August 21, 2008
Barack Obama addresses supporters at a campaign stop
THE RECENT news that ExxonMobil's second-quarter profits rang up at $11.7 billion--the largest quarterly profit of any company in history--rightly enraged millions of working people in the U.S. and abroad who are feeling the sting of high gas prices.
Democratic contender Barack Obama, among others, has been critical of such mega-profits. As a recent Obama campaign ad warns, "Every time you fill your tank, the oil companies fill their pockets." In response, Obama promises to stand up for workers' rights by instituting a windfall profits tax on oil companies if he becomes president.
But there's another industry that is currently reaping record profits that Obama most likely won't criticize: agribusiness companies that are currently raking in millions on the push towards ethanol and other biofuels.