It's no surprise, but nonetheless galling, that ExxonMobil announced it made record profits (36.1 Billion) in 2005. This despite a devastating hurricane season that severely affected oil production in the gulf region.

How's that for a kick in the crotch....:mad:

http://news.yahoo.com/s/afp/20060130/pl_afp/usexxonmobiloil_060130223622

I'm shocked that a Moderator would post such an inflammatory article! You know full well that someone is going to say that the oil companies used the hurricanes as an excuse to jack up prices at the pumps! Someone is bound to say that they are gouging, yes gouging the American people! Well, let's nip that notion in the bud right now! These companies have responsibilities! They are obiligated to their stockholders to maximize their profits! What's a few pennies more at the gas-pump if you are a stockholder!? And if you're not a stockholder then you are either lazy or stupid so it's all your fault!

The record profits don't worry me so much - afterall record profits are a good thing, what bothers me more is the record profits + record tax breaks. They don't need tax breaks.

Regarding the profits, the argument that they are gouging makes no sense. They do not set the price of Oil - the market does. 5 years ago oil was $10 a barrel - at that price point the oil companies were hurting big time, but I didn't hear any news saying how terrible that was. One upside of higher priced oil is it makes the economics of getting harder to get at oil much better & it fuels exploration.

For the average joe consumer - the only thing they really notice is the price of gas at the pump, although this certainly is higher - driving a car remains dirt cheap in fuel costs. It's an emotive rather than real issue.

Originally posted by DrewM
For the average joe consumer - the only thing they really notice is the price of gas at the pump, although this certainly is higher - driving a car remains dirt cheap in fuel costs. It's an emotive rather than real issue.

That may be true in the south. Here in Wisconsin my home heating bill has doubled this year despite the warm winter. It is a real issue here, one of survival for the poor. A house with no heat can prove fatal around here in the winter.

I've seen the utility bills rise a bit, but not real bad. Thanks to the mild weather, my furnace has been off for a while. Most all of the incandescent bulbs in my home have been replaced with flourescents. It's rather amazing how much those save.

The staggering amount of the oil company profits is what sets everyone off. It's obscene.

Natural gas is different to Oil, it can only really be transported in pipelines (liquified gas can be imported but it's expensive to liqueify it). We get most of our gas internally & from Canada.

High prices for Oil does increase demand for gas because power stations can often switch between oil & gas fired dependent upon the economics. Demand only really potentially outstrips supply in the winter.

The Oil company revenues is a hot topic but only because people see them as profiteers, which really isn't the case - they do not set the price and they take all the risk to get the oil of the ground / look for new oil - even more risky when you have no control at all over the price.

Originally posted by DrewM
The record profits don't worry me so much - afterall record profits are a good thing, what bothers me more is the record profits + record tax breaks. They don't need tax breaks.

Agreed, on the tax breaks.


Regarding the profits, the argument that they are gouging makes no sense. They do not set the price of Oil - the market does.

For the most part, I doubt their profits come from selling oil, they make money from refining it. I understand that Exxon doesn't have a lot of control over how much a barrel of oil costs, but they made 36.1 billion dollars selling gas and other products in a year where refining capacity was severly impacted. This is what bothers me the most. How is it that they suffered this major setback in the gulf and still made record profits? I don't mind spending more for gas and heat to offset a natural disaster, but I'm a little ticked that I have to pay more to make Exxon have a record year.

:eek: I am glad I invested in all those energy mutual funds last year! :D

If we really wish to drive down the cost of energy.......

There are two trash to energy plants in my state of Connecticut, why aren't there more? God knows Americans produce garbage, dammit.

Also, there is plenty of oil in Alaska, off the Coast of California and Florida, let's go get it. There are tar sands in Canada and shale oil in the Midwest. Why aren't we going after those sources?

Originally posted by Darth Be'lal
There are two trash to energy plants in my state of Connecticut, why aren't there more? God knows Americans produce garbage, dammit.
Yeah, especially in Massachusetts.

Originally posted by Darth Be'lal
If we really wish to drive down the cost of energy.......

There are two trash to energy plants in my state of Connecticut, why aren't there more? God knows Americans produce garbage, dammit.

Also, there is plenty of oil in Alaska, off the Coast of California and Florida, let's go get it. There are tar sands in Canada and shale oil in the Midwest. Why aren't we going after those sources?

I don't know about the trash plants - that sounds like a winner, but I guess it's the same deal as the tar & shale oil. It takes energy to get oil out of the ground and for regular oil - that ratio of energy gained to energy used to get the energy is about 30 to 1. For shale and tar oil it's about 1.5 to 1 - it almost takes as much energy to extract as you get from it.

I had heard that same thing, Drew.

BTW when it says "record profits" it means For any company ever in teh hisotry of the US.

Regarding the profits, the argument that they are gouging makes no sense. Yeah I mean it's not like they refine the oil then mark it up however much they want...Nor is it like the heads of the oil companies agree to all mark up their prices so they all get to gouge the public...They would never do such a thing. They care about the people very much, not just thier wallets...I mean I bet if their was a crisis they would even sell gas for cheaper to help people...

+++++++++++++++
Attorney general's report rips oil refiners
Gasoline prices raise questions of gouging
Jenny Strasburg,
Tuesday, September 9, 2003

California Attorney General Bill Lockyer blasted oil companies Monday for charging the state's motorists "exorbitant gas prices," releasing a report showing refiners had increased their gasoline markup by 152 percent during the first three months of the year.

Gasoline markups -- which include refinery costs and profit -- jumped from 27.6 cents per gallon of regular unleaded gasoline to 69.6 cents at the end of March, Lockyer said. That was more than twice the national average markup, or margin, of 30.7 cents at the end of March.

http://www.ucan.org/News/gasnews/AGgouge9-09-03/SFGate9-09-03/Mn96612.html
+++++++++++
N.J. Sues Over Gas Price Gouging
TRENTON, N.J., Sept. 27, 2005
The civil action is believed to be the first in the country in response to recent rising gasoline prices. The defendants are accused of violating New Jersey's motor fuels and consumer fraud acts.

(AP) New Jersey has sued three oil companies and several gas stations for allegedly gouging drivers during Hurricane Katrina.

The lawsuits accuse Hess, Motiva Shell and Sunoco with artificially inflating gas prices and for increasing prices more than the once-a-day legal limit. Independent gas station operators selling Hess, Shell, Sunoco and Citgo brands were also sued.
http://www.cbsnews.com/stories/2005/09/27/national/main886441.shtml
+++++++++++

I mean look at how great they are treating out armed forces overseas...They make every effort to make sure affordable gas is ready for our troops...

++++++++++++++++++++
Pentagon alleges Iraq rip-off
Cheney's former company may be gouging U.S. for gas

Washington -- A Pentagon investigation has found evidence that a subsidiary of the politically connected Halliburton Co. overcharged the government by as much as $61 million for gasoline delivered to Iraq under huge no-bid reconstruction contracts, senior defense officials said on Thursday.
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2003/12/12/MNGTA3LVD21.DTL
++++++++++++++++++

I'm sure it is all legitmate and if congress wanted to investigate them for anything they would show up just to prove how transperent and legitimate all their actions have been...

++++++++++++++++++++
Oil execs refuse to testify at Senate hearing
Tue Jan 31, 11:04 AM ET

WASHINGTON (Reuters) - Officials from six major oil companies have refused to testify this week at a Senate hearing looking into whether oil industry mergers in recent years have made gasoline more expensive at the pump.

With oil companies reporting record profits from higher energy prices, consumer groups have complained that mergers in the industry have stifled competition.
http://news.yahoo.com/s/nm/energy_congress_gasoline_dc
++++++++++++++++
How is it that they suffered this major setback in the gulf and still made record profits? I don't mind spending more for gas and heat to offset a natural disaster, but I'm a little ticked that I have to pay more to make Exxon have a record year. One has to wonder...

+++++++++++++++
Oct 2005

Riding a wave of high prices for oil, gasoline and natural gas, Exxon reported third-quarter net income of $9.92 billion, up 75 percent from the year-ago period, on revenue of $100.72 billion. It was among the biggest quarterly profits of any company in history, and amounted to a per-minute profit of $74,879.23 during the quarter. A handful of other companies have posted higher quarterly earnings in the past, but only with the help of big accounting adjustments, while Exxon's results came mostly from operations.

http://www.post-gazette.com/pg/05301/596812.stm

Over a 10 year period - Oil & Gas company earnings are in line with norms - about 6% - which is slightly higher than the average by a few fraction of a percent.

Originally posted by DrewM
Over a 10 year period - Oil & Gas company earnings are in line with norms - about 6% - which is slightly higher than the average by a few fraction of a percent.

Which ten-year period?

Any ideas why gas prices here went up .25/gallon overnight?

Originally posted by Vilepagan
Which ten-year period?

Any ideas why gas prices here went up .25/gallon overnight?

must've been a thursday LOL...

Originally posted by Vilepagan
It's no surprise, but nonetheless galling, that ExxonMobil announced it made record profits (36.1 Billion) in 2005. This despite a devastating hurricane season that severely affected oil production in the gulf region.

How's that for a kick in the crotch....:mad:

And the rich get richer while the poor and middle class pay for it, GOTTA LOVE IT!!!!!

Originally posted by es347fan
I've seen the utility bills rise a bit, but not real bad. Thanks to the mild weather, my furnace has been off for a while.

I bet your glad you left the great white north:) It is getting very expensive to heat a home up here, oil more then doubled from last year.

Most all of the incandescent bulbs in my home have been replaced with flourescents. It's rather amazing how much those save.

I agree we did this last year and noticed a very big difference even on the 1st bill. It'll will help us save over 300+ per year on the bill

Lets face it Oil companies are in the business for money if there wasn't any they wouldn't exist. They do effect the price at the pump lets not make it look like they don't.

Originally posted by mad dog
there wasn't any they wouldn't exist.

PURPOSE!!!!!

http://www.themagickalreview.org/occult-newswire/img/agent-smith-listens.jpg

Because without purpose... we would not exist!!!

Originally posted by mad dog
And the rich get richer while the poor and middle class pay for it, GOTTA LOVE IT!!!!!

so I am rich? I dont think so. enough with the retread cliches man, they are played. anyone can invest in these companys, you don't have to be part of some secret society you know. I think what you mean to say, or should have said, is those who took the time and initiative to research and invest in companies that do well got richer, while those that sat on their ass and complained got nothing.

And the rich get richer

so I am rich?

The rich get richer, Trav.

Yes, that's true, anyone can invest, but I still think it's wrong to rip off people in order to make a buck.

Gas prices here are "unstable." They fluctuate like a yo-yo--up 20 cents one day, down a nickle the next, 2 days later, up a quarter. Sometimes you see a 15-25 cent rise in only a few hours. This has gone on for months. Why? There aren't any hurricanes out there anymore!!!!!

so did I, yet I would hardly classify myself as rich.

When you say "richer" is there a number attached to that? like if you make over a million dollars that is getting richer? or is it any profit at all means you got "richer"? thats the way I look at it. If I make 100 dollars, I got richer.

So Travh if you had 20 bucks you'ld consider yourself rich. Then of course when you make 100 more you did get richer. Do you own exxon, were you able to eat a 400.00 meal{right that off on taxes also} each night this week, did you get a huge tax break on your earnings? You know damn well what I'm talking about.

Rendova thanks for making the point about ripping people off.

Originally posted by sedan
What's a few pennies more at the gas-pump if you are a stockholder!? And if you're not a stockholder then you are either lazy or stupid so it's all your fault! Originally posted by Travh20
I think what you mean to say, or should have said, is those who took the time and initiative to research and invest in companies that do well got richer, while those that sat on their ass and complained got nothing. Told ya.

Speaking of investing, Burger King has announced they're going public.
Now's our chance to get rich making money off all the overweight people out there!

Originally posted by mad dog
So Travh if you had 20 bucks you'ld consider yourself rich. Then of course when you make 100 more you did get richer. Do you own exxon, were you able to eat a 400.00 meal{right that off on taxes also} each night this week, did you get a huge tax break on your earnings? You know damn well what I'm talking about.

Rendova thanks for making the point about ripping people off.

no, I dont own exxon, and I dont care if the guy who does eats 5,000 dollar meals every night, who cares? If I really wanted to become owner of exxon I could, thats the beauty of Amerikkka. Why exactly are you pised at the rich anyway? do you envy them or think they shouldnt be allowed to be that rich?

Originally posted by Travh20
Why exactly are you pised at the rich anyway? do you envy them or think they shouldnt be allowed to be that rich?

I think the relevant point is that they do not need nor deserve to be recieving untold billions of dollars each year in tax breaks and in Corporate Welfare while the infrastructure is crumbling, and while the necessary funding is lacking for all manner of government programs aimed at helping people --poor and lower middle class working people -- have some small improvements in their quality of life.

Thank you Freethinker I never thought I'd see the day Travh fell in love with corporate fascism. Next he'll be telling me he's a homosexual :eek: :D

LOL, I don't love them. I dont love them, I dont hate them, I dont give a crap. How much money someone else has isn't my concern. If someone can make 500 million dollars a year good for them. Why am I going to lose sleep over that? because someone else is getting screwed? People are always getting screwed. I suppose I could be a good liberal and pay lip service to how bad that is but why? A million liberals crying about how life is unfair wont change anything. If you want it to change you need to actually be one of those people you despise who make a trillion dollars a year.

Originally posted by Travh20
LOL, I don't love them. I dont love them, I dont hate them, I dont give a crap. How much money someone else has isn't my concern. If someone can make 500 million dollars a year good for them. Why am I going to lose sleep over that? because someone else is getting screwed? People are always getting screwed. I suppose I could be a good liberal and pay lip service to how bad that is but why? A million liberals crying about how life is unfair wont change anything. If you want it to change you need to actually be one of those people you despise who make a trillion dollars a year.

Ahh but Trav, it is human nature to rail in futility against the cruel vagaries of fate. We do it because we can't help ourselves. :)

Nonsense - rule the world, baby! That's my motto.

Make some fat cash, buy a couple of servants, drive a Porsche, and date hotties. Once you've achieved personal wealth and greatness, the law no longer applies, and rich people don't bother you anymore. Life doesn't get any better than that. LOL.

Originally posted by The Praetorian
Nonsense - rule the world, baby! That's my motto.

Make some fat cash, buy a couple of servants, drive a Porsche, and date hotties. Once you've achieved personal wealth and greatness, the law no longer applies, and rich people don't bother you anymore. Life doesn't get any better than that. LOL.

Yea, and then you find FT's address and send him 1000 pounds of dog shit in his front yard every week LMAO

AND you send an envelope with a check for 50 cents in it.

wow am I off topic.. but eh who cares

Originally posted by The Praetorian
Nonsense - rule the world, baby! That's my motto.

Make some fat cash, buy a couple of servants, drive a Porsche, and date hotties. Once you've achieved personal wealth and greatness, the law no longer applies, and rich people don't bother you anymore. Life doesn't get any better than that. LOL.
It's Money That I Love
by Randy Newman

I don't love the mountains
And I don't love the sea
And I don't love Jesus
He never done a thing for me
I ain't pretty like my sister
Or smart like my dad
Or good like my mama

It's Money That I Love
It's Money That I Love

They say that's money
Can't buy love in this world
But it'll get you a half-pound of cocaine
And a sixteen-year old girl
And a great big long limousine
On a hot September night
Now that may not be love
But it is all right

One, two
It's Money That I Love
Wanna kiss you
Three, four
It's Money That I Love

Used to worry about the poor
But I don't worry anymore
Used to worry about the black man
Now I don't worry about the black man
Used to worry about the starving children of India
You know what I say about the starving children of India ?

I say, "Oh mama"

It's Money That I Love
It's Money That I Love
It's Money That I Love

Originally posted by sedan
They say that's money
Can't buy love in this world
But it'll get you a half-pound of cocaine
And a sixteen-year old girl
And a great big long limousine
On a hot September night
Now that may not be love
But it is all right
That's a great verse!

That aside, coke is the only thing that scares me about having money...