BREITBART.COM - Exxon Dethrones Wal-Mart on Fortune 500

BREITBART.COM - Exxon Dethrones Wal-Mart on Fortune 500: "Exxon Dethrones Wal-Mart on Fortune 500
Apr 03 8:52 AM US/Eastern
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By J.W. ELPHINSTONE
AP Business Writer

NEW YORK

Skyrocketing energy prices propelled Exxon Mobil Corp. to the top of the 2006 Fortune 500 list, and consigned Wal-Mart Stores Inc. to the No. 2 spot on the magazine's annual ranking of the nation's largest publicly traded companies.
Fortune compiled its list based on companies' 2005 revenues. Exxon Mobil raked in $340 billion in revenue, a 25.5 percent increase over and had $36.1 billion in profits, the most by any U.S. company in history.

Exxon Mobil last appeared at No. 1 in 2001. Only Wal-Mart, Exxon Mobil and General Motors Corp. have topped the list since its inception in 1954.
Wal-Mart had $315.654 billion in revenue, a 9.5 percent increase from last year. Because of its pervasive U.S. presence, the world's largest retailer has struggled to sustain profit growth in the high teens as it had in previous years.
Other oil producers also rose in the rankings, boosted by crude prices that topped $70 a barrel and gasoline prices that surpassed $3 a gallon after hurricanes battered the Gulf Coast.
Both ChevronTexaco Corp. and ConocoPhillips saw their revenues jump in increasing by 28 percent and 37 percent, respectively. Chevron climbed two spots to No. 4, while Conoco edged up to No. 6 from No. 7 last year.
The major U.S. automakers showed their vulnerability as they faced declining U.S. sales and increasing benefit costs.
GM barely retained its hold on the No. 3 spot, while Ford Motor Co. slipped to fifth place from No. 4. GM's revenues decreased nearly one- half percent to $192.604 billion, while Ford's rose less than 3 percent to $177.21 billion.

What the hell? I thought the increased gas prices were a direct result of increased costs? What can we do? It's not like we can make our own gas..or can we?