Double, double, oil and trouble

I'm no college professor (just a B.B.A.), but Dr. Mark J. Perry is, and he teaches economics and finance in the School of Management at the University of Michigan - Flint (DaBlade's alma mater!). He also blogs at Carpe Diem and has been "talking oil" lately. I was listening yesterday at lunch when Rush Limbaugh read Mark Perry's post about T. Boone Pickens' rantings about oil and the "biggest transfer of wealth in history".

I know Obama is trying to demonize "BIG OIL", but did you know that the Oil Industry Ranks #60 By Profit Margin? More from Dr. Mark J. Perry:

With all of the media and Congressional focus on Exxon's record profits in the second quarter, what gets neglected (along with Exxon's record income tax payments) is the record amount of spending by Exxon on "capital and exploration," coming in at $7 billion in the second quarter 2008, the highest amount ever spent by Exxon in a single quarter.

I may have walked out with degree in hand 23 years ago, but it's nice to informally continue the education. Thanks professor.