Exxon sets another record
Tuned
Joined: Oct 2003
Posts: 390
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From: Maine
In 2004, 146,000,000,000 gallons of gas were sold in the U.S. alone. Worldwide, I don't know how many gallons of gas were sold. One can only assume that more than that was sold last year. 
If you want to compare profits, banks made more than 18 cents per dollar in profit. Pharmaceuticals made around 17 cents per dollar in sales, and insurance companies made more than 8 cents per dollar in profit. And yes, taxes are a major portion of your price. Federal, state and local taxes average about 20 percent or more of the pump price. The federal tax is 18.4 cents per gallon, while state and local taxes vary from 8 cents in Alaska to nearly 50 cents per gallon in New York. I am not an apologist for the oil companies, but that is a huge sales number! I would, however, like to see the taxes cut on the fuel..... Don't flame me, these figures took me about 3 minutes to google. 
If you want to compare profits, banks made more than 18 cents per dollar in profit. Pharmaceuticals made around 17 cents per dollar in sales, and insurance companies made more than 8 cents per dollar in profit. And yes, taxes are a major portion of your price. Federal, state and local taxes average about 20 percent or more of the pump price. The federal tax is 18.4 cents per gallon, while state and local taxes vary from 8 cents in Alaska to nearly 50 cents per gallon in New York. I am not an apologist for the oil companies, but that is a huge sales number! I would, however, like to see the taxes cut on the fuel..... Don't flame me, these figures took me about 3 minutes to google.
Post Fiend
Joined: Jun 2005
Posts: 7,047
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From: North west La
Good for Exxon. They make 9% profit from what I've read. As long as we have fuel I'm ok with todays prices. Its not that bad compared to the gas shortages of the 70s. It took a bigger chunk of my pay back then & my cars used more fuel.
Postmaster
Joined: Mar 2002
Posts: 2,680
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From: Montreal Canada
Originally Posted by bryyce62
Supply & demand my ***. They demand, we supply...the cash!
The problem as I see it is the "supermajors". These large oil companies are able to produce oil, transport oil, refine oil, and market the finished product all by themselves.
Exxon doesn't have to buy oil on this exchange when they can produce it themselves thru agreements with the host country. And they don't have to sell the oil they produce on this exchange either because they have their own retail outlets.
So the fair market price, as a function of supply and demand, we'll never know. We're just told it's the fair price, Exxon, BP, Chevron, they all agree it's the fair price and post it on their signs even though none of them are actually paying $50/barrel for the oil goes into the gas. So it's a cartel.
Lead Driver
Joined: Jun 2005
Posts: 8,475
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From: Calgary Canada
Originally Posted by andym
Isn't it time we do something about this?
Besides, I see people complaining about Ford losing money. Well, would you be mad if Ford was making a profit? Not a big difference in my eyes, both are large US based corporations who compete on the global market. Maybe Ford should hire some of their executives?
Senior User
Joined: Jan 2007
Posts: 112
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I think the oil industry doesnt want us to find cheaper fuels or real gas saving cars. why should they? Its like a crack dealer trying to find a way to make his drugs better so he can sell less and lower his prices...If I could I would go get a horse and ride it around. A horse is still a legal way to travel and it doesnt require one drop of gas........
Post Fiend
Joined: Dec 2005
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well, isee oil companies like this, they know that we have to have it, heck, i don't even know how most people would get to work or even get groceries without fuel, so to me, its more than just another "company" they are major players in the national security of this country, i don't see at all a problem with regulations on the oil industry.
since we all just like the excuse "its a commodity" then remove the commodity about it, imagine if everyone that grows corn all of a sudden decide to raise the price 100 times over the next 3 months, what then? what, are we going to go out and all grow our own corn? no we will have to suck it up and buy it because that, along with wheat, are the staple of our food supply.
the oil industry is a proven oglioply, there for regualtions should be put in place and the western world should put their sense into the price more than they do, of course thats like asking the fox to guard the hen house, our "leaders" make just as much off of oil as the companies do.
and until then, there will be no real research on gas efficency or any grants in the matter of real research. the american gov will pay millions to boeing to help devolop some new stupid plane, but would never dare give so much to auto comapanies to reasearch and implement gas effcient practical cars.
since we all just like the excuse "its a commodity" then remove the commodity about it, imagine if everyone that grows corn all of a sudden decide to raise the price 100 times over the next 3 months, what then? what, are we going to go out and all grow our own corn? no we will have to suck it up and buy it because that, along with wheat, are the staple of our food supply.
the oil industry is a proven oglioply, there for regualtions should be put in place and the western world should put their sense into the price more than they do, of course thats like asking the fox to guard the hen house, our "leaders" make just as much off of oil as the companies do.
and until then, there will be no real research on gas efficency or any grants in the matter of real research. the american gov will pay millions to boeing to help devolop some new stupid plane, but would never dare give so much to auto comapanies to reasearch and implement gas effcient practical cars.
Post Fiend
Joined: Jan 2006
Posts: 20,589
Likes: 2
From: Charlotte, NC
[QUOTE=bf250]
since we all just like the excuse "its a commodity" then remove the commodity about it, imagine if everyone that grows corn all of a sudden decide to raise the price 100 times over the next 3 months, what then? what, are we going to go out and all grow our own corn? no we will have to suck it up and buy it because that, along with wheat, are the staple of our food supply.
QUOTE]
Corn prices may not have been raised 100 times in 3 months, but it's been raised (in the commodities exchange) enough so that average (read "poor") Mexicans are having a harder and harder time paying for this "staple" food product. It's already caused large demonstrations down there, and revolution (read "food riots") might be right around the corner.
What caused this fast increase in price? More and more corn being used for ethanol.......One of the alternatives to "big oil" that everyone seems to be touting.
since we all just like the excuse "its a commodity" then remove the commodity about it, imagine if everyone that grows corn all of a sudden decide to raise the price 100 times over the next 3 months, what then? what, are we going to go out and all grow our own corn? no we will have to suck it up and buy it because that, along with wheat, are the staple of our food supply.
QUOTE]
Corn prices may not have been raised 100 times in 3 months, but it's been raised (in the commodities exchange) enough so that average (read "poor") Mexicans are having a harder and harder time paying for this "staple" food product. It's already caused large demonstrations down there, and revolution (read "food riots") might be right around the corner.
What caused this fast increase in price? More and more corn being used for ethanol.......One of the alternatives to "big oil" that everyone seems to be touting.
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Lead Driver
Joined: Jun 2005
Posts: 8,475
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From: Calgary Canada
I'll admit I work in the petroleum industry, so I may be a little biased, But I do consider myself informed on this issue.
If the American government was to set a price ceiling for crude oil at say $25/bbl, what would stop companies that are based outside of the US from selling to Europe and Asia at full market price? Nothing. This would hurt America-based oil companies because they would be getting less than full value for thier product as well as hurting American consumers by lessening the supply of oil coming in to the US.
Price controls on Gasoline would mean that those American companies that import oil from the world market to refine into gas would be unable to compete and this would cause shortages.
There has been lots of research in to fuel economy, the problem is that consumers don't buy those small cheap cars. Consumers continue to drive thier 1-ton pickup trucks to thier office jobs and to the grocery store even though better options already exist.
If the American government was to set a price ceiling for crude oil at say $25/bbl, what would stop companies that are based outside of the US from selling to Europe and Asia at full market price? Nothing. This would hurt America-based oil companies because they would be getting less than full value for thier product as well as hurting American consumers by lessening the supply of oil coming in to the US.
Price controls on Gasoline would mean that those American companies that import oil from the world market to refine into gas would be unable to compete and this would cause shortages.
Originally Posted by bf250
and until then, there will be no real research on gas efficency or any grants in the matter of real research. the american gov will pay millions to boeing to help devolop some new stupid plane, but would never dare give so much to auto comapanies to reasearch and implement gas effcient practical cars.
Junior User
Joined: Oct 2005
Posts: 62
Likes: 0
Record profits and Exxon is still fighting in court over the Exxon Valdez oil spill 18 years ago in Alaska.
http://en.wikipedia.org/wiki/Exxon_Valdez_oil_spill
Shame on them! Blood sucking scum bags.
http://en.wikipedia.org/wiki/Exxon_Valdez_oil_spill
Shame on them! Blood sucking scum bags.
Senior User
Joined: Jan 2006
Posts: 105
Likes: 0
From: Great Falls, MT
Absolutely they are in on it together. If any other company/industry was making the money that they are, the gov't would be all over them. Just look at how many lawsuits were on Microsoft when they were making all of their money a few years back- -and they were trying to just make their product better, and supply it at a reasonable cost. I don't want to get into the business practices, I'm not defending them either, but it just seems convenient that the top levels made their money in oil and are turning a blind eye to what is going on. Americans are getting bent over on this. Asian countries pay approx $1 per gallon. South America are around 40 cents. We all know how rediculoustly low the middle east is. Sure Europe is paying $5-6, but the vast majority is taxes. Norway pays over $6 per gallon, but over $4 is taxes to fund a national health care system. I'd gladly pay $5 a gallon if I didn't have to shell out $800 a month for health ins that doesn't want to pay for much anyway.
Post Fiend
Joined: Jan 2006
Posts: 20,589
Likes: 2
From: Charlotte, NC
I just heard (on the Boortz show) that the profit margin for ExxonMobil was a little over 10%......Do you guys consider this excessive?........Personally, I don't......They are a private business (publicly traded with individual investors) who strive to make a profit.......Soooooooo.......What then?
Postmaster
Joined: Mar 2002
Posts: 2,680
Likes: 1
From: Montreal Canada
Originally Posted by seventyseven250
Price controls on Gasoline would mean that those American companies that import oil from the world market to refine into gas would be unable to compete and this would cause shortages.
So we should assume they already have the means to sell us the gas for less, they just choose not to, and make enormous profits instead. It's collusion.
Last edited by websthes; Feb 2, 2007 at 03:01 AM.
Post Fiend
Joined: Jan 2006
Posts: 5,037
Likes: 9
From: Kasson, Minnesota
It's great for companies to make profits on their product, but billions and billions per year profit? That's ridiculous and greedy when the money is being made on a product that people absolutely need. It's a necessity. Yes, there are things that we can do to be more efficient, but we still need it.
Profits have nothing to do with supply and demand. Profits only relates to what the companies want to make. If there was a shortage, yes the price would go up, and so would the price at the pump. that's common sense, but the oil companies would still make their billions in profits. That's what is wrong. Lets just take more money out of everyone elses pockets but ours so we can make our billions.
Profits have nothing to do with supply and demand. Profits only relates to what the companies want to make. If there was a shortage, yes the price would go up, and so would the price at the pump. that's common sense, but the oil companies would still make their billions in profits. That's what is wrong. Lets just take more money out of everyone elses pockets but ours so we can make our billions.
Lead Driver
Joined: Jun 2005
Posts: 8,475
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From: Calgary Canada
Originally Posted by websthes
So we should assume they already have the means to sell us the gas for less, they just choose not to, and make enormous profits instead. It's collusion.
Originally Posted by bucks77ford
It's great for companies to make profits on their product, but billions and billions per year profit? That's ridiculous and greedy . . .
Originally Posted by bucks77ford
Profits have nothing to do with supply and demand.
I'm so confused . . .