Ain't this the Pits
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Senior User
Joined: Aug 2006
Posts: 281
Likes: 0
From: Angleton, Tx
Ain't this the Pits
Big profits for Exxon
The surge in oil prices helps lift profits at the oil giant
With oil prices hitting record after record in recent weeks, it's no surprise that ExxonMobil (XOM, news, msgs)reported big profits this morning.
The company announced record earnings of $10.89 billion, or $2.03 per share, a 17% increase from the $9.28 billion, or $1.62 per share.
Now this is plane Bulls*&t, here we are trying to scrape by and the profit these guys are making is cr*p.
The surge in oil prices helps lift profits at the oil giant
With oil prices hitting record after record in recent weeks, it's no surprise that ExxonMobil (XOM, news, msgs)reported big profits this morning.
The company announced record earnings of $10.89 billion, or $2.03 per share, a 17% increase from the $9.28 billion, or $1.62 per share.
Now this is plane Bulls*&t, here we are trying to scrape by and the profit these guys are making is cr*p.
Laughing Gas
Joined: Apr 2005
Posts: 910
Likes: 8
From: West-Central New York
Don't fall for Hillary's "windfall profits" speech.
There is an average profit margin of about 8% for most businesses. Look it up.
profit on $1 is 8 cents.
profit on 100 billion is 8 billion...
There are 100s of posts about the gas prices. There are 100s of other posts about whose fault it is.
Supply and demand. As China builds, prices will continue to climb.
If you really want a scapegoat, try China. Just watch out, they will sue you for defamation and they'd probably send ninjas after you, too.
For what it's worth, I'm not happy about the gas prices but I don't blame anyone. Until new refineries are built, our supply is stuck right where it is but every year another wave of new drivers want their fuel too. Not only is our population growing, but so is the worlds.
Supply and demand.
There is an average profit margin of about 8% for most businesses. Look it up.
profit on $1 is 8 cents.
profit on 100 billion is 8 billion...
There are 100s of posts about the gas prices. There are 100s of other posts about whose fault it is.
Supply and demand. As China builds, prices will continue to climb.
If you really want a scapegoat, try China. Just watch out, they will sue you for defamation and they'd probably send ninjas after you, too.
For what it's worth, I'm not happy about the gas prices but I don't blame anyone. Until new refineries are built, our supply is stuck right where it is but every year another wave of new drivers want their fuel too. Not only is our population growing, but so is the worlds.
Supply and demand.
Snowboard season cometh..
Joined: Jan 2006
Posts: 5,406
Likes: 1
From: Gulf Coast of Florida
Don't count on any of that changing.... I'd bet my truck that they made MUCH more than that, but a nice little slice got cutoff for many of the "right" politicians - the gov't will make a good show of "looking in to it" but absolutely nothing will happen. They're bought and paid for by big corporations, and there's no way they'd bite the hand that feeds them
Senior User
Joined: Mar 2003
Posts: 489
Likes: 1
From: Western Kentucky
As the dollars value drops, investors are looking for other areas to invest. Oil is rising, so they invest in oil causing prices to go up and the dollar to drop. It's a self feeding circle that must be broke. Something must cause investors to change their strategy. Also, the biggest investors are pensions. So if you have a pension, your are also profitting from oil.
Junior User
Joined: May 2007
Posts: 86
Likes: 0
From: Dbn Hts, MI
What began as a compromise by the Carter administration to lift ceilings on oil prices grew into a bureaucratic nightmare that Congress in 1984 called the "largest and most complex tax ever levied on a U.S. industry." The law produced nowhere near the revenue it promised, made the country more reliant on foreign oil, and generated reams of red tape, according to a 2006 report by the nonpartisan Congressional Research Service.
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Posting Guru
Joined: Jul 2006
Posts: 1,346
Likes: 0
From: Visalia CA
a nice little slice got cutoff your statement too...... "left"
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Lead Driver
Joined: Jan 2006
Posts: 7,308
Likes: 250
From: Hartford, WI
How much did they spend to make that? What is the percentage profit. We need to know these things or we get sucked into what the media hype is trying to do. Attract morons and get them riled up.
Lead Driver
Joined: Jan 2006
Posts: 7,308
Likes: 250
From: Hartford, WI
There is an average profit margin of about 8% for most businesses. Look it up.
profit on $1 is 8 cents.
profit on 100 billion is 8 billion...
If you really want a scapegoat, try China. Just watch out, they will sue you for defamation and they'd probably send ninjas after you, too.
For what it's worth, I'm not happy about the gas prices but I don't blame anyone. Until new refineries are built, our supply is stuck right where it is but every year another wave of new drivers want their fuel too. Not only is our population growing, but so is the worlds. Supply and demand.
profit on $1 is 8 cents.
profit on 100 billion is 8 billion...
If you really want a scapegoat, try China. Just watch out, they will sue you for defamation and they'd probably send ninjas after you, too.
For what it's worth, I'm not happy about the gas prices but I don't blame anyone. Until new refineries are built, our supply is stuck right where it is but every year another wave of new drivers want their fuel too. Not only is our population growing, but so is the worlds. Supply and demand.
IIRC, Ninjas are Japanese.
Yes but that isn't as sexy as "Oil Companies Make Record Profits", is it?
Post Fiend
Joined: Feb 2007
Posts: 14,541
Likes: 2
From: Dallas-Ft. Worth
Supply & demand, eh?? Read this:
There Is No Gas Shortage
Then tell me why they're telling refineries to back off production. The cold truth is that they don't spend one more dime to make gasoline or diesel than they did 30 years ago. Why? Because they haven't invested in any new refineries, and it only costs so much to make the stuff. Sure, they spend more now for the oil per barrel to make the stuff, but COME ON, clearly they are robbing us blind with their record profits. Maybe a little more per gallon to make ULSD, but not TWICE as much! Last year, I was paying a little over $2/gallon. Please tell me what has changed in one year that justifies over $4/gallon? It ain't supply & demand, so try again...
EDIT: The answer is BECAUSE THEY CAN. And we HAVE to pay it. It's wrong, it's un-American, and it has to STOP. Or this country will be brought to its knees by these *** clowns because of their greed, pure & simple. Prove me wrong.
There Is No Gas Shortage
Then tell me why they're telling refineries to back off production. The cold truth is that they don't spend one more dime to make gasoline or diesel than they did 30 years ago. Why? Because they haven't invested in any new refineries, and it only costs so much to make the stuff. Sure, they spend more now for the oil per barrel to make the stuff, but COME ON, clearly they are robbing us blind with their record profits. Maybe a little more per gallon to make ULSD, but not TWICE as much! Last year, I was paying a little over $2/gallon. Please tell me what has changed in one year that justifies over $4/gallon? It ain't supply & demand, so try again...
EDIT: The answer is BECAUSE THEY CAN. And we HAVE to pay it. It's wrong, it's un-American, and it has to STOP. Or this country will be brought to its knees by these *** clowns because of their greed, pure & simple. Prove me wrong.
Lead Driver
Joined: Jan 2006
Posts: 7,308
Likes: 250
From: Hartford, WI
Please explain the term "record profits" with a definition and show us how it applies to this situation. I'd really like to see how you people define it or are you using the media's definition of "record profits".
Lead Driver
Joined: Jan 2006
Posts: 7,308
Likes: 250
From: Hartford, WI
Not too long ago, the USD was 1.75 against the SGD. Today it is 1.30, give or take. Was that true in the 90s too? Was China and India taking oil like they are today? Is anything constant?
Post Fiend
Joined: Feb 2007
Posts: 14,541
Likes: 2
From: Dallas-Ft. Worth
So, now I've answered your question -- now answer mine. Why are we being charged double from last year when the above situation applies? And why are they doing that? I have my own idea why, I just want to hear yours.