Exxon Made $1,300 Every Second in 2007 Shattering All Profit Records

The reality is that oil production is slowing while demand is increasing.

One thing that people seem to not understand is simple math.

Any growth rate produces a doubling period. Say for instance, oil production grew at 3.5% which means that production doubles every 20 years. Each doubling add as much as all prior periods. Double 2 is 4; double 4 is 8; double 8 is 16; etc. In absolute terms the most ever oil production was added in the most recent doubling period.

So here is the thing that will destroy most of your lives. When production growth goes negative, there is a halving period. When production begins to decline, at least at 3.5% then in 20 years it will be half. If production at peak is 86 million barrels per day, then in 20 years it will be 43 million barrels per day. The first halving period in absolute terms will be the largest ever, simply because the production to be cut in half is the greatest production ever.

We have been in a plateau in production since 2005 so there has been insignificant production growth. Production follows a gaussian curve so the most likely future is production declines somewhere at the 3% to 6% rate. There will be plenty of oil in the ground; oil production will not immediately end; it will simple decline to the point that the industrial era will crash and the world population will collapse in tandem.

So the oil profits enjoyed by producers now are simply a prelude to forced conservation, followed by deprivation, followed by death. The means of delivering these will be unimaginable higher prices for oil and the things it produces. You can expect the end of most governments and related civil war. You can expect starvation. Instead of the familiar government plunder of those who produce, you can expect random plunder instead.

Ron Paul could not have done much to stop this inevitable consequence of having our existence dependent on the once in our planet's lifetime savings account of finite fossil fuels. The most he could have done is to free us from the enslavement by our current government so that we would have a fighting chance in the coming struggle for survival.

This is not some far off future. The next three decades will be something else.

One thing should be considered. Sure the number appears higher...but remember that that is inflation at work. Because the number is high doesnt mean that they REALLY made more. The dollor is worth far less.

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those big mean oil companies! What's not being considered is the real question: What percentage is the profit compared to the money spent? Is it such a sin that they made $40 billion if they spent $500 billion getting that profit?

These companies invest incredible amounts of money, take enormous risks, and just maybe they deserve to profit.

If you get your way and take away their profit with windfall taxes, etc., then you may just take away the incentive to explore for oil. You think gas is high now?????

Disclaimer: I work in the oil industry, so am admittedly biased. And also know firsthand the risk they take. I've worked on 3 $200 million DRY holes in the last couple of years.

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We don't know how to mind our own business
'Cause the whole worlds got to be just like us
Now we are fighting a war over there
No matter who's the winner
We can't pay the cost
-Steppenwolf 1969

This is great news for all the people who have IRA's and 401k plans invested in mutual funds. Millions of people have these and many of these invest in Exxon and other oil companies. It is helping them build a retirement fund which they will need, cause we all know SS will not be around much longer.

The industrialists will show us the way to freedom.

Granted they have taken their fair share of sips off the nipple, but at its core ...

Freedom is the message.

I just hope they ae paying their taxes!

as for me and my home, we shall worship the LORD