$4.15 a Gallon. Thank Goodness for Exxon!

[uscitizen]

Google = 28.43%

Microsoft = 31.76%

Exxon = 9.53%

Which profit margin on which angle of their operations?
Drilling?
Hauling?
refining?
Retailing?

 

[The Infidel]

That was gross though wasn't it? Their profit margin is around 8 to 9 percent I believe, at least that's what it is with the ones that I'm involved with.

Google = 28.43%

Microsoft = 31.76%

Exxon = 9.53%

 

[Leweman]

Government should just get all of it really. They do so much. They deserve it. What a great gig. Government does nothing and makes more money then the company does.

 

[The Infidel]

Google = 28.43%

Microsoft = 31.76%

Exxon = 9.53%

Which profit margin on which angle of their operations?
Drilling?
Hauling?
refining?
Retailing?

Nevermind.... go ahead and satisfy that need to bash big oil. Its vital to the liberal mind.

 

[Leweman]

The gas taxes pay for the roads that we run our cars on. And, for rural states like Oregon, there are a lot of roads Eastside that serve very few people, people whose contribution is the food that we eat. So if you wish to bellyache about taxes, don't use the roads. No one forcing you to buy either an automobile or gas for it.

Well shit ... quit blaming the oil companies then. Like you said. No one is forcing you to buy either an automobile or gas.

 

[California Girl]

Dunno why liberals are complaining. Y'all want European gas prices, remember? At least, that's what you voted for. Don't bitch at $4 a gallon.... you're not even half way there yet.

 

[The Infidel]

The gas taxes pay for the roads that we run our cars on. And, for rural states like Oregon, there are a lot of roads Eastside that serve very few people, people whose contribution is the food that we eat. So if you wish to bellyache about taxes, don't use the roads. No one forcing you to buy either an automobile or gas for it.

Well shit ... quit blaming the oil companies then. Like you said. No one is forcing you to buy either an autonmobile or gas.

Now thats thinking with your dipstick!​

 

[The Infidel]

Dunno why liberals are complaining. Y'all want European gas prices, remember? At least, that's what you voted for. Don't bitch at $4 a gallon.... you're not even half way there yet.

[ame=http://www.youtube.com/watch?v=BqHL404zhcU]YouTube - Barack Obama Admits: Energy Prices Will Skyrocket Under Cap And Trade[/ame]

 

[hortysir]

don't get hung up on big numbers EZ, of course they grossed 30 billion, the price is high.

No, that was profit.

Do you even know what their profit margin is?

Go look at Microsoft or googles profit margin and get back to us.

Buuuuttt......

Beeg Oyl is EEBULL!!!

Google and Microsoft only gathers all my personal data, so they're kewl....

 

[The T]

The gas taxes pay for the roads that we run our cars on. And, for rural states like Oregon, there are a lot of roads Eastside that serve very few people, people whose contribution is the food that we eat. So if you wish to bellyache about taxes, don't use the roads. No one forcing you to buy either an automobile or gas for it.

Well shit ... quit blaming the oil companies then. Like you said. No one is forcing you to buy either an automobile or gas.

But these same people are using electricity in thier homes to power their computers to be here...so if they were true to what they belive? They'd stop using any and all coveyances that use oil, coal or any of the nasty stuff they bitch about.

I say they just unplug everything and try not to look like the hypocrites that they are.

 

[The Infidel]

The gas taxes pay for the roads that we run our cars on. And, for rural states like Oregon, there are a lot of roads Eastside that serve very few people, people whose contribution is the food that we eat. So if you wish to bellyache about taxes, don't use the roads. No one forcing you to buy either an automobile or gas for it.

Well shit ... quit blaming the oil companies then. Like you said. No one is forcing you to buy either an automobile or gas.

But these same people are using electricity in thier homes to power their computers to be here...so if they were true to what they belive? They'd stop using any and all coveyances that use oil, coal or any of the nasty stuff they bitch about.

I say they just unplug everything and try not to look like the hypocrites that they are.

 

[The T]

Well shit ... quit blaming the oil companies then. Like you said. No one is forcing you to buy either an automobile or gas.

But these same people are using electricity in thier homes to power their computers to be here...so if they were true to what they belive? They'd stop using any and all coveyances that use oil, coal or any of the nasty stuff they bitch about.

I say they just unplug everything and try not to look like the hypocrites that they are.

Is what it is my friend.

 

[Flopper]

We've had this conversation before.

They paid approximately 40% of their operating income in income taxes around the world.

And that doesn't count the excise taxes glommed on at the pump. Government taxes on a gallon of gas are higher than Exxon's profit margin.

The point is we should not be giving oil companies tax breaks that are not available to other businesses, both small and large in the US. For example, oil companies can deduct from their taxes up to 22% of the of the value oil pumped from their wells as a depletion allowance. The depletion allowance is suppose to compensate the producer for the depletion of oil pumped from the well. A 22% rate assumes the well will go dry in less than 5 years. However the average well is good for 10 to 15 years of production. Deduction of intangible costs of operation of older well is another give away. All these special deductions for oil companies are in addition to deductions for the normal cost of doing business. It's just not fair to allow these giant multinational corporation to have these tax breaks while small businesses can only deduct their operating expenses.

They can also get a credit for all foreign taxes paid.

There are nearly a half-million oil wells on artificial lift in this country. The average production is 2 barrels per day. 90% of the fluid they pump out of the ground is salt water, not oil. This fluid is pumped into a tall tank called a separator where the water settles to the bottom and the droplets of oil float to the top. This is why theyre called "stripper" wells. And it's a damned expensive process.

Percentage depletion doesn't come with a 5 year life assumption. I don't know where you get that figure. If it weren't for percentage depletion, those half million wells would not be producing today.

Percentage depletion is not afforded to the large integrated multi-nationals, only the independents.

With respect to intangible drilling costs (as I've explained in a half-dozen other threads), it's akin to a homebuilder deducting the costs of hiring an engineer or architect.

Yes, I think you are right about percentage depletion. My point is that oil companies are very profitable and they do not need special tax treatment from the government. They should be treated just like any other business. Sure there are risks in the oil industry, but there risks in any business.

 

[edthecynic]

Dunno why liberals are complaining. Y'all want European gas prices, remember? At least, that's what you voted for. Don't bitch at $4 a gallon.... you're not even half way there yet.

[ame="http://www.youtube.com/watch?v=BqHL404zhcU"]YouTube - Barack Obama Admits: Energy Prices Will Skyrocket Under Cap And Trade[/ame]

Yet another example of the utter dishonesty of CON$ thjat I showed earlier in this very thread. Obama said more that what was in that little out of context YouTube snippet. As I pointed out, CON$ ALWAYS leave something out that the honest people have to find on their own. The whole statement was 1:54 the dishonest CON$ cut it to :45.

BTW, the part the CON$ cut out also includes a predicting of the dishonesty the CON$ would use. A prediction verified in this very thread.

What Obama said was prices would rise in the SHORT TERM on the front end, but the economy would be better off in the LONG TERM after the industry completes the retrofitting that causes the temporary rise in prices.
So the context was, short term pain would produce long term gain.

What the CON$ are selling is short term gain that will produce long term pain!!!!

[ame=http://www.youtube.com/watch?v=ydqg7ThZB04&feature=player_embedded]YouTube - Change power behavior[/ame]

 

[The T]

Dunno why liberals are complaining. Y'all want European gas prices, remember? At least, that's what you voted for. Don't bitch at $4 a gallon.... you're not even half way there yet.

[ame="http://www.youtube.com/watch?v=BqHL404zhcU"]YouTube - Barack Obama Admits: Energy Prices Will Skyrocket Under Cap And Trade[/ame]

Yet another example of the utter dishonesty of CON$ thjat I showed earlier in this very thread. Obama said more that what was in that little out of context YouTube snippet. As I pointed out, CON$ ALWAYS leave something out that the honest people have to find on their own. The whole statement was 1:54 the dishonest CON$ cut it to :45.

BTW, the part the CON$ cut out also includes a predicting of the dishonesty the CON$ would use. A prediction verified in this very thread.

What Obama said was prices would rise in the SHORT TERM on the front end, but the economy would be better off in the LONG TERM after the industry completes the retrofitting that causes the temporary rise in prices.
So the context was, short term pain would produce long term gain.

What the CON$ are selling is short term gain that will produce long term pain!!!!

[ame="http://www.youtube.com/watch?v=ydqg7ThZB04&feature=player_embedded"]YouTube - Change power behavior[/ame]

*NOTE* "Change Power BEHAVIOR"...

You just outed yourself, and your messiah...and seem to be glad about it...

WHY?

 

[Jack Fate]

Is there going to be a party at the WH when gas hits $6 a gallon?

 

[The T]

Is there going to be a party at the WH when gas hits $6 a gallon?

Depends...the Market has been selling and the price has been dropping...

Price of crude drops $17...Price of gas drops $.26

Hmmmmmm........


More manipulation?

 

[thereisnospoon]

Exxon will be getting all of my business for SURE now!

ThinkProgress » Exxon Makes $30.5 Billion, So GOP Votes Unanimously To Give Them Tax Breaks

think progress is a liberal blog....
It's lazy reporting. Yeah Exxon probably did profit that much. The profit margin is still the same industry wide. About 9% after taxes and royalties.....
BTW, the oil co's do not set the price of oil. The markets do that.
One more thing.....The commodities escahnges have raised their margins for purchase of certain commodities, oil being one of those. This is being doen to curb by the day speculation which is in part responsible for these major price spikes.

 

[Mr. H.]

The point is we should not be giving oil companies tax breaks that are not available to other businesses, both small and large in the US. For example, oil companies can deduct from their taxes up to 22% of the of the value oil pumped from their wells as a depletion allowance. The depletion allowance is suppose to compensate the producer for the depletion of oil pumped from the well. A 22% rate assumes the well will go dry in less than 5 years. However the average well is good for 10 to 15 years of production. Deduction of intangible costs of operation of older well is another give away. All these special deductions for oil companies are in addition to deductions for the normal cost of doing business. It's just not fair to allow these giant multinational corporation to have these tax breaks while small businesses can only deduct their operating expenses.

They can also get a credit for all foreign taxes paid.

There are nearly a half-million oil wells on artificial lift in this country. The average production is 2 barrels per day. 90% of the fluid they pump out of the ground is salt water, not oil. This fluid is pumped into a tall tank called a separator where the water settles to the bottom and the droplets of oil float to the top. This is why theyre called "stripper" wells. And it's a damned expensive process.

Percentage depletion doesn't come with a 5 year life assumption. I don't know where you get that figure. If it weren't for percentage depletion, those half million wells would not be producing today.

Percentage depletion is not afforded to the large integrated multi-nationals, only the independents.

With respect to intangible drilling costs (as I've explained in a half-dozen other threads), it's akin to a homebuilder deducting the costs of hiring an engineer or architect.

Yes, I think you are right about percentage depletion. My point is that oil companies are very profitable and they do not need special tax treatment from the government. They should be treated just like any other business. Sure there are risks in the oil industry, but there risks in any business.

In 2007/2008 when oil went from $140/barrel to $30/barrel in a matter of weeks were those same companies just as profitable?

Oil in particular is a very volitile market. If you average the price of crude over the past 40 years it ain't such a gold mine of revenue.

Try operating a company when you don't know what your revenue stream will be from one year to the next. Forcasting? Business planning? Fergeddaboudit.

No- you don't fuck with percentage depletion. It's the only reason those half million marginal wells are still pumping today.

 

[Big Fitz]

Exxon will be getting all of my business for SURE now!

ThinkProgress » Exxon Makes $30.5 Billion, So GOP Votes Unanimously To Give Them Tax Breaks

Don't forget to triple to quadruple that number to see how much the federal government made in taxes off the sale of the same gasoline.

Are we upset that consumers were soaked for 90-120 billion more in local, state and federal taxes on their product?

Please also remember that oil companies profit percentage is less than 10% off it's total earnings.

Lastly, Oil companies, in order to make it possible to buy new equipment are allowed to have 'accelerated depreciation' of all their goods. That means they can write off that drill bit, or pump or drilling platform in one shot the year it's bought. This is most often what's being called a 'tax break'. Most business expenses have to be depreciated over the expected life of the product. The end result is the same, but the accelerated depreciation allows one HUGE shot in tax breaks so they are able to go out and next year buy MORE equipment. So if you expect an item, under normal depreciation rates to last 10 years, you can write off 10% of it's cost per year over it's entire life. But under accelerated rules, you take a 100% bump off your taxes for the value of the bit, and pay full taxes the other 9 years. The convenient little 'oops' they forget to tell you when they scream about the oil companies not paying their fair share... they're doing it by the government's own rules AND using those rules to try and expand their business so they can produce more and... wait for it... make more profit!!!!

So... EZ, love ya, but be careful.