Next, let's take a look at the profits seen in 2008 - and yes, there were profits to be had - especially if you were in oil. Today, Exxon Mobil reported a record profit of 45.2 billion for last year. That's right, in a year filled with bankruptcy, Exxon broke its own record for profits.
Here's what the Associated Press has to say about this bounty:
"The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July."
Now, however, prices have fallen 70 percent since then, a welcome relief to consumers, but surely a profit-pinching scenario for Exxon. I'm not too worried about them, though. Even though revenue fell slightly more than 25 percent in the most recent quarter, the per-share and revenue results for Exxon exceeded Wall Street forecasts.
And hopefully, they've put some of that record-breaking profit aside for the rainy days ahead.