Santa Monica Observer ISSUE 7, 2008 : Page 1

Volume XI Number 7 Community, Diversity, and other Overused Words™ Valentines Day Passe? P. 10 February 10 - 17, 2008 Pointing to the Future INSIDE: New West Symphony Moves to Barnum Hall, Page 4 Blue Cross no longer Requires doctors to rat out Patients, Page 5 Yahoo Lays off 100s, Including SM, Page 5 Independent Spirit on Santa Monica Beach, Page 6 Paris Hilton Does a Movie: Hottie & Nottie, page 8 Valentines Day Sucks: One Woman Speaks, P. 10 Classifieds, Page 17 Professional and Services Directory, Page 18 - 19 Exxon Mobil Profit Sets Another Record York Times By JAD MOUAWAD, New By any measure, Exxon Mobil’s performance last year was a blowout. The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 coun- tries. Exxon Mobil earned more than $1,287 of profit for every second of 2007. The company also had its most profitable quarter ever. It said net income rose 14 percent, to $11.7 billion, or $2.13 a share, in the last three months of the year. The company handily beat analysts’ expectations of $1.95 a share, after missing targets in the last two quarters. Like most oil companies, Exxon benefited from a near dou- bling of oil prices, as well as higher demand for gasoline last year. Crude oil prices rose from a low of around $50 a barrel in early 2007 to almost $100 by the end of the year — the biggest jump in oil prices in any one year. “Exxon sets the gold standard for the industry,” said Fadel Gheit, an oil analyst at Oppenheimer & Company in New York. Oil companies have all reported strong profits in recent days. Chevron, the second- largest American oil company, said Friday that its profits rose 9 percent to $18.7 billion last year; Royal Dutch Shell on Thursday reported net income for 2007 of $31 billion, up 23 percent and the EXXON: Page 2 Dad, Mom and Kid on teh beach near Santa Monica Canyon. Has global warming sentenced our kids to a future with less water? Colorado River may Run Dry by 2020 Copley News Service: Colorado River reservoirs that serve 20 million people in the Southwest could essentially run out of water in 13 years based on current climate and water- use trends, researchers at Scripps Institution of Oceanography said Tuesday. Several million people across the Southwest also get hydro- electric power from the reser- voir's dams, which the scien- tists said may suffer an "abrupt drop" in production in about 10 years if reservoir lev- els continue to fall. Major industries - from tourism to biotech - would be affected by such a shortage, which already is starting to force changes. A large marina on Lake Mead recently was forced to move its floating docks to deeper water. This latest warning could escalate pressure for more con- servation, either voluntary or mandatory, several water experts suggest. The report is the first in a peer-reviewed journal to pin a date on when the river's water level would drop so low that reservoir water could no longer be drawn by gravity, said authors Tim Barnett and David Pierce, scientists at Scripps, which is part of the University of California San Diego. The paper was accepted for publication by the American Geophysical Union, an international society of Earth and space scientists. "We were stunned at the mag- nitude of the problem and how fast it was coming at us," Barnett said. "Make no mistake, this water problem is not a scientific abstraction, but rather one that RIVER Page 2

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