There aren't many people who feel bad for oil companies. But the implosion in oil prices -- which briefly pushed the price of crude below $30 a barrel Tuesday for the first time since 2003 -- is causing a profit decline that almost invokes pity.
The companies in the Standard & Poor's 500 energy sector are expected to lose a collective $28.8 billion this calendar year, down from $95.4 billion in net income earned during the industry's bonanza year of 2008, according to a USA TODAY analysis of data from S&P Capital IQ.
That's a $124 billion swing against energy companies - and one you're probably enjoying at the pump. The analysis includes only the 36 S&P 500 energy companies that reported net income in 2008.
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3 comments:
Good keep going, They have made there Trillions over our military blood and treasurer it should be ZERO.
I'm supposed to feel bad for them? Did they feel bad for us when we were paying close to $4 a gallon?
Don't get get too excited. Once the auto manufacturers have met their sales quotas, gas prices will go back up.
good. I hope they all go bankrupt. We have other, better, alternative fuels available. It's past time we started using them.
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