I guess it's not a crime to make extremely high profits in America. It's just a shame that the little guy has to pay for it. Yet, even more proof for the need of offshore drilling. - Og

 

OK, that bieng said about offshore drilling, how's Canada, who apparently is the second largest producer of oil via oil sands and drilling etc. getting away with charging what they do. We pay the equivilent to $5.50/ US Gallon and provide way more. Hummm, ya, crooked business. More refineries would be nice, added to lesser "green" a-holes.

 

Just putting things into perspective. . .

 

On another note, the Federal Government makes more on oil than the oil companies do.

Grim

 

Good for them!



Their net profit margin as of March '08 was 9.32% Link Does not seem unreasonable to me.

They paid $32.36B in taxes for that $11.68B in profit. Link ...and everyone blames the oil companies for the price at the pump.

ETA: That does not include state and local taxes added 'at the pump.'

 

Fine and dandy, but they are a VOLUME based industry.

Even if the margin is lower than other industries they move a retarded amount of volume to make up for it. In other words, I think they could do just fine making a few billions less each quarter. No one would suffer there...literally, no one.

By contrast, they make the extra couple billion and the entiere modernized world suffers, literally. Hmmm....just putting in some perspective.

 

Ok, let's steal $2 billion from ExxonMobil and spread it evenly around the USA. $2 billion/300 million people = $6.70 per US citizen per quarter.

That works out to $107 per family of four over the course of a year. I don't think that solves anyone's problems! By contrast, a pack a day cigarette habit costs around $1,500 per year.

Grim

 

Dude thats so uncool to shove FACTS down Gangsta's throat like that.

 

Hey, I have no prob with making money. I'm all for drilling here, dude. Back it up some. And that's "Original Gangsta". Jeez. Watch it, one nut. - Og

 

All I know is that the amount of profit sounds obscene to me when the product they sell is so costly people can't go to work, products are increasing in costs, airlines are laying off, and businesses are shutting down.

 

free enterprise works, changing that system isn't the answer

forcing the hand of oil corporations or increasing their tax burden will only increase prices in the long run...there's no free lunch

 

Not sure they want more. Why invest more when you make 46B? Also, not sure more can be built. May not be allowing permits.

 

My intention was not to shove anything down OG's throat. Although re-reading the post it does come across that way a bit.


You can't listen to the news without hearing about 'big bad oil companies and their CEO's that make millions of dollars!'

It is a bunch of Bull $#!t. I was just trying to clear that up.

 

The "one nut" comment does not bother me in the slightest. I can only assume that a wannabe gangsta boy is trying to get a rise out of me. My buddies teased me incessantly about being "Uno" after I had my cancerous ******** removed. Their jokes and humor is what helped me in dealing with the cancer and the pain. I did not need counseling, or group therapy to deal with my loss. I only needed my friends and family. Please do continue with your comments, and do no become dissuaded by my words.

 

Oil companies own a finite number of barrels in reserves. This is their holding in oil leases. Why do they want to do anything that pushes the price per barrel down? The higher the price goes, the more they will make. The oil in the ground is not going anywhere, it won't spoil. So, it's only more valuable to them as the price is pushed up.