cre8tiff Posted July 31, 2008 Share Posted July 31, 2008 Exxon has made nearly $1,500 a SECOND in PROFIT this year... Note this is PROFIT, not gross sales. It is real hard for me to ignore the part of me that thinks, "W has major ties to big oil. Here at the end of his Presidency, big oil is making the biggest profit ever in the history of the oil business." In any event I can't believe we just take this as a country. How is it possible to tell us we have to pay these high prices and give the oil companies this HUGH profit, when we also have the largest strategic reserve in history as well?? I just don't get it. Perhaps I just don't understand supply and demand. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted July 31, 2008 Share Posted July 31, 2008 (edited) Exxon has made nearly $1,500 a SECOND in PROFIT this year... Note this is PROFIT, not gross sales. It is real hard for me to ignore the part of me that thinks, "W has major ties to big oil. Here at the end of his Presidency, big oil is making the biggest profit ever in the history of the oil business." In any event I can't believe we just take this as a country. How is it possible to tell us we have to pay these high prices and give the oil companies this HUGH profit, when we also have the largest strategic reserve in history as well?? I just don't get it. Perhaps I just don't understand supply and demand. That is a lot of money, good for them and all of the pension funds that they are providing earnings for... We pay these prices because we demand this product, no one is telling you to pay these prices, use it in moderation or not at all if the prices are that disturbing. Consumption has decreased over the past few months and in one week, roughly, I am paying 16 cents per gallon less. Using the oil reserve is short sighted at best and if we unloaded it all it would not comprise a large % of our annual consumption. ETA - I am neither a billionaire nor an oil man. Edited July 31, 2008 by SEC=UGA Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted July 31, 2008 Author Share Posted July 31, 2008 That is a lot of money, good for them and all of the pension funds that they are providing earnings for... We pay these prices because we demand this product, no one is telling you to pay these prices, use it in moderation or not at all if the prices are that disturbing. Consumption has decreased over the past few months and in one week, roughly, I am paying 16 cents per gallon less. Using the oil reserve is short sighted at best and if we unloaded it all it would not comprise a large % of our annual consumption. ETA - I am neither a billionaire nor an oil man. I do understand your point, but if public utilities are prevented from running profit lines like this on a staple energy item, why are the oil companies allowed to run free? At what point does purchasing gas become a "must" versus a "choice"? Isn't there some sort of "cap" on the amount of profit electric companies make because to the captive nature of thier consumers? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted July 31, 2008 Share Posted July 31, 2008 Al Gore's Climate Solutions Fund has closed with $683 million to invest in early-stage green companies. The Financial Times reports the fund will focus on renewable energy, energy efficiency technology, biofuels and biomass. This is the second fund for Generation Investment Management. The first focused on larger firms the fund deems to be environmentally friendly. Quote Link to comment Share on other sites More sharing options...
TimC Posted July 31, 2008 Share Posted July 31, 2008 Do what I do. Hook up a dozen poor people to your car and let them pull you around. I put spinner sneakers on each of them to really bling it up. Sure it's slower, but it's the latest accessory...along with the diamond encrusted whip. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted July 31, 2008 Share Posted July 31, 2008 Do what I do. Hook up a dozen poor people to your car and let them pull you around. I put spinner sneakers on each of them to really bling it up. Sure it's slower, but it's the latest accessory...along with the diamond encrusted whip. does the lead guy wear this? Quote Link to comment Share on other sites More sharing options...
TimC Posted July 31, 2008 Share Posted July 31, 2008 does the lead guy wear this? I shall get him that for his birfday. If he lives that long, of course. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted July 31, 2008 Share Posted July 31, 2008 That is a lot of money, good for them and all of the pension funds that they are providing earnings for... Someone show me the math of the person who earned more in their pension fund than they lost in spending on gas, heating and electricity, the effects of higher transportation and production costs, and lost due to inflation and the overall fall of the rest of the market. Find that person, and your statement won't be complete nonsense. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted July 31, 2008 Share Posted July 31, 2008 I do understand your point, but if public utilities are prevented from running profit lines like this on a staple energy item, why are the oil companies allowed to run free? At what point does purchasing gas become a "must" versus a "choice"? Isn't there some sort of "cap" on the amount of profit electric companies make because to the captive nature of thier consumers? The reason that utilities are regulated is because of the almost absolute monopoly that they experience in a given municipality. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted July 31, 2008 Share Posted July 31, 2008 (edited) Someone show me the math of the person who earned more in their pension fund than they lost in spending on gas, heating and electricity, the effects of higher transportation and production costs, and lost due to inflation and the overall fall of the rest of the market. Find that person, and your statement won't be complete nonsense. http://en.wikipedia.org/wiki/Rex_W._Tillerson It is amazing that you can fully place the blame of Inflation and the fall of the overall market squarely on the shoulders of oil companies, show me the math of that... Edited July 31, 2008 by SEC=UGA Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted July 31, 2008 Share Posted July 31, 2008 The reason that utilities are regulated is because of the almost absolute monopoly that they experience in a given municipality. Your argument irritates me. sorry, but it does. Gasoline IS a monopoly. For now anyway. Sure, there's Exxon, there's Shell, there's Marathon, but there's only one real fuel source for a car and that's gasoline which in my estimation makes it a monopoly. Kinda like the NFL. There's 32 teams, but only one NFL. In time, there will be other, more practical alternatives, but I've heard Bush make statements about supply/demand, etc... and the market sets the price, etc... That's bull-chit. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted July 31, 2008 Share Posted July 31, 2008 If you are an investor in Exxon, should this still piss you off? Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted July 31, 2008 Share Posted July 31, 2008 Your argument irritates me. sorry, but it does. Gasoline IS a monopoly. For now anyway. Sure, there's Exxon, there's Shell, there's Marathon, but there's only one real fuel source for a car and that's gasoline which in my estimation makes it a monopoly. Kinda like the NFL. There's 32 teams, but only one NFL. In time, there will be other, more practical alternatives, but I've heard Bush make statements about supply/demand, etc... and the market sets the price, etc... That's bull-chit. I'm irritating, that's just the way it is. If gas is a monopoly, why is it not 15 dollars a gallon here? They can charge any price they want, we absolutely must use it to live, hell why not charge 25 dollars a gallon? Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted July 31, 2008 Author Share Posted July 31, 2008 I'm irritating, that's just the way it is. If gas is a monopoly, why is it not 15 dollars a gallon here? They can charge any price they want, we absolutely must use it to live, hell why not charge 25 dollars a gallon? Isn't that a straw-man argument, "If that were true why aren't they REALLY gouging us?" Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted July 31, 2008 Share Posted July 31, 2008 Here is something that I find interesting: Exxon was both helped and hurt by high oil prices. As an oil producer, the company makes a lot of money when crude prices rise. Exxon made $10 billion from selling oil in the latest quarter, up nearly 70%. But as a refiner, it must also buy crude oil to turn into gasoline. Exxon actually buys more crude than it sells. Profits from its refining business totaled $1.6 billion in the quarter, less than half of what they were last year. "Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," Exxon said in a statement. While oil prices in the quarter were nearly twice as high as the same time last year, gasoline prices only rose about 30%. Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted July 31, 2008 Author Share Posted July 31, 2008 Here is something that I find interesting: Exxon was both helped and hurt by high oil prices. As an oil producer, the company makes a lot of money when crude prices rise. Exxon made $10 billion from selling oil in the latest quarter, up nearly 70%. But as a refiner, it must also buy crude oil to turn into gasoline. Exxon actually buys more crude than it sells. Profits from its refining business totaled $1.6 billion in the quarter, less than half of what they were last year. "Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," Exxon said in a statement. While oil prices in the quarter were nearly twice as high as the same time last year, gasoline prices only rose about 30%. How much could they be hurt if they are reaping RECORD PROFITS? Quote Link to comment Share on other sites More sharing options...
muck Posted July 31, 2008 Share Posted July 31, 2008 Was anybody pissed a few years ago at how much GM was making on selling their SUVs? Or Apple for selling their IPODs and IPHONEs? Or any of the restaurants and grocery stores on how much they make on their food? Or, Coca Cola's profits on selling water (Dasani, etc)? Quote Link to comment Share on other sites More sharing options...
muck Posted July 31, 2008 Share Posted July 31, 2008 How much could they be hurt if they are reaping RECORD PROFITS? Records are made to be broken. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted July 31, 2008 Share Posted July 31, 2008 How much could they be hurt if they are reaping RECORD PROFITS? The amount is record, but the margin is what it's been for years. I think it's only a point or so higher than the "public" utilities, IIRC. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted July 31, 2008 Share Posted July 31, 2008 Isn't that a straw-man argument, "If that were true why aren't they REALLY gouging us?" Somewhat, my point is that in fact there is no Monopoly in the petrol/gas industry, it doesn't exist and to state otherwise is false. Gas prices are based on supply and demand (production costs, etc..). This supply demand correlation has been evident over the past 10 days, oil prices began retreating, I am paying 16 cents (4%) less per gallon than I was 10 days ago. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted July 31, 2008 Share Posted July 31, 2008 (edited) How much could they be hurt if they are reaping RECORD PROFITS? There is a BIG difference between profit and profit margin For instance, I believe their profit margin for 4th qtr 2007 was around 10% on a profit of 11.66 billion According to the articl, their profit margin this quarter was 8.4%, though their profit was higher... Now, does this help explain why their stock actually fell by 2% even though they recorded "record" profits? Edited July 31, 2008 by SEC=UGA Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted July 31, 2008 Share Posted July 31, 2008 ya know, any business that experiences sustained growth is going to have "record profits" every quarter, every year (wiegie might also wonder if you are adjusting for inflation ) since exxon is the biggest corporation out there, when their business continues to expand they set "record profits" for all businesses. so we have to experience this lame handwringing "outrage" every quarter. isn't a more relevant question, what is exxon's profit margin (profits relative to expenditures)? and how does it compare to other fortune 500 companies? Quote Link to comment Share on other sites More sharing options...
WaterMan Posted July 31, 2008 Share Posted July 31, 2008 We're just catching up with the world. We're not being raped at the pumps. Our Government would never let a business destroy the economy. Quote Link to comment Share on other sites More sharing options...
WaterMan Posted July 31, 2008 Share Posted July 31, 2008 Was anybody pissed a few years ago at how much GM was making on selling their SUVs? Or Apple for selling their IPODs and IPHONEs? Or any of the restaurants and grocery stores on how much they make on their food? Or, Coca Cola's profits on selling water (Dasani, etc)? Please tell me how everyone in America buys those to make a living. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted July 31, 2008 Share Posted July 31, 2008 We're just catching up with the world. We're not being raped at the pumps. Our Government would never let a business destroy the economy. do you think exxon controls the price of crude oil? as far as I can make out, their motive as a corporation is always going to be to produce as much gas as they can. the more they make, the more they can sell. Quote Link to comment Share on other sites More sharing options...
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