Refining profit margins are terrible at the moment. Chevron refining actually lost money!

http://www.rttnews.com/Content/TopSt...mRec=1&Node=B1

Grim

 

You're villianizing the wrong people.

1) The government is overtaxing oil and gas.
2) Much of our oil is coming from nationalized oil companies (Saudi Aramco, for instance). They make a lot more money than ExxonMobil!
3) Even if you stole ALL of ExxonMobil's profits for a year and distributed them among the population of the USA, that's only $623 per family of four for a year. In the process, you would destroy one of America's biggest companies and screw all of the people with ExxonMobil stock (which includes a lot of pension funds, etc.).
4) We should be drilling here (and keeping the money in the hands of USA or Canadian companies) instead of sending it overseas! Drilling here creates jobs, helps our economy, and provides more tax revenue to the US
government.

Grim

 

That smokesreen won't work with me. I used to work for an oil company/refinery owner and had to get out. Too much greed, chicanery and outright thievery for me.

 

Ok, where am I wrong?

Grim

 

This really sucks that there are people in the nation that are really being hurt badly by these oil prices and there are those who are making millions off these people. I mean really there are alot of single mothers and familes on tight budgets that need to get to work and cannot afford to pay for gas. The pay back will be electric cars..I cannot wait to see these companies go under. But gas has been falling here day by day. Regular unleaded this afternoon wat $3.75 down .25 cents from 3 weeks ago.

 

For one thing, the oil companies share ownership in th oil reserves all around the world. They form partnerships and drill for an interest in the results. They have a very direct interest in the price of a barrel of oil. Secondly, iyt is a very small group of people that control the majority of this countries refineries. It is unbelievealy easy for them to control volumes and pricing.

 

First, it is true that oil companies have reserves all over the world. However, every western oil company COMBINED (including Total, Shell, and BP) controls a small amount of oil compared to the nationalized oil companies. The western oil companies absolutely make more money on the production side when the price goes up (I never said they didn't).

If it is so easy for the oil companies to control volumes and pricing of refined products, why did the refining wing of Chevron lose money last quarter?

Grim

 

I can't answer that, but it could depend on their accounting procedures or maybe the price they paid another division for a barrel of oil. But, why would they care, if their actions that resulted in one division losing money, caused them to make record billions as a company?

 

I didn't say they had a majority of the worlds reserves, but they have enough to have a vested interest in the price per barrel remaining high.

 

And of course there are people who are fighting the new refinery here
http://www.cnn.com/2008/US/07/15/sd....rss_topstories

Chevron invested booka bucks for the refinery in India to avoid the problems of doing it here.Alot of potential jobs were lost because of our lack of a viable energy policy here that could cut the red tape.Add to that a growing global demand,and a congress that isnt representing the wishes of the people(most Americans are in favor of drilling off our shores).That to me is what is to blame for runaway prices.

Drill Drill Drill!!

...and leave us speculators alone! Its not our fault

 

For the guys that know a lot about the crude business,
I have a random question.
Does oil start to destabilize whan it is pumped up to the surfaceor only after it is refined?

 

I just want to say, PLEASE do not post if you havent researched properly. I am just surprised at this thread. I don't think anyone realizes what this country needs and I don't think they fully understand the outcome of some of the "proposed" changes of our future leaders.

 

And would you bail them out when the times are tough for them.. like UNTIL NOW? Oil companies have starved too. They provide the product that we LIVE on. No one cares when they are hungry and hurting. But wow... they make "record profits" yeah.. in dollars.. but as a percentage they are in line. They reinvest the money to exploration and maintanance and other things. Not to mention WE own stock in them. AND.. the oil companies aren't deciding the prices. How about this... instead of taxing them to death.. how about a mandate that they HAVE to drill for more oil. We would all benifit.

 

But the chicanery and outright thievery would be in American hands and not saudi hands... no? Your logic is flawed.

 

Dont know either man,I just trade it. Maybe those that posted about being in the biz could bring us truth.

BTW...whats chicanery?