More Profitable than Exxon |
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PSB More profitable than Exxon
The El Paso Water Utilities Public Service Board (PSB) has been more profitable than Exxon Mobil. Exxon Mobil earned only 18 cents before tax on every one dollar of revenue in 2006. The PSB, a non profit monopoly, earned 32 cents on every dollar.
El Paso is among the poorest cities in the United States but the PSB earned $45 Million in 2006 while the water departments of Las Vegas, Phoenix and Tucson had a combined loss of $50 Million.
Not satisfied with 32 cents on the dollar, the PSB raised prices by 4% in 2007 and 10% in 2008.
