Investor’s Business Daily has a great op-ed putting Exxon Mobil’s recent record-breaking profits in perspective:

Though Exxon Mobil set a record for nominal profit, the oil industry isn’t actually making the biggest profits.

In the first quarter of this year, the profit margin for oil companies was 7.4%. That trailed the electronic equipment industry (12.1%) and the pharmaceutical and medical industry (25.9%).

Last year, 63 industrial groups posted bigger profit margins than the oil industry.

Also obscured by the moaning over Exxon Mobil’s profit is the fact that investors expected higher earnings from the company. After second-quarter profit was announced, the company’s stock price fell almost 5% because of its disappointing performance.

That’s not an aberration for this corporate behemoth that is ruining everyone’s lives by selling them the gasoline they need.

Since May 20, less than a month after its first-quarter profit – then the fifth highest in history – was reported, Exxon Mobil stock has fallen 18%, from 94.56 to 77.45 at Thursday’s close.

Falling stock prices aren’t good news for Exxon Mobil shareholders, those average Americans trying to finance their futures, retirements and kids’ educations. And with more than half of all Americans owning stock, that means millions are poorer when Exxon Mobil shares fall.

But in the eyes of the political class and media know-nothings, those invested in Exxon Mobil should be making less on their investments.

Read the whole article here.