Top Business News

IRVING, Texas, April 28 (UPI) -- Oil colossus ExxonMobil weekday reportable first-quarter profits of $10.7 1000000000 and warned of a Democratic initiative to remove U.S. lubricator business subsidies.

The figure is a 69 percent increase over prototypal lodge 2010 profits.

Speaking with reporters on a conference call, Ken Cohen, ExxonMobil's evilness president, open and polity affairs, said Congress should not go along with President Barack Obama's call to eliminate $4 1000000000 in set breaks for the lubricator industry.

"Democratic Party activity again talked most removing what they call $4 1000000000 in lubricator business subsidies," Cohen said. "But what they rattling mean is that they want to increase our taxes by taking absent long-standing deductions for our business while leaving these same deductions in locate for other sectors of the economy.

"The simple actuality is that these are lawful set viands to ready U.S. business internationally competitive -- to ready jobs from existence exported to other countries," he said.

Cohen said ascension lubricator prices mean "higher earnings for lubricator companies."

He said ExxonMobil "earned most 7 cents" for every gallon of fuel it sold in the United States and compared that to "40 to 60 cents per gallon that went from fuel consumers to the government, state and federal, in fuel taxes."

He said lubricator prices were ascension due to the weak dollar, accumulated obligation from aborning economies -- Brazil, Bharat and China in particular -- and from "political instability in some oil-producing regions."

"Uncertainty most tomorrow is echolike in prices today," he said.