One would think that with the fall in oil prices, an economy that has decreased the amount of travel on the road and in the air by record numbers and a real global push toward hybrid vehicles that this wouldn’t be the year that an oil company would find itself number 1 on Forbe’s list of Fortune 500 companies.
One would think…
However, the list, released in mid-April, has Exxon Mobil knocking Wal-Mart out of the top spot by posting a revenue of $442.85 billion dollars, with profits of $11.4 billion. Yes, billion.
Two other oil companies, Chevron Corp. and Conoco Philips, were listed in the top ten as were automakers General Motor and Ford Motor.
Forbes did say that 2008 marked the worst economic performance for America’s biggest companies in the magazine’s 55-years history, with earning dropping nearly 85% from the previous year.
The oil companies all proved they were able to generate revenue despite the downturn, but that may be in jeopardy if congress passes a cap-and-trade law that would smash their profits.
For you and your fleet, that could mean that oil companies try and find their money in other places sooner than later…like the pump.
Gas prices have been pretty stable the past few weeks, but with summer months on the way, that could change before you know it.
We’ll keep you posted.
For Forbes complete list of Fortune 500 companies, check out CNN’s Money page.