Why is only one news group picking this up?

[jreeves]

poor oil companies. they still made more profits than any company ever.

i'll spend a trillion if it will make me a $14 billion profit too.

will you defend it if tomorrow they double the price and next quarter they make $28 billion profit?

will you tell me how much it cost them to make that profit? I won't give a shit.

Exxon was both helped and hurt by high oil prices.

As an oil producer, the company makes a lot of money when crude prices rise. Exxon made $10 billion from selling oil in the latest quarter, up nearly 70%.

But as a refiner, it must also buy crude oil to turn into gasoline. Exxon actually buys more crude than it sells.

Profits from its refining business totaled $1.6 billion in the quarter, less than half of what they were last year.

"Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," read a statement attributed to Rex Tillerson, Exxon's chief executive.

While oil prices in the quarter were nearly twice as high as the same time last year, gasoline prices only rose about 30%.
Exxon sets U.S. mark for quarterly profit, misses forecasts - Jul. 31, 2008

Oil companies in the US don't control oil prices globally, even though oil prices rose by 200% the price of gas was only 30% more....

 

[sealybobo]

Yep the Saudis are alot better off....

While Saudis don't feel the pain at the pump, they feel it everywhere else, paying more at grocery stores and restaurants and for rent and construction material. While the country is getting richer selling oil at prices that climbed to a record $145 per barrel last week, inflation has reached almost 11 percent, breaking double-digits for the first time since the late 1970s.

"Gas prices are low here, so what?" said Muhammad Abdullah, a 60-year-old retiree. "What can I do with gas? Drink it? Take it with me to the supermarket?"

Al-Mazeen says his monthly grocery bill has doubled _ to $215 _ compared to last year, when oil was at around $70 a barrel. During that time period, the price of rice has doubled to about 72 cents a pound, and a pound of beef has gone up more than a third to about $4.

Moreover, Saudis are grappling with unemployment _ estimated at 30 percent among young people aged 16 to 26 _ and a stock market that is down 10 percent since the beginning of the year.

Many Saudis are realizing that this oil boom will not have the same impact as the one in the 1970s, which raised Saudis from rags to riches. This time, the wealth isn't trickling down as fast or in the same quantities.

One reason is the kingdom's growing population, says John Sfakianakis, chief economist at the Saudi British Bank. In the 1970s, the population of Saudi Arabia was 9.5 million. Today, it's 27.6 million, including 22 million Saudi citizens.

That means the state, which controls nearly all oil income, has to spread the wealth among more people. Besides a generous social welfare system that includes free education from pre-school through university and other benefits for citizens, the public sector employs some 2 million people and 65 percent of the budget goes to salaries.

"The state, yes, is wealthier, but the state has close to three times the amount of people it has to cater for," said Sfakianakis. "Even if Saudi Arabia had lower inflation (in the 1970s), the country and the needs of the country are bigger than what they used to be."

So the government has less room to raise wages to help people deal with higher prices. The United Arab Emirates recently hiked public sector wages by 70 percent _ but if the Saudis did the same, they would have been hit by budget deficits, Sfakianakis added.

Other Gulf nations have been hit even worse by inflation. In the UAE, inflation is expected to reach 12 percent this year, and in Qatar it's at 14 percent, according to a Merrill Lynch report earlier this year.

But those nations have much smaller populations and so can spread their oil, gas and financial riches faster and in bigger quantities to ease the pain. As a result _ contrary to their image in the West _ Saudis are far from the wealthiest people in the Gulf. The kingdom's per capita income is $20,700 _ compared with $67,000 for Qatar, which has a population of around a half million citizens.

Amid oil boom, inflation makes Saudis feel poorer

So our oil companies are gouging us because our poor and middle class has it better than saudi citizens? I see.

Sounds like saudi's have the same problems we do. Only worse. I guess the worst is yet to come for us. I see.

And the rich are getting richer there while the poor are getting poorer. The Royal Family should worry that our leaders are blaming them for not producing enough oil. We might fly airplanes into their buildings if things get much worse.

 

[jreeves]

So our oil companies are gouging us because our poor and middle class has it better than saudi citizens? I see.

Sounds like saudi's have the same problems we do. Only worse. I guess the worst is yet to come for us. I see.

And the rich are getting richer there while the poor are getting poorer. The Royal Family should worry that our leaders are blaming them for not producing enough oil. We might fly airplanes into their buildings if things get much worse.

No our oil companies aren't gouging us oil prices have rose by 200% while gas has rose by only 30%. If we want to get better control of oil prices, then we would drill more domestically.

 

[sealybobo]

Exxon was both helped and hurt by high oil prices.

As an oil producer, the company makes a lot of money when crude prices rise. Exxon made $10 billion from selling oil in the latest quarter, up nearly 70%.

But as a refiner, it must also buy crude oil to turn into gasoline. Exxon actually buys more crude than it sells.

Profits from its refining business totaled $1.6 billion in the quarter, less than half of what they were last year.

"Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," read a statement attributed to Rex Tillerson, Exxon's chief executive.

While oil prices in the quarter were nearly twice as high as the same time last year, gasoline prices only rose about 30%.
Exxon sets U.S. mark for quarterly profit, misses forecasts - Jul. 31, 2008

Oil companies in the US don't control oil prices globally, even though oil prices rose by 200% the price of gas was only 30% more....

The GOP congress in 2003-2005, forgot the exact yr, passed a law that said the oil companies will NEVER have to pay more than 56 dollars a barrel. sorry bub. totally WRONG! they only benefit.

 

[sealybobo]

No our oil companies aren't gouging us oil prices have rose by 200% while gas has rose by only 30%. If we want to get better control of oil prices, then we would drill more domestically.

first off you are wrong, but lets say their costs went up 200 percent. ok, follow me. if all they did was pass on the costs to us, wouldn't their profits have stayed the same?

I can't wait for your answer.

 

[jreeves]

The GOP congress in 2003-2005, forgot the exact yr, passed a law that said the oil companies will NEVER have to pay more than 56 dollars a barrel. sorry bub. totally WRONG! they only benefit.

link....

 

[jreeves]

first off you are wrong, but lets say their costs went up 200 percent. ok, follow me. if all they did was pass on the costs to us, wouldn't their profits have stayed the same?

I can't wait for your answer.

The price of oil rose by 200%, I didn't say their costs rose by 200%....

 

[sealybobo]

get this everyone. the oil companies claim they are gouging us so they can have money to develop alternative energy. lol.

but they spent more money buying back their own stock than they did drilling for oil last yr.

ok, so then wouldn't alternative energy hurt the value of their oil and stocks? I call bs.

if they spent the money buying stock in alternative energy, i'd be more inclined to believe them.

I hope T Boone Pickens doesn't commit "suicide".

 

[Chris]

The oil companies are not going to save us from being addicted to oil. It's a ridiculous idea.

The government must provide the leadership to move us to clean energy. The Danes are doing it, the Israelis are doing it. We need to do it too.

And the only one who will do it is Obama. Don't expect the oil company butt boy Republicans to do sh*t except make more money for Big Oil.

 

[sealybobo]

The price of oil rose by 200%, I didn't say their costs rose by 200%....

American oil companies sell their oil on the world market. So maybe since we buy most of our oil from canada, mexico and other places, maybe their prices have gone up. But they also sell at those prices too. So that sure is misleading, huh? Clearly they aren't getting fucked with the current system, seeing as how their profits multiplied. Just us.

What will you say if I show you the law that says the oil companies never have to pay more than $56 a barrel for oil they pump out of our ground. Seems like a dumb thing to do considering they talk a big game about supply and demand.

Would that change anything? I'll send it tomorrow from work IF you admit that it might change your opinion.

 

[Jon]

And the only one who will do it is Obama.

Only if it's the hot topic of the day.

 

[sealybobo]

The oil companies are not going to save us from being addicted to oil. It's a ridiculous idea.

The government must provide the leadership to move us to clean energy. The Danes are doing it, the Israelis are doing it. We need to do it too.

And the only one who will do it is Obama. Don't expect the oil company butt boy Republicans to do sh*t except make more money for Big Oil.

You try to explain how they are fucking us and these ppl say your facts are dem talking points and they back up their claims with right wing talking points.

these guys aren't wrong either. yes china's competing with us for oil and that's one reason prices are up. yes drilling offshore should lower prices. yes our refineries are out of date.

but there is so much more that they refuse to accept. republicans love poor conservatives. they are loyal like dogs. you can beat them, starve them, make them sleep outside, but they'll always love their masters.

 

[jreeves]

You try to explain how they are fucking us and these ppl say your facts are dem talking points and they back up their claims with right wing talking points.

these guys aren't wrong either. yes china's competing with us for oil and that's one reason prices are up. yes drilling offshore should lower prices. yes our refineries are out of date.

but there is so much more that they refuse to accept. republicans love poor conservatives. they are loyal like dogs. you can beat them, starve them, make them sleep outside, but they'll always love their masters.

No it's a fact dumbass, the price of oil rose 200% globally, that's not oil companies gouging anybody...

 

[sealybobo]

The oil companies are not going to save us from being addicted to oil. It's a ridiculous idea.

The government must provide the leadership to move us to clean energy. The Danes are doing it, the Israelis are doing it. We need to do it too.

And the only one who will do it is Obama. Don't expect the oil company butt boy Republicans to do sh*t except make more money for Big Oil.

You try to explain how they are fucking us and these ppl say your facts are dem talking points and they back up their claims with right wing talking points.

these guys aren't wrong either. yes china's competing with us for oil and that's one reason prices are up. yes drilling offshore should lower prices. yes our refineries are out of date.

but there is so much more that they refuse to accept. republicans love poor conservatives. they are loyal like dogs. you can beat them, starve them, make them sleep outside, but they'll always love their masters.

Democrats are the humaine society. We come to rescue them and they think we are there to hurt them. They might even bite us. But they will never bite their abusive masters. Its al they know.

 

[jreeves]

get this everyone. the oil companies claim they are gouging us so they can have money to develop alternative energy. lol.

but they spent more money buying back their own stock than they did drilling for oil last yr.

ok, so then wouldn't alternative energy hurt the value of their oil and stocks? I call bs.

if they spent the money buying stock in alternative energy, i'd be more inclined to believe them.

I hope T Boone Pickens doesn't commit "suicide".

Pickens supports, drilling,drilling and more drilling would you like to see a link, Hack?

 

[jreeves]

The oil companies are not going to save us from being addicted to oil. It's a ridiculous idea.

The government must provide the leadership to move us to clean energy. The Danes are doing it, the Israelis are doing it. We need to do it too.

And the only one who will do it is Obama. Don't expect the oil company butt boy Republicans to do sh*t except make more money for Big Oil.

Again, Obama voted for the current energy policy, Mccain voted against it, so again how is Obama not a vote for the same energy policy?

 

[jreeves]

You try to explain how they are fucking us and these ppl say your facts are dem talking points and they back up their claims with right wing talking points.

these guys aren't wrong either. yes china's competing with us for oil and that's one reason prices are up. yes drilling offshore should lower prices. yes our refineries are out of date.

but there is so much more that they refuse to accept. republicans love poor conservatives. they are loyal like dogs. you can beat them, starve them, make them sleep outside, but they'll always love their masters.

Democrats are the humaine society. We come to rescue them and they think we are there to hurt them. They might even bite us. But they will never bite their abusive masters. Its al they know.

It's not about Democrat or Republicans, I know that's hard for you to believe. But the whole world doesn't revolve around partisanship. It's about commonsense, if you increase domestic supply and our refining capacity you will bring prices down. Coupled with a sound fiscal policy to bolster the value of the dollar.

 

[sealybobo]

No it's a fact dumbass, the price of oil rose 200% globally, that's not oil companies gouging anybody...

so if i'm right that the gop passed a law that american oil companies never have to pay more than $56 a barrel, would that change your opinion in any way?

you need to answer that before I prove anything to you.

I don't think it will matter to you.

if you will just fall back on, "the dems do it too or the oil companies give to obama too and the dems are just as bad, I assume not waste the time digging.

i'll say it again, conservatives love socializing loses and privatizing profits.

and passing that law spit in the face of supply and demand.

and I bet if you look at what the company pays in taxes, they aren't counting rebates, returns, credits. I'm sure those numbers are fuzzy too.


anyways, answer my question and i'll decide if you are worthy of an education. seriously. I'm sick of showing when it means nothing.

 

[sealybobo]

It's not about Democrat or Republicans, I know that's hard for you to believe. But the whole world doesn't revolve around partisanship. It's about commonsense, if you increase domestic supply and our refining capacity you will bring prices down. Coupled with a sound fiscal policy to bolster the value of the dollar.

No its not all about republicans. That only half the problem. lol

Ok smary. You seem to know everything, why don't YOU know what exxon pays the US government for each barrel of oil they pump out of our lands.

that's a pretty important thing you don't know, huh?

maybe you should shut the fuck up until you know what you are talking about.

 

[sealybobo]

link....

seriously. an expert like you should know this. right?

I bet its eating you up that you don't know this. lol

keep gogling dummy. not easy to find is it. that's because they don't want you to know.

another reason to listen to air america or nova m radio.

and if the mainstream/corporate media is liberal, why aren't they telling us these things. i'll tell you, because they've been taken over.