Exxon reports record profits!
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Elder User
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From: Perkasie, Pa.
Exxon reports record profits!
Was there ever any doubt? I guess the numbers don't lie. The oil companies complained that the storms down south crippled them and thus had to raise prices. They claim that supplies are down, costs are up thus they have to raise prices. If this is not evidence of price gouging I don't know what is. Exxon reported a profit margin for their last quarter that equates to $340 dollars a day for every American citizen. Thats obscene! They have a right to make money, but there should be a balance.
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So what? There're a few problems with your math.
1. I don't buy $340 of gas or petroleum products in a month much less a day. Show me the person that is.
2. At $340 a day for 365 days a year that's $124,100. I didn't make that last year. Nor the year before. Or ever for that matter. Did you? So how could I spend a multiple of what I earned in a year at a company that I don't shop at?
It's a little disingenuous to take the total profits of a GLOBAL company and divide it up by the population of 1 country and try to claim price gouging.
When did it become a crime to be successful?
If it is a crime for a company to be successful, then how long will it be until it's illegal for YOU to be successful?
1. I don't buy $340 of gas or petroleum products in a month much less a day. Show me the person that is.
2. At $340 a day for 365 days a year that's $124,100. I didn't make that last year. Nor the year before. Or ever for that matter. Did you? So how could I spend a multiple of what I earned in a year at a company that I don't shop at?
It's a little disingenuous to take the total profits of a GLOBAL company and divide it up by the population of 1 country and try to claim price gouging.
When did it become a crime to be successful?
If it is a crime for a company to be successful, then how long will it be until it's illegal for YOU to be successful?
Senior User
Joined: Mar 2003
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I guess people don't mind getting screwed by Big oil.
So may people defending Big oil record profits during the so called crisis?
Keep on telling yourself that while you pay over 100 to fill up that truck.
Pathetic.
So may people defending Big oil record profits during the so called crisis?
Keep on telling yourself that while you pay over 100 to fill up that truck.
Pathetic.
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Elder User
Joined: Apr 2003
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From: Perkasie, Pa.
10 billion in one quarter profit! thats after operating expenses.
Thats 83,333,333 per day! Your right, it is unfair to use the US population. Thats still alot of cash per day no matter how you divide it up. Like I said I have no problem with making money, but there has to be a compromise when you drive up prices for profit at the expense of others ability to make ends meet.
Thats 83,333,333 per day! Your right, it is unfair to use the US population. Thats still alot of cash per day no matter how you divide it up. Like I said I have no problem with making money, but there has to be a compromise when you drive up prices for profit at the expense of others ability to make ends meet.
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Oil companies made largest profit ever.
Check out this link. We can see who is making money and who is paying out the nose.
http://www.foxnews.com/story/0,2933,173683,00.html
http://www.foxnews.com/story/0,2933,173683,00.html
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Senior User
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I agree the companies have the right to make money, but where is the line where it crosses into greed? I do not know the answer.
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I'm still looking for someone to post some numbers that show that:
1. All or most of this huge revenue is from the US consumer.
2. All or most of it was made in the last 3 weeks of the quarter when the hurricanes hit.
And I'd love to see this quarters numbers in comparison to this quarter's numbers. Why? 'Cause this quarter is when all the costs associated with the hurricanes will be paid.
1. All or most of this huge revenue is from the US consumer.
2. All or most of it was made in the last 3 weeks of the quarter when the hurricanes hit.
And I'd love to see this quarters numbers in comparison to this quarter's numbers. Why? 'Cause this quarter is when all the costs associated with the hurricanes will be paid.
Senior User
Joined: Apr 2004
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From: NJ
Originally Posted by 76supercab2
So what? There're a few problems with your math.
1. I don't buy $340 of gas or petroleum products in a month much less a day. Show me the person that is.
When did it become a crime to be successful?
If it is a crime for a company to be successful, then how long will it be until it's illegal for YOU to be successful?
1. I don't buy $340 of gas or petroleum products in a month much less a day. Show me the person that is.
When did it become a crime to be successful?
If it is a crime for a company to be successful, then how long will it be until it's illegal for YOU to be successful?
Its not a crime to be succesful, only when it is at the expense of others.
Big oil is just the legalized version of the Mafia!
P.s. My commuting vehicles are a car thats gets about 30mpg, and a diesel truck thats gets very good mileage. So I dont want to hear any crap about "its my fault for drivng a gas guzzler".....
Last edited by VinMan; Oct 28, 2005 at 01:06 PM.
Freshman User
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You guys saying it's not a crime to be successful are correct. However, the difference between a company selling pet rocks and making billions of dollars and companies selling gasoline is that nobody NEEDS pet rocks. We ALL have to get back and forth to and from work. We all have to go to the grocery store. Unless you live inside a big city where you can walk to all these things, it requires gasoline.
Using natural disasters to unfairly raise prices is wrong, plain and simple. The cost of oil is just one factor. In fact, the whole system of buying oil on futures disturbs me. I don't like the idea that the price of a barrell of oil is set by some investor type who gets skiddish everytime an oil rig catches fire in Saudi-Arabia.
Our country is the third largest producer of crude oil in the world, that should account for something.
Using natural disasters to unfairly raise prices is wrong, plain and simple. The cost of oil is just one factor. In fact, the whole system of buying oil on futures disturbs me. I don't like the idea that the price of a barrell of oil is set by some investor type who gets skiddish everytime an oil rig catches fire in Saudi-Arabia.
Our country is the third largest producer of crude oil in the world, that should account for something.
Posting Guru
Joined: Feb 2003
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From: Dallas
Originally Posted by 76supercab2
1. All or most of this huge revenue is from the US consumer.
The point is that Exxon, and most other gas companies for that matter, are taking advantage of the situation and making a lot of money at our expense. 9.9 billion dollars in profit in one quater is an incomprehensible about of money. And yeah, now that they have that money they are going to spend it on building new refineries to help increase production to decrease cost in the long run right? I think not... they would rather continue to pocket the money.
Elder User
Joined: Feb 2005
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From: Cool, CA
I've had my say on this in another thread so I'll abbreviate it here. Exxon (XOM) made $10 billion profit from $100 billion sales. That is a 10% profit margin. So if making 10% profit is excessive than let's go on a witch hunt for every successful company in this country making more than 10% profit... Let's start with insurance companies, general contractors, small businesss owners who are actually making money... heck lets have me investigated too. I managed to turn 22% profit on my side business so far this year. I guess that makes my profits excessive 
Don't let the huge numbers fool you, look at things like the bottom line when judging a business, especially a global business.
Don't let the huge numbers fool you, look at things like the bottom line when judging a business, especially a global business.