Exxon Mobil Profits Plunge 58% on Low Oil Prices

Low year-over-year pump prices, oil demand drive revenue down
By Newser Editors and Wire Services
Posted Apr 30, 2009 7:57 AM CDT
In this May 1, 2008 file photo, a truck passes a pump at an Exxon Mobil station in Williamsville, N.Y.   (AP Photo/David Duprey, file)
camera-icon View 2 more images

(Newser) – Exxon Mobil’s first-quarter profit fell 58% from the previous year to $4.6 billion—its lowest profit in more than 5 years—as the world's largest publicly traded oil company, along with the rest of the industry, saw gas prices deflate dramatically. This time last year crude was in the triple digits, in the midst of a historic run-up to almost $150 a barrel. But prices spent the rest of the year retreating and have hovered around $50 a barrel since March.