Exxon Posts Record Profits

[pknopp]

There was less supply, which jacks prices.....Happens first time, every time.

No, supply was being met.

 

[hadit]

Exxon Mobil's record $55.7 billion profit last year fuels criticism that it cashed in on war and sky-high gasoline prices

Exxon's bounty came as Americans shelled out more than $5 at one point for a gallon of gasoline.

fortune.com

THAT is why gas prices are so high

Wanna bet that the people bitching about high gas prices will defend this?

A bunch of market speculators are making big bucks too. You do know, don't you, that they amplify swings in the global market price for petroleum?

The oil industry sees a lot of boom-and-bust cycles, and I don't see you wailing when the companies see big losses and have to lay off workers. Would you be willing to trade them making big profits this year for taxpayers picking up the slack when they have big losses a year from now?

 

[martybegan]

And oddly it wasn't before we opened the markets up to everyone.

When were the markets closed?

 

[Lesh]

A bunch of market speculators are making big bucks too. You do know, don't you, that they amplify swings in the global market price for petroleum?

Yea and?

 

[Oddball]

No, supply was being met.

Irrelevant to the proven economic dynamic....Less supply = rising prices.

Has never not happened.

 

[pknopp]

When were the markets closed?

We have covered this before. It all started in the late 80's early 90's. Before that, only those actually buying oil bid on oil.

 

[marvin martian]

Yea and?

And the dementia case you voted for promised to "end fossil fuels". Did Exxon get that message?

LOL

 

[pknopp]

Irrelevant to the proven economic dynamic....Less supply = rising prices.

Has never not happened.

Because hedge funds can use that excuse to run the prices up.

When oil went to near $150 under Bush we had tankers sitting full of oil and people were begging OPEC to pump more and more and more. The issue was not a lack of oil.

As far as costs go it's far smarter the leave the oil in the ground when there is no need for it.

 

[martybegan]

We have covered this before. It all started in the late 80's early 90's. Before that, only those actually buying oil bid on oil.

You have any proof of that?

 

[hadit]

Increase supply opportunities and these problems of yours go away.

Companies are supposed to make money, that's what they do. Blame the government for promoting policies that makes it harder to increase supply.

People like the OP love to complain when oil companies make a big profit, but they don't say a word when they have big losses. These are the same kinds of people who want workers to share in profits but not take losses when the company does. They apparently think that the company only profits because of workers and only fails because of management.

 

[Oddball]

Because hedge funds can use that excuse to run the prices up.

When oil went to near $150 under Bush we had tankers sitting full of oil and people were begging OPEC to pump more and more and more. The issue was not a lack of oil.

As far as costs go it's far smarter the leave the oil in the ground when there is no need for it.

Or because less supply has always -yes ALWAYS- caused prices to rise.

All the rest is finger-pointing claptrap.

 

[pknopp]

You have any proof of that?

I've posted it before.

 

[martybegan]

I've posted it before.

A link?

I searched for when oil speculation was allowed in commodity exchanges, and I found no limit on it going back well before the 80's and 90's.

 

[pknopp]

Or because less supply has always -yes ALWAYS- caused prices to rise.

All the rest is finger-pointing claptrap.

The needs of oil were all met. It's stupid to argue that we need X amount of something but we need to create XX of something to keep prices low. That is not wise.

It costs more to have oil sitting above ground than in the ground.

 

[healthmyths]

Exxon Mobil's record $55.7 billion profit last year fuels criticism that it cashed in on war and sky-high gasoline prices

Exxon's bounty came as Americans shelled out more than $5 at one point for a gallon of gasoline.

fortune.com

THAT is why gas prices are so high

Wanna bet that the people bitching about high gas prices will defend this?

OF course not! Why though blame an industry that is the target of destruction by the president of the USA?
Remember Biden GUARANTEED!! GUARANTEED.. THE FOLLOWING:
"I want you to look into my eyes, I guarantee We Are Going To Get Rid of Fossil Fuels”


Be honest... if the President of the USA said to your industry...we are going to destroy your businesses put you out of work and completely eliminate
the businesses you work in, the stock you have shares with, etc. what would YOU do?
A) probably look for a different occupation... US Oil and Gas Jobs Are Still in Short Supply on Labor Market Tightness - Bloomberg.Dec 2, 2022

US Oil and Gas Jobs Are Still in Short Supply

The short supply of labor in the US oil patch has plagued exploration and production companies all year, and the tightness continues.

www.bloomberg.com

B) Shareholders start selling their shares... solution raise prices!
C) And even if the fossil fuel industry doesn't believe Biden's guarantee, perfect excuse to raise prices! The fossil fuel industry simple points to Biden's
stupid and dumb ass statements!
"I want you to look into my eyes, I guarantee We Are Going To Get Rid of Fossil Fuels”
"There is no more drilling. I haven’t formed any new drilling."

https://www.foxbusiness.com/politics/biden-declares-drilling-during-last-minute-rally-democratic-gov-kathy-hochu

"Number one, no more subsidies for fossil fuel industry.
No more drilling on federal lands.
No more drilling, including offshore.
No ability for the oil industry to continue to drill, period, ends, number one."


So of course Exxon, Chevron, et.al. fossil fuels will make as much $$ as they can!

 

[pknopp]

A link?

I searched for when oil speculation was allowed in commodity exchanges, and I found no limit on it going back well before the 80's and 90's.

Have fun.

https://consumerfed.org/pdfs/SpeculationReportOctober13.pdf

 

[DigitalDrifter]

Hey mods, why was my thread about gas prices rising again, moved from politics to the 'Energy' board, and yet this thread is allowed to stay?

Care to explain?

 

[marvin martian]

OF course not! Why though blame an industry that is the target of destruction by the president of the USA?
Remember Biden GUARANTEED!! GUARANTEED.. THE FOLLOWING:
"I want you to look into my eyes, I guarantee We Are Going To Get Rid of Fossil Fuels”


Be honest... if the President of the USA said to your industry...we are going to destroy your businesses put you out of work and completely eliminate
the businesses you work in, the stock you have shares with, etc. what would YOU do?
A) probably look for a different occupation... US Oil and Gas Jobs Are Still in Short Supply on Labor Market Tightness - Bloomberg.Dec 2, 2022

US Oil and Gas Jobs Are Still in Short Supply

The short supply of labor in the US oil patch has plagued exploration and production companies all year, and the tightness continues.

www.bloomberg.com

B) Shareholders start selling their shares... solution raise prices!
C) And even if the fossil fuel industry doesn't believe Biden's guarantee, perfect excuse to raise prices! The fossil fuel industry simple points to Biden's
stupid and dumb ass statements!
"I want you to look into my eyes, I guarantee We Are Going To Get Rid of Fossil Fuels”
"There is no more drilling. I haven’t formed any new drilling."

https://www.foxbusiness.com/politics/biden-declares-drilling-during-last-minute-rally-democratic-gov-kathy-hochu

"Number one, no more subsidies for fossil fuel industry.
No more drilling on federal lands.
No more drilling, including offshore.
No ability for the oil industry to continue to drill, period, ends, number one."


So of course Exxon, Chevron, et.al. fossil fuels will make as much $$ as they can!

The Biden cultists run from this every time they see it.

LOL

 

[martybegan]

Have fun.

https://consumerfed.org/pdfs/SpeculationReportOctober13.pdf

34 pages?

You made the accusation, prove it and link the section of the report.

 

[pknopp]

The Biden cultists run from this every time they see it.

LOL

Was Biden saying really stupid things like he was going to end the use of oil, stupid as he knows he is not?

Yes, it's really stupid and I've noted that before. The markets know it's stupid though and he isn't going to do squat and as we have seen, he hasn't done squat to curtail the use.