Exxon notches record 2008 profit of 45.22 billion dlrs

Discussion in 'Energy' started by tigerbob, Jan 30, 2009.

  1. tigerbob
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    tigerbob Increasingly jaded.

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    In the current economic climate, I suppose I should be pleased to see companies that are making healthy profits, but this one gives me some sense of irritation. Can you imagine what the numbers would have been if gas had stayed at $4 a gallon?

     
  2. Toro
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    Toro Diamond Member

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    Good for Exxon.

    I can guarantee you it won't be anywhere near that level this quarter.
     
  3. tigerbob
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    tigerbob Increasingly jaded.

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    How do you figure good for Exxon?

    Essentially, what the story means is that while we were all paying a fortune for gas, they were making higher profits than ever. I thought their profits were supposed to come from efficiency of operation, not via benefiting from gas at $140 a barrel. Does this mean that as the price of gas increased, they were adding a small % for themselves (i.e. every time a barrel went up $1.00, they were passing that on to the consumer at an extra $1.01 or $1.02?

    I know most of the rise was attributable to banks and other investors speculating on commodities futures, but something doesn't ring true here.

    Or am I viewing it too simplistically? I confess I know very little about oil.
     
  4. sealybobo
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    sealybobo Diamond Member

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    Time for Obama to start spreading the wealth.
     
  5. Meister
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    Meister Platinum Member Supporting Member

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    I just don't understand it. Exxon is a public company...right? Exxon shares are in almost all, if not all 401K's...right? Why do people act like all the profits are taken to the employee's exclusively? Almost all of Americans that have 401K's benefit from the profits. Also, alot of the profits go back to R/D, which literally is a hit and miss. Exxon makes about a 10% profit off a gallon of gas. That profit is on the low end of most major companies in America. Just because they are in a sector of business that everyone needs, lets not punish them for it. We all beneifit from it. Exxon didn't drive up the price of oil when it was at 147.00 a barrel. They were still making their 10% profit. Every goverment investigation concluded that there was no price gouging. Every goverment investigation.
    Since when in America should a successful company get punished for making a fair profit? This is what America is all about. I get tired of hearing and reading that a company with excellent profits, employs thousands of people get bashed at every turn. Then the liberals what to punish them for success with a windfall tax. Our Founding Fathers are turning in their graves...I just know they are.
    Side note: I don't work for, nor have I ever worked for a oil company.
     
    Last edited: Jan 30, 2009
  6. Skull Pilot
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    Skull Pilot Platinum Member

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    this is such a nonissue.

    why aren't you all complaining that basketball players get paid millions for wearing sneakers or that actors get paid millions for playing make believe or that Tiger Woods got paid 40 million in one year for playing fucking pasture pool.

    oil companies provide you with a commodity that makes your life better and you begrudge them a profit.
     
  7. Chris
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    Chris Gold Member

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    "Record profits for Exxon"

    When Bush and Cheney read this, they thought, "MISSION ACCOMPLISHED."
     
  8. Modbert
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    Modbert Daydream Believer Supporting Member

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    We're not forced to pay for basketball players and Tiger Woods salary.

    Insert another quarter and try again though.
     
  9. RodISHI
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    RodISHI Gold Member

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    Sure makes me feel like heading down and filling the gas tank, not.
     
  10. Skull Pilot
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    Skull Pilot Platinum Member

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    you could heat your home with wood, you could ride a motorcycle to work to save fuel. you could convert your car to electric, you could make your own biodiesel.

    Ain't no one "forcing " you to buy gas from Exxon.

    And if I follow your line of reasoning every time you buy a pair of Nikes you are being forced to pay for some rich basketball players endorsement. So where's your outrage there?
     
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