Exxon boasts record profits

OK, this is my soapbox week I guess.


$10 BILLION??? not million, but BILLION!!

Is it just me, or is something seriously wrong with this picture?


  • 21 Comments sorted by Votes Date Added
  • The whole thing stopped making sense to me when I heard the local news talking head say that as a result of dropping oil prices, the price of gasoline would be increasing. They must think ALL of us here are Swedes and we'll believe anything.
  • And just to increase your heart rate, get this. . . . Exxon has yet to pay one cent towards the oil spill in Alaska from over 12 years ago! How can they be making record profits and not have to pay that fine!
  • If you think this is going to continue and that you are powerless to change it, then go buy as much Exxon stock as you can afford.

    This is capitalism at work - supply and demand are the cost drivers here. That Exxon is getting the publicity because it's business is doing what it's stockholders expect is just that - capitalism.

    If you think they have a monopoly on a big enough part of this equation to have the AG's office go after them, then that's another story.

    Worldwide demand is as high as it has ever been. China, almost by itself, is taking a HUGE chunk of supply. Couple that with all the uncertainty in the supply chain (real or imagined), and you can see how traditional economic factors are making this happen.

    As a consumer, we have alternatives. Most of us categorize those alternatives as unworkable for our particular circumstances for one reason or the other.

    1. Too far to bike, and there is no shower at work.
    2. Public transportation hours are not conveneient, or I can't get up that early.
    3. Carpools don't match my weird hours.
    4. I can't work at home, my job needs face to face contact, or my ER won't let me.
    5. Etc.
    6. Ad infinitum,
    7. Ad nauseum.
  • [font size="1" color="#FF0000"]LAST EDITED ON 07-30-06 AT 07:04PM (CST)[/font][br][br]How about:

    Don't drive a hue jass SUV with DVD players in the back for the kids.

    Let your kids walk to school if safely possible, or, gasp, take the school bus.

    Consolidate errands.

    Cook at home instead of fast food drive throughs or driving to restaurants because it's too hard to take care of (feed)the children.

    So many Americans have no consciousness of global or national issues.

    Marc, alot of workers cannot telecommute; they don't have the kind of jobs that would allow that. I'm talking about service workers, restaurants, retail, industrial, and so forth. Everyone is not white collar or middle class.

    Many workers live in very large cities and a bus trip could be three or more busses and take many hours, although it could be done. A minor solution. Biking to work?? Two thirds of America is either overweight or obese - yeah a good idea, but umm?

    My point is that this gas price crisis is not the fault of the lower middle or middle class; it's come about largely as a result of the investment speculators and the oil industry greed itself. The cost of a barrel of oil has no relationship to the cost of a gallon of gas because they manipulate the entire process. To encourage people to buy stock in oil is only making the problem worse. Let'e profit from the misery of those American people who will soon not be able to get to work! TO make their miserable wage.

    Does anyone wonder why this industry with its record profit is not being regulated by the government? Gee, let's see...

  • >
    >Don't drive a hue jass SUV with DVD players in
    >the back for the kids.

    What do DVD players have to do with gas? They run off the battery.
  • >
    >>Don't drive a hue jass SUV with DVD players in
    >>the back for the kids.
    >What do DVD players have to do with gas? They
    >run off the battery.

    Ok, it's just a visual that annoys me.

  • [font size="1" color="#FF0000"]LAST EDITED ON 07-31-06 AT 06:42AM (CST)[/font][br][br]Marc raises a good point. A few years ago, I could hear employees complaining about the profits that the pharmaceutical companies were reeling in. I explained to the whole employee group that before they take too hard a stand against the drug companies, to check their own 401(k) plan or their IRA's to see where their money is invested.

    I would now suggest the same regarding the oil companies.

    If you aren't enriching your retirement savings from the likes of big oil, pharmaceuticals, and the "out of control" health care industry, you're missing the boat, because that boat is sailing and sailing rather nicely.
  • all of you are right. nothing will change until society changes, and that ain't happening any time soon.
    Until folks stop spending money elsewhere, (b/c they can't, b/c of gas), then nothing will change. We keep going further and further into debt.
    I haven't really changes my habits, except I try to limit my driving on weekends. Until the economy begins to suffer, they have no reason to lower the cost of gas. In my area, we have record housing boom, new retail stores popping up, everything is grand. It's like they keep raising prices just to see how high they can go. They do it b/c they can. Capitalism at its finest indeed.
  • But Larry, by enriching your 401k with investments in big oil, aren't you just encouraging them to continue as they are?
  • Profits are the goal of business. I don't hear overmuch complaining that Bill Gates is the richest person in America.

    Just so you know, the taxes on a $3.00 gallon of gas are just above $0.40 while the profits are about $0.10. Yet you don't hear citizens, and you especially don't hear state and national governments talking about that piece of the pie.

    The real windfall is going in two really big pockets. Governments, through taxes and Oil producers. Most of these oil producers are foreign government. More than a little of the dollars flowing into them are turned around and invested against the U.S.A.

    Cuba, with plenty of foreign investment, is drilling 60 miles of the coast of FLA. Yet we cannot. Similar concerns are cropping up with exploration and intended drilling in the Gulf of Mexico. We have not built a refinery in the U.S. for decades.

    So lets continue to restrict supply and let's continue to do nothing significant about demand. At this rate, $5 a gallon is not as far off as you might think. When it gets here, we will still be whining and not doing enough. Our politicians will still be using this as nothing more than a campaign plank. Empty promises and sabre rattling will abound.

    We poor laborers, will still be at the mercy of those we vote(d) into office, and will still complain of being powerless.

    Biofuels will help, but their potential needs nurturing. Building some refineries and expanding U.S. production in the meantime can be important. The solar industry has fizzled, but there is more to be done in that arena. And we cannot forget nuclear power - but there are many issues with the disposal of spent fuel that have yet to be ironed out.

    Lots can be done - yet still we hesitate and look to others to solve this problem. The real solution is up to each of us.
  • You won't hear too many complaints about Gates because he has been a philanthropist for years and is becoming one full time. And the products he sells have come down drastically in price over the past 20 years as opposed to the price of gas escalating many fold.

    Gasoline taxes have been a hot topic in NY since we are one of the highest taxed states. Those who live across the border in PA can usually buy gas there for 10 to 15 cents per gallon less than here. So, now we have politicians on opposing sides of the aisle arguing the merits of gas tax reduction.

    I have found it distressing that since oil is such an integral part of our lives that we are doing virtually nothing to develop our own supply and rely almost solely on countries that consider us to be the Great Satan, or in the case of Venezuela, are more aligned with our enemies.

    We are a nation dependent on oil. We must someday make a choice, take steps to reduce that dependence or stop listening to the tree huggers.
  • Exactly!! If we're so damn dependent on it, why don't we drill it ourselves? And if the increase in gas prices is due to the increased cost of oil, then why do they have record breaking profits? Obviously it's not costing them that much.
  • We could buy vehicles with diesel engines and modify them to run on french fry grease easily obtained from any McDonalds. Cost about $1k for the modification.
  • Why are we not lowering speed limits? Wouldn't help?
  • Did it really help in 1974? The big result of the lowered speed limits and long gas lines back then were reduction in the size of cars and CAFE requirements resulting in improved gas mileage. Not sure the lowered speed limits directly saved much gas.
  • It's my understanding that driving slower saves gas. How many cars are on the road at any given time? If each one saves a fraction of gas that would add up over time. I believe the vast majority of people either drive whatever the limit is or 5-10 mph over it. Lower it by ten and everyone (except the chronic speeders) are driving slower and saving gas.
  • Yes, there are several studies that indicate the most efficient driving speed for most passenger cars is at 50 - 55 mph. Going faster or slower is less efficient.
  • Depends on the size of the car, size of the engine, the gearing, how well the engine is maintained, the aerodynamics of the vehicle itself, and probably many other variables. Keeping your tires properly inflated will also effect gas mileage. Keeping your car properly maintained, both engine and tires, is important, but only one small baby step toward solving the problem. Oh, I've read studies that running your AC with the windows closed cuts down on resistance and improves gas mileage and it has even been suggested a waxed car with a smooth slippery surface will save gas.

    I'm heading to the midwest later this week, just changed the oil, filled the tires with air, it has 3 good coats of wax and will be washed before we leave; since it is so hot, I'll run the AC with the windows closed and in my nice big comfortable Buick I should get close to 30 mpg, if not more when I hit the flat midwest.
  • No, my thought was much simpler. Driving slower in any car saves gas. Maybe I'm wrong.

    Maybe it's time to contact myth busters
  • while you're at myth busters-

    I recently heard/read (?) that by filling your tires w/ nitrous, the average savings is 3% in fuel, annually. One station here is charging $10 per tire to fill. If I do the math, for my vehicle, I would save $39, BUT it would cost $40 to the tires filled. heh.

    Fact or fiction?
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