Oil companies post Huge Profits!

Discussion in 'Economy' started by JimH52, Apr 29, 2008.

  1. JimH52
    Offline

    JimH52 Gold Member

    Joined:
    Oct 14, 2007
    Messages:
    19,207
    Thanks Received:
    3,090
    Trophy Points:
    290
    Location:
    US
    Ratings:
    +8,167
  2. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,705
    Thanks Received:
    11,045
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +25,031
    Good for the oil companies, I say.
     
  3. cbi0090
    Offline

    cbi0090 Member

    Joined:
    Feb 8, 2008
    Messages:
    436
    Thanks Received:
    46
    Trophy Points:
    16
    Ratings:
    +46
    17 Billion, between the whole group? Chump change, to the national oil concerns, who actually control the prices.
     
  4. Gunny
    Offline

    Gunny Gold Member

    Joined:
    Dec 27, 2004
    Messages:
    44,689
    Thanks Received:
    6,753
    Trophy Points:
    198
    Location:
    The Republic of Texas
    Ratings:
    +6,770
    It's misleading, but then, what's new?

    Most of the price of a gallon of gas goes to taxes, not to oil companies. If the government was THAT concerned, they'd cut their profit.

    http://www.taxfoundation.org/publications/show/1139.html
     
    • Thank You! Thank You! x 1
  5. Larkinn
    Offline

    Larkinn Senior Member

    Joined:
    Jun 25, 2007
    Messages:
    5,598
    Thanks Received:
    174
    Trophy Points:
    48
    Ratings:
    +175
    Anything more recent? I think gas prices have increased just a wee bit since '05.
     
  6. Gunny
    Offline

    Gunny Gold Member

    Joined:
    Dec 27, 2004
    Messages:
    44,689
    Thanks Received:
    6,753
    Trophy Points:
    198
    Location:
    The Republic of Texas
    Ratings:
    +6,770
    Yes they have, but nothing more recent that I found.
     
  7. Paulie
    Offline

    Paulie Platinum Member

    Joined:
    May 19, 2007
    Messages:
    31,514
    Thanks Received:
    4,845
    Trophy Points:
    1,130
    Ratings:
    +15,338
    Gas "prices" haven't gone up. Your money's value has gone down.

    But let's just blame the oil companies for profitting. I mean, they run a business, they should be LOSING money, right? :rolleyes:

    I hate the price of gas just as much as the next guy, but I know where the blame lies, and it's not the oil companies. In a time when your dollar is becoming less and less valuable, you'd be making as many dollars as you could too if you were in business. Some of you here ARE in business for yourselves, and you know exactly what I mean.

    If the value of the dollar went back up, the price of gas would come back down. That wouldn't have anything to do with oil companies. Some of you need to start realizing where the blame lies: Deficit spending, taking on massive debt, and over-inflation of the money supply. What's that got to do with oil companies?

    Or is it OPEC's fault? Because they won't raise production and ease prices? Yes, they should take their main export, the export that is responsible for their entire countrys' livelihoods, and offer that export at a price that suits OUR needs the best.

    I'd love to see some of your reactions if China told us we better start selling them steel at a better price, or they'll bomb us.
     
    • Thank You! Thank You! x 2
  8. Paulie
    Offline

    Paulie Platinum Member

    Joined:
    May 19, 2007
    Messages:
    31,514
    Thanks Received:
    4,845
    Trophy Points:
    1,130
    Ratings:
    +15,338
    Weren't you just on the -blame the oil companies- bandwagon only a month or two ago?
     
  9. TopGunna
    Offline

    TopGunna Member

    Joined:
    Mar 21, 2008
    Messages:
    149
    Thanks Received:
    26
    Trophy Points:
    16
    Location:
    Washington, D.C.
    Ratings:
    +26
    Couldn't agree more. The oil companies are the easy scapegoat since their nominal profits are increasing while the average joe is spending more at the pump. But as Paultics pointed out, the story doesn't end there.

    I still think that America's inelastic demand for oil plays a key role in the prices (I still fill up my tank every week). But the declining value of the dollar is obviously having an impact, as Paulitics and Toro have pointed out before.
     
  10. Larkinn
    Offline

    Larkinn Senior Member

    Joined:
    Jun 25, 2007
    Messages:
    5,598
    Thanks Received:
    174
    Trophy Points:
    48
    Ratings:
    +175
    No, actually, prices have gone up. Even accounting for the decline of the dollar does not explain the massive increase in gas prices over the last few years.

    Nobody is blaming them for profiting. People are blaming them for reporting record profits while the price of gas is hurting the economy.

    Right. The oil companies sure are struggling. What was their profit...$17 billion or something?

    Surely those things are related to it, but that is most definitely NOT a full explanation.

    No, its not OPEC's fault.
     

Share This Page