Exxon Mobil Corp., the world's largest publicly traded oil company, said it plans to begin more than 20 new global projects in the next three years, investments expected to add 1 million oil-equivalent barrels a day to its volumes. Exxon's capital spending would be about $20 billion a year through at least 2011. This just goes to show that it takes money to make money.

These oil companies are gushing profits. There should be a special tax on them.