Record Profits for Oil Company
02-01-2006, 04:04 PM
#31
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Originally Posted by 01350banshee
"As a consumer we have no "given Right" to know how a company plans to spend it's profits."
This is exactly why many of us feel we are getting robbed at the pump!! No new refineries, etc.. off shore sites dont seem to help either, so as for the R&D. R&D what, how to continue to raise the price of fuel for the conusumer while making a large profit. Maybe, if big business was more public with their doings, there would be 1 less ENRON out there where it's share holders are lining its pockets at the american consumer expense.
"To put that into perspective, Exxon’s revenue for the year exceeded Saudi Arabia’s estimated 2005 gross domestic product of $340.5 billion, according to statistics maintained by the Central Intelligence Agency." Need I say more!
This is exactly why many of us feel we are getting robbed at the pump!! No new refineries, etc.. off shore sites dont seem to help either, so as for the R&D. R&D what, how to continue to raise the price of fuel for the conusumer while making a large profit. Maybe, if big business was more public with their doings, there would be 1 less ENRON out there where it's share holders are lining its pockets at the american consumer expense.
"To put that into perspective, Exxon’s revenue for the year exceeded Saudi Arabia’s estimated 2005 gross domestic product of $340.5 billion, according to statistics maintained by the Central Intelligence Agency." Need I say more!
02-01-2006, 04:07 PM
#32
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It's amazing that many of the same folks complaining about $2.50 a gallon fuel, will think nothing about spending 5-6 dollars buying a 16oz. cup of coffee, or 2 dollars on a 20oz. bottle of water. 
02-01-2006, 08:58 PM
#33
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Originally Posted by Shovelhead
It's amazing that many of the same folks complaining about $2.50 a gallon fuel, will think nothing about spending 5-6 dollars buying a 16oz. cup of coffee, or 2 dollars on a 20oz. bottle of water.
02-02-2006, 07:42 AM
#34
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Originally Posted by Shovelhead
It's amazing that many of the same folks complaining about $2.50 a gallon fuel, will think nothing about spending 5-6 dollars buying a 16oz. cup of coffee, or 2 dollars on a 20oz. bottle of water.
I wonder what FiveBucks profits are?
MikeyB
02-02-2006, 08:36 AM
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Originally Posted by infidel
I have no problem with the oil companies making massive profits but the fact that many are also receiving billions in taxpayer supported subsidies is a real.
It's like giving food stamps to Bill Gates.
It's like giving food stamps to Bill Gates.
Do you know what FIT is? FEDERAL INCOME TAX! oil companies have to pay almost 50% to the U.S. government when they produce oil/gas. There are no subsidies that the govt. gives to oil/gas companies! We get tax breaks sometimes when we try to explore/develop unconventional resources (coal bed methane, shale oil/gas)
There are only a handfull of people on this board who truly know what they are talking about when it comes to oil and it's strategic role in our geopolitical society!
You guys keep on griping about gas/diesel price. Do you know we have an oil reservoir 3x larger than Saudi Arabia's? It's located under Colorada, Utah, and Wyoming in tight tar sands. It has to be mined out. Stop wasting your time griping about high oil prices, profits, and contribute to lower prices! Tree huggers won't let us get the oil out of these tar sands!
02-02-2006, 09:52 AM
#36
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If they have nothing to hide, the step forward.
http://news.aol.com/politics/story?i...990001&cid=771
http://news.aol.com/politics/story?i...990001&cid=771
02-02-2006, 10:00 AM
#37
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From today's Houston Chronicle:
So, the politicians want to call them before Congress like they did last quarter so that they can have a political field day with their ranting and posturing for their constituents back home? Elections are coming up, you know! 
Reminds me of the old saying - "First time, shame on you. Second time, shame on me."
Rusty
"Some of the executive leadership of our industry was contacted with essentially four business days to go before the hearing," Bob Slaughter, president of the National Petrochemical & Refiners Association, said in a statement. "Given the demands of running some of America's largest companies, it is no surprise that all schedules could not be accommodated on such short notice."
Reminds me of the old saying - "First time, shame on you. Second time, shame on me."
Rusty
02-02-2006, 10:12 AM
#38
Originally Posted by 01350banshee
If they have nothing to hide, the step forward.
http://news.aol.com/politics/story?i...990001&cid=771
http://news.aol.com/politics/story?i...990001&cid=771
I wouldn't waste my time going in there to answer a bunch of politically motivated questions about how I run my business either.
IF you read that same article you posted a link to, you will see that The FTC is investigating whether oil companies manipulated gasoline prices and oil refining production levels. The agency plans to finish its probe and send its findings to Congress this May.
They can do this investigation with out any of those people there and find all the proof they need if it truly exist. The rest of this stuff is nothing more than political rhetoric intended to stir some of you people up for the upcoming elections.
02-02-2006, 10:27 AM
#39
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LE
For your information I did read the article! Thats why I posted it!
"you will see that The FTC is investigating whether oil companies manipulated gasoline prices and oil refining production levels."
For your information I did read the article! Thats why I posted it!
"you will see that The FTC is investigating whether oil companies manipulated gasoline prices and oil refining production levels."
02-02-2006, 10:37 AM
#40
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Originally Posted by 01350banshee
"you will see that The FTC is investigating whether oil companies manipulated gasoline prices and oil refining production levels."
Rusty
02-02-2006, 11:10 AM
#41
Originally Posted by 01350banshee
LE
For your information I did read the article! Thats why I posted it!
"you will see that The FTC is investigating whether oil companies manipulated gasoline prices and oil refining production levels."
For your information I did read the article! Thats why I posted it!
"you will see that The FTC is investigating whether oil companies manipulated gasoline prices and oil refining production levels."
An Investigation does not mean GUILTY, it merely means they are looking into the matter as they should. Look at the URL of the link you posted it says it all
http://news.aol.com/politics/story?...9990001&cid=771
This is just more political rhetoric meant to incite the uninformed among us
02-02-2006, 08:03 PM
#42
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Originally Posted by TEXWS6
you have no idea what you are talking about.
I take it you haven't read the Energy Policy Act of 2005 have you?
Give it a try http://energy.senate.gov/public/_fil...nceReport0.pdf
The bill includes an estimated $85 billion worth of subsidies and tax breaks for the oil and gas industries.
02-02-2006, 09:46 PM
#43
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I agree with Tex...You DON'T have any idea what you are talking about, but don't feel bad, neither did the bafoons in Washington. I watched the hearings, and they had no clue and were laughable, and as the CEO of ExxonMobil stated, there were so many strings attached to the subsidies, they received no (read ZERO) government subsidies. As their P&L statements reveal, while they turn a tremendous amount of revenue, they don't even make enough profit per share to interest most long-term investors. They are doing FAIRLY WELL now (approx. 8% return on investment), which is not anywhere near great, but have had many rough years, and are very cyclical in nature, so none of the big oil companies stock even interest me. Now, maybe if they would raise prices a bit......
02-03-2006, 06:01 AM
#44
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The only problem with the "profits are the capitalist way and shouldn't be messed with" is that at this point motor fuel is not discressionary. too many Americans depend on their vehicles for survival. Why can't water companies, or electricity companies charge whatever they want?
I'm not saying go communist but I think there needs to be some regulation. If profits were capped then more money would be put into research. Why?
Because human nature is that you give me a limit and I'll find a way around it. so If my profit on oil SALES is capped I'll put more money into research because profits on new products isn't capped and I can be on boards of two subsidiaries that each give bonuses.
I'm not saying go communist but I think there needs to be some regulation. If profits were capped then more money would be put into research. Why?
Because human nature is that you give me a limit and I'll find a way around it. so If my profit on oil SALES is capped I'll put more money into research because profits on new products isn't capped and I can be on boards of two subsidiaries that each give bonuses.
02-03-2006, 06:52 AM
#45
Administrator / Scooter Bum
If you're dealing with a finite amount of a commodity, and you put a price cap on it, watch to see how long it will take for the faucet to be closed down.
$1.50 a gallon fuel is no bargain if you're only allowed to buy 5 gallons a week.
As entire communities that depend on the jobs that oil provides from Crude to Pump go out of business due to the lack of revenue, we can all start complaining about the unemployment rate, and the drain on public resources.
Wanna bet the CEO will still make HIS same salary, with a bonus for the cost savings to the Corp?
Lary has it right.....don't complain, buy stock in Exxon and get a piece of the pie.
$1.50 a gallon fuel is no bargain if you're only allowed to buy 5 gallons a week.
As entire communities that depend on the jobs that oil provides from Crude to Pump go out of business due to the lack of revenue, we can all start complaining about the unemployment rate, and the drain on public resources.
Wanna bet the CEO will still make HIS same salary, with a bonus for the cost savings to the Corp?
Lary has it right.....don't complain, buy stock in Exxon and get a piece of the pie.