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That's Oil Folks!


Hoofy and Boo take a look at how oil prices are pumping up Exxon-Mobil, and have GM running on empty.

Exxon-Mobil (XOM) recently posted the highest quarterly profit every recorded by a U.S. corporation-a little over $1,400 per second.

Obviously, high prices at the pump have people sweating. But, according to what Exxon-Mobil CEO Rex Tillerson told ABC News, the company is sympathetic to drivers.

"I can understand why people are very upset and why they're very worried and concerned about their ability to deal with these high prices," he said.

However, he explained that new technology on the supply side and energy efficiency on the demand side will make filling the tank more affordable as time goes by.

On the other side of the coin, General Motors (GM) reported its third-worst quarter ever, losing almost $2,000 per second.

In a statement, GM CEO Rick Wagoner said, "As our recent product, capacity and liquidity actions clearly demonstrate, we are reacting rapidly to the challenges facing the U.S. economy and auto market, and we continue to take the aggressive steps necessary to transform our U.S. operations."

This includes plans to decrease production of trucks and SUVs, as consumers find it increasingly difficult to afford the cost of filling vehicles like the formerly popular Hummer.

For more on how oil prices are pumping up Exxon-Mobil and have GM running on empty, check out Hoofy & Boo's always astute report.

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