Eideard

President Barack Obama on Saturday kept pressure on the Congress to end tax breaks for oil and gas companies, saying they were enjoying huge profits, as he sought to limit political fallout from rising gasoline prices…

“When oil companies are making huge profits and you’re struggling at the pump, and we’re scouring the federal budget for spending we can afford to do without, these tax giveaways aren’t right,” Obama said in his weekly radio and Internet address. “They aren’t smart. And we need to end them.”

Oil companies posted sharply higher first-quarter earnings this week with oil prices above $100 a barrel on unrest in the Middle East and growing global demand for energy.

Leading the way, Exxon Mobil, the world’s most valuable publicly listed company, beat analysts’ forecasts by posting a 69 percent rise in earnings to $10.65 billion, its biggest profit since the third quarter of 2008.

Obama insisted he remained committed to “safe and responsible oil production here at home” but said the money from oil industry tax subsidies would be better invested in developing alternative energy sources…

There’s the usual CYA crap in the middle of the article offering up Republican rationales for their butts belonging to Big Oil. Read it if you like collecting ancient propaganda.

Obama has insisted there is no “magic bullet” for bringing down gas prices. But the White House is worried that if gas prices continue rising, the issue could drown out the economic recovery message at the heart of his re-election strategy.

There is no sanity to providing subsidies and tax breaks to the wealthiest corporations in the world. Obviously Republicans presume a kickback from the Oil Patch Boys to fund their 2012 electoral campaigns. That’s pretty much a given. And in states mostly beholden to fossil fuel profits both wings of the Tired Old Party, Democrats and Republicans alike will siphon funds from that deep dark fuel tank.

The only surprise in this process is the number of Americans willing to accept the same old lies, the same foolishness about helping our economy with trickle-down voodoo economics. The only time anything trickles down the legs of Oil Companies results from fear and trembling at the prospect of paying their own way.

Need I repeat myself? Greentech will succeed when and where it’s profitable.

The oil giant Exxon Mobil, whose chief executive once mocked alternative energy by referring to ethanol as “moonshine,” is about to venture into biofuels.

On Tuesday, Exxon plans to announce an investment of $600 million in producing liquid transportation fuels from algae — organisms in water that range from pond scum to seaweed. The biofuel effort involves a partnership with Synthetic Genomics, a biotechnology company founded by the genomics pioneer J. Craig Venter.

Another venture founded in science and technology that papier-mache pundits lampooned as unrealistic and too far ahead of its time.

Despite the widely publicized “moonshine” remark a few years ago by Exxon’s chairman and chief executive, Rex W. Tillerson, the company has spent several years exploring various fuel alternatives, according to one of its top research officials.

“We literally looked at every option we could think of, with several key parameters in mind,” said Emil Jacobs, vice president for research and development at Exxon’s research and engineering unit. “Scale was the first. For transportation fuels, if you can’t see whether you can scale a technology up, then you have to question whether you need to be involved at all.”

He added, “I am not going to sugarcoat this — this is not going to be easy.” Any large-scale commercial plants to produce algae-based fuels are at least 5 to 10 years away, Dr. Jacobs said.

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In what might be the high watermark for corporate profits, the world’s biggest publicly traded oil company, Exxon Mobil, reported another blowout quarter Thursday, after oil prices hit a record this summer.

Exxon said its quarterly income rose by 58 percent to $14.8 billion, well above what analysts had expected.

The quarter includes an after-tax gain of $1.6 billion for the sale of a natural gas transportation business in Germany. Excluding one-time items, Exxon’s profit was $13.4 billion, still a record quarter for an American corporation…

“This is a good outcome, but some investors will be disappointed by the sluggish production volumes,” said Tony Shepard, an analyst at the broker Charles Stanley in London. “Given the fall in the oil price, an issue for all oil and gas companies is current levels of capital expenditure.”

So, uh, have you had very much of these enormous profits trickle down onto your household?