. “There is no shortage in oil supply. The current geopolitical conditions are out of OPEC’s hands,” said the cartel’s president Edmund Daukoru. Iran’s Oil Minister Kazem Vaziri Hamaneh expressed his satisfaction over the current prices. “The oil prices are currently at a good level, but what would be worrying is the fluctuations,” he said. Oil prices peaked at a record $78 a barrel just over a week ago.

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