Saudi Aramco is world's most profitable company: $111 billion

[dgpcolorado]

It appears that oil continues to be a lucrative business to be in, no surprise:

Aramco Unveils Financial Secrets of World's Most Profitable Firm

The first official glimpse of Saudi Aramco’s financial performance confirms the state-run oil giant can generate profit like no other company on Earth: net income last year was $111.1 billion, easily outstripping U.S. behemoths including Apple Inc. and Exxon Mobil Corp.

 

[RubberToe]

It appears that oil continues to be a lucrative business to be in, no surprise:

Aramco Unveils Financial Secrets of World's Most Profitable Firm

My contribution to the $111.1 billion net income was exactly $0.00. I sleep like a kitten at night after thinking that over.

RT

 

[dgpcolorado]

My contribution to the $111.1 billion net income was exactly $0.00. I sleep like a kitten at night after thinking that over.

RT

It isn't that simple, unfortunately. While I also don't buy gasoline, we all support Aramco indirectly via products we buy that are transported using fossil fuels or that are made with petroleum. Since oil is a fungible commodity, it doesn't much matter where the oil we use comes from.

Those of us in the USA also support the company indirectly via massive defense spending -- trillions of dollars! -- in the Middle East and Persian Gulf area over decades. (I sometimes mull over what the Middle East would be like had oil never been discovered there a century ago. How much attention would the region get, relative to the rest of the world?)

One way or another, we are all complicit in the prosperity of the oil industry, and the environmental and political consequences. Some of us do what we can to reduce our fossil fuel use, as you and I do, but we have a long way to go!

 

[RubberToe]

A long way indeed. Even the longest journey is begun with a single step.

Can't argue with anything you said it's all correct. But there is only so much one person can do. Lead the way, talk the talk, and more importantly walk the walk, vote, run for office if you are so inclined.

I still look forward to the inevitable decline of the fossil fuel industry, irrespective of the pain caused. The upheaval will be slow and grinding, but within 10-15 years every sane person and company will see with their own eyes that the transformation is under way.

I suspect that the oil industry will follow the coal industry.

RT