Bail Out the Oil Companies Next?

[there4eyeM]

Exxon 2019 $14.34B (down over 31% from previous year).
That's $454.72 per second. A few years ago, it was around $1200.
Net.

 

[Meister]

Exxon 2019 $14.34B (down over 31% from previous year).
That's $454.72 per second. A few years ago, it was around $1200.
Net.

I don't know quite what to think of this post.
I'm not sure on my best day what those numbers are supposed to mean.

 

[there4eyeM]

What the numbers mean is fantastic economic and political power in dubious hands.

 

[westwall]

What the numbers mean is fantastic economic and political power in dubious hands.

Some years oil companies do very good indeed, but most years they make 6%. It is amazingly expensive to drill holes in the ground. For every 20 of those they drill, they find one that is profitable on average.

 

[there4eyeM]

It has nothing to do with percentage; it has everything to do with quantity.
$450+ per second, and that in a "bad" year?

 

[there4eyeM]

What the numbers mean is fantastic economic and political power in dubious hands.

Some years oil companies do very good indeed, but most years they make 6%. It is amazingly expensive to drill holes in the ground. For every 20 of those they drill, they find one that is profitable on average.

They never do "good".
They do very well financially all the time, thanks primarily to the grossly inefficient and over sized vehicles people insist on.

 

[JWBooth]

If Exxon Mobil loses any more money they are going to have to start laying off congressmen.

 

[candycorn]

Also, I learned this nugget the other day on Marketplace.org.

Of the $350 Billion sat aside for small businesses....$10 Billion of it went to banks. Yes, we're talking about Chase, Wells Fargo, Bank of America, etc... All the usual suspects. However, the $10B was not in the form of loans. It was $10B they got from charging fees to loans they processed. The program allowed banks to tack a fee onto the loans of our money that they processed. So, of course, the banks wanted to approve the largest loans first--the larger the loan, the higher the fee!!!

"SBA will pay lenders fees for processing PPP loans in the following amounts: Five (5) percent for loans of not more than $350,000; • Three (3) percent for loans of more than $350,000 and less than $2,000,000; and • One (1) percent for loans of at least $2,000,000. "

OSHA could mandate essential worker protections. Why hasn't it? - Marketplace

The White House has left that up to the states, most of which have no workplace safety programs. Subscribe to Make Me Smart wherever you get podcasts.

www.marketplace.org

 

[wamose]

Hell no.

If dumb Don bails out the oil companies no doubt many of his supporters will support it, even though they claim to be conservatives.

Come on man. Letting the oil industry or the airline industry fail is no more an option than letting banks fail was in 2008. I realize that in an ideal world, it doesn't seem fair but the alternative is much worse. This countries problem is mostly with deficit spending. Most of the political assholes who ran up our deficit, both sides, are still in there doing the same thing.

 

[gipper]

Hell no.

If dumb Don bails out the oil companies no doubt many of his supporters will support it, even though they claim to be conservatives.

Come on man. Letting the oil industry or the airline industry fail is no more an option than letting banks fail was in 2008. I realize that in an ideal world, it doesn't seem fair but the alternative is much worse. This countries problem is mostly with deficit spending. Most of the political assholes who ran up our deficit, both sides, are still in there doing the same thing.

Yes it’s an option. Have you learned nothing from the Great Recession?

Our nation would be a much better place had Goldman Sacks and rest been forced into bankruptcy.

We have bankruptcy laws. Use them.

Stop believing propaganda from the oligarchs.

 

[wamose]

Hell no.

If dumb Don bails out the oil companies no doubt many of his supporters will support it, even though they claim to be conservatives.

Come on man. Letting the oil industry or the airline industry fail is no more an option than letting banks fail was in 2008. I realize that in an ideal world, it doesn't seem fair but the alternative is much worse. This countries problem is mostly with deficit spending. Most of the political assholes who ran up our deficit, both sides, are still in there doing the same thing.

Yes it’s an option. Have you learned nothing from the Great Recession?

Our nation would be a much better place had Goldman Sacks and rest been forced into bankruptcy.

We have bankruptcy laws. Use them.

Stop believing propaganda from the oligarchs.

You actually think bankruptcy is a viable solution.? Bankruptcy was invented by the rich to protect their own money. Who pays for the bankruptcy? The owners and the board are the only ones who benefit from bankruptcy and the shareholders get screwed. The same rich people you ***** about end up being the beneficiaries. Either way the middle class will pay for it, just like everything else.

 

[gipper]

Hell no.

If dumb Don bails out the oil companies no doubt many of his supporters will support it, even though they claim to be conservatives.

Come on man. Letting the oil industry or the airline industry fail is no more an option than letting banks fail was in 2008. I realize that in an ideal world, it doesn't seem fair but the alternative is much worse. This countries problem is mostly with deficit spending. Most of the political assholes who ran up our deficit, both sides, are still in there doing the same thing.

Yes it’s an option. Have you learned nothing from the Great Recession?

Our nation would be a much better place had Goldman Sacks and rest been forced into bankruptcy.

We have bankruptcy laws. Use them.

Stop believing propaganda from the oligarchs.

You actually think bankruptcy is a viable solution.? Bankruptcy was invented by the rich to protect their own money. Who pays for the bankruptcy? The owners and the board are the only ones who benefit from bankruptcy and the shareholders get screwed. The same rich people you ***** about end up being the beneficiaries. Either way the middle class will pay for it, just like everything else.

Who benefitted from the bailouts?

 

[sparky]

I like this thread, the communists are starting to come out from under the rocks for all to see.

Nostravia comrade Meister.

Consider our circumstances, we've been locked down for over a month, with any sm biz relief a bureaucratic dog/pony show

So, most of us being hand/mouth have simply gone to find whatever work is out there, in my and my local peers case ,escapees from the pandemic epicenter

It's not longer a matter of choice , after being refused CARES and PPP, although our illustrious governor has apparently greased the UI wheel extending us dome sort of sisyphean possibility

In the broader objective, capitalism is now so broken that it may never come back, if were honest with ourselves we went down this road in a hail of Congresionnal fury in '08

Now it's accepted, now ther'll be no returning , no going back to , the damage is done, private entrepreneurism sole proprietor mom pop shops can not possibly compete in a skewed playing field

How do i know? my biz barely survived shovelready, a program every state official patted themselves on the back for up to and including the then governor , creating dozens of straw businesses , dozens upon dozens of ,local bankruptcies & millions in local losses

This is that 1000X's worse

~S~

 

[sparky]

Hell no.

If dumb Don bails out the oil companies no doubt many of his supporters will support it, even though they claim to be conservatives.

Come on man. Letting the oil industry or the airline industry fail is no more an option than letting banks fail was in 2008. I realize that in an ideal world, it doesn't seem fair but the alternative is much worse. This countries problem is mostly with deficit spending. Most of the political assholes who ran up our deficit, both sides, are still in there doing the same thing.

Yes it’s an option. Have you learned nothing from the Great Recession?

Our nation would be a much better place had Goldman Sacks and rest been forced into bankruptcy.

We have bankruptcy laws. Use them.

Stop believing propaganda from the oligarchs.

You actually think bankruptcy is a viable solution.? Bankruptcy was invented by the rich to protect their own money. Who pays for the bankruptcy? The owners and the board are the only ones who benefit from bankruptcy and the shareholders get screwed. The same rich people you ***** about end up being the beneficiaries. Either way the middle class will pay for it, just like everything else.

Who benefitted from the bailouts?

~S~

 

[wamose]

Hell no.

If dumb Don bails out the oil companies no doubt many of his supporters will support it, even though they claim to be conservatives.

Come on man. Letting the oil industry or the airline industry fail is no more an option than letting banks fail was in 2008. I realize that in an ideal world, it doesn't seem fair but the alternative is much worse. This countries problem is mostly with deficit spending. Most of the political assholes who ran up our deficit, both sides, are still in there doing the same thing.

Yes it’s an option. Have you learned nothing from the Great Recession?

Our nation would be a much better place had Goldman Sacks and rest been forced into bankruptcy.

We have bankruptcy laws. Use them.

Stop believing propaganda from the oligarchs.

You actually think bankruptcy is a viable solution.? Bankruptcy was invented by the rich to protect their own money. Who pays for the bankruptcy? The owners and the board are the only ones who benefit from bankruptcy and the shareholders get screwed. The same rich people you ***** about end up being the beneficiaries. Either way the middle class will pay for it, just like everything else.

Who benefitted from the bailouts?

The same ones who benefit from bankruptcies. The rich and connected.

 

[gipper]

Hell no.

If dumb Don bails out the oil companies no doubt many of his supporters will support it, even though they claim to be conservatives.

Come on man. Letting the oil industry or the airline industry fail is no more an option than letting banks fail was in 2008. I realize that in an ideal world, it doesn't seem fair but the alternative is much worse. This countries problem is mostly with deficit spending. Most of the political assholes who ran up our deficit, both sides, are still in there doing the same thing.

Yes it’s an option. Have you learned nothing from the Great Recession?

Our nation would be a much better place had Goldman Sacks and rest been forced into bankruptcy.

We have bankruptcy laws. Use them.

Stop believing propaganda from the oligarchs.

You actually think bankruptcy is a viable solution.? Bankruptcy was invented by the rich to protect their own money. Who pays for the bankruptcy? The owners and the board are the only ones who benefit from bankruptcy and the shareholders get screwed. The same rich people you ***** about end up being the beneficiaries. Either way the middle class will pay for it, just like everything else.

Who benefitted from the bailouts?

The same ones who benefit from bankruptcies. The rich and connected.

And you want the American taxpayer to pay for it. I don’t.

 

[candycorn]

Im against a govt bailout to oil and I work for one of the big three. Occidental owns anadarko now, btw.

I disagree. We should bailout the oil companies as long as we ban exports and imports with Canada being exempt. BUT, before we do, we need to bail out small business that meets the size standards.

• 
  
• Be a for-profit business of any legal structure
• 
  
• Be independently owned and operated
• 
  
• Not be nationally dominant in its field
• 
  
• Be physically located and operate in the U.S. or its territories

I disagree. No bailouts for large corporations. The small businesses across america and people who are laid off need help. I agree with a couple of your items.

So it would be better that they get wiped out (if it happens), all their employees laid off, their stock worthless (eliminating much value in people's 401k's and IRA's) and their assets bought by the highest bidder (which might be a foreign entity)?

We are going to need gasoline and fuel oil once the lockdown is lifted, and these companies have to be there. I doubt they will need a bailout, because they are used to wild fluctuations in their sales and their overall market.

Nationalize them.

No.

Commies are gonna commie.

Why should they be allowed to get rich off of national resources?

**** em. Nationalize it.

It's called opportunity. Nationalization is idiotic, kind of like you.

It's a critical national resource. A few companies should not be allowed to profit to the point where they hold the rest of the nation hostage.

Nationalize them.

It's a critical national resource.

Which they do an excellent job of extracting.

A few companies should not be allowed to profit to the point where they hold the rest of the nation hostage.

Sounds awful!!! What's their profit margin? 100%? 200% It must be some atrocious number that only the rapacious oil companies can manage, eh?

Yes, they are a greedy bunch, aren't they? There has been many federal investigations with oil companies and always come back with zilch in excessive profits.
Crep should do a little research on the subject.


As the table below shows, the Integrated Oil and Gas industry made an average profit of 6.2 cents per dollar of sales, which ranks #114 out of 215 industries by profit margin, and puts oil companies right in the middle of industries by profitability.

If the Senate Finance Committee wants to investigate "excessive" or "windfall" profits, they might consider going after some of the other industries that have benefited from higher commodity prices and achieved much higher profit margins than oil (at 6.2%), like silver (44.7%), copper (24%), gold (21%), and industrial metals (21%) and lumber (17.7%).

https://seekingalpha.com/article/269679-oil-industry-profit-margin-ranks-fairly-low-there-are-bigger-fish

$0.062 on the dollar of sales...

Sales of what, exactly?

 

[Nia88]

We don't need to bail out anymore cooperations. They can recover. The everyday Americans are the ones who need bailing out.

 

[Toddsterpatriot]

What the numbers mean is fantastic economic and political power in dubious hands.

That's outrageous!!
All that economic and political power must be in trustworthy hands.
Like Hillary's.

 

[there4eyeM]

What the numbers mean is fantastic economic and political power in dubious hands.

That's outrageous!!
All that economic and political power must be in trustworthy hands.
Like Hillary's.

Like, no one's.