Screw the Oil Companies

“It's funny you say that WK. As I read the headlines on Drudge (probably where BB saw this first), my gut reaction to it was "That's great for all the people who have a financial interest in the oil companies."

Then I thought I'd go to TT to see what negativity is posted.

Sure enough .....”

“In all seriousness, back when I was a libbie, I used to wish the oil prices would skyrocket.

I think now the libbies just like to complain about anything.”

“I think Buddha hates the poor people in the 3rd world where this oil comes from. Buddha, why do you hate the poor so? And more importantly, how can you wear a visor with a straight face?”

“Bb gets his news from the Plain Dealer

Sarge gets his from Drudge”

“Drudge simply linked to the AP story.”

“Gee Geo, for someone who's political view go no further than the cartoon page I'd watch what I said about other's sources. HAHA!”

“Nigal, you ignorant slut, what meaning would a political cartoon have if one was not familiar with the news?”

“What is a fair price? Any price the consumer is willing to pay.

No one is forcing you to pay those prices for oil produces. You agree to it of your own free will. If you don’t like it, do something about it. Switch fuel, ride a bicycle, carpool, get more efficient machines, shop for lower prices. It is this thing we call the marketplace.

As to the deception, you are right-on with that but it is not just the oil companies that play that game. Big companies do big deceptions, little companies do it to. I once saw a real estate agent advertise a house as being “water front” property. The water was an irrigation canal.

I wouldn’t defend the energy bill (don’t know enough about it) but we haven’t built a new refinery in the US for 30 years. Unless you are for nationalizing the oil companies what can the government do? Price controls cause shortages (remember Jimmy Carter). These companies are in business for profits, did you think they were charities? We are responsible, individually and collectively, for our energy situation. We are in control. It is our votes, our money and our lifestyles and we have chosen how to cast, spend and live them. Are you flotsam or fish? Are you a leaf in the wind or a bird?”

“even with the huge jump in fuel prices, US consumption is up 2-3% this year. It is what it is.”
birch
5:47:57 AM
8/11/05

Consumption up 2-3%, PROFITS UP 89%, it is what it is alright.

"somebody is getting rich.”
Buddha Bear
7:43:33 AM
8/12/05

Average US salary: $36,764
Average raise: 3%
Annual increase (adjusted after income taxes): $661

Today's average gas price: $2.37
Average ags price one year ago: $1.88
Average miles driven p/household: 12,100
Average mpg: 24 mpg
Avg. gallons of gas used per year: 504

August 12, 2004 gas cost: $947.52
August 12, 2005 gas cost: $1,194.48

Increased cost: $246.96 (more than 1/3 of your raise)
This doesn't include your haeting/cooling/product cost increases due to the rising cost of gas.

Basically, middle class and poor folks pissed thier entire raises, if they got any, away, and who pocketed it?

OIL COMPANIES.

Enjoy the raise. Thank gawd our government and automobile makers are pushing alternative fuel vehicle engineering so aggressively!”
Buddha Bear
9:18:31 AM
8/12/05

WASHINGTON (AP) -- The pinch at the pump is starting to feel more like a punch for a growing number of Americans.

With gas prices soaring, almost two-thirds of those surveyed for an AP-AOL poll expect fuel costs will cause them financial hardship in coming months. That was sharply higher than in April, when about half felt that way.

link

--CNN”
Buddha Bear
2:28:40 PM
8/12/05

Taxes are not raising our gas prices, I wish they were. Greed and profoiteering are raising our gas/energy prices, and the beneficieries are large companies. The losers are 99.9% of the people that post here, the environment and Sarge (because he's a loser in general).”
Buddha Bear
7:19:20 PM
8/15/05

“* BP reported profits of $10.5 billion in the first half of 2005, up 29% than the first half of 2004 (when it need to keep profits and prices lower to get GWB elected).

* Shell reported profits of $5.4 billion in the second quarter of 2005, up 34%

* Exxon reported profits of $7.64 billion, a 32% increase.


* Marathon Oil not only made big profits as well, but some of it's profits are a result of TAX STRAPPED OHIO, cutting deferred oil taxes:

"net income for the second quarter was $673 million, and included two after tax special items totaling a negative $82 million, resulting in net income adjusted for special items of $755 million. The two after tax special items were a negative $97 million related to the mark-to-market loss on our two long term U.K. gas contracts and a positive $15 million related to a deferred tax adjustment. The tax adjustment is a result of Ohio changing its tax structure from an income base to a commercial activity base, resulting in a reversal of previously booked deferred tax. Our net income adjusted for special items of $755 million was more than double the first quarter of this year and 86% greater than the second quarter of last year."

-- source Ken Matheney, VP Marathon Oil

Now I never saw a dip in gas prices in Ohio despite this huge tax break. That 15 million in deferred taxes is quarterly, which amounts to 60 million per year. $60 million could have funded a lot of schools.

Oh well, keep voting for people who allegedly cut your taxes so they can increase the thinkness of thier wallets.”
Buddha Bear
4:03:20 PM
8/17/05

“"[profits] 86% greater than the second quarter of last year."

86% increase!

86%!!!!!!!!!!

Them boys invested well in Bush and the republican party!”
Buddha Bear
4:06:32 PM
8/17/05

Yup. In the "as long as I get mine" society, it's perfectly okay to abandon what is good for the nation as long as one owns enough oil stock to get a personal benefit.

Or maybe we live in the "perfect scenario" society, in which we tell all the poor people in bad times that it's all their fault because they didn't choose the one investment strategy out of 1,000 that produced an amazing return.

I guess if we pray hard enough, God will tell us which lottery balls to pick.”
reformed lurker
8:39:38 PM
8/17/05”

“Free market my ass.

Since when do you have participants in a free market conspiring to reduce refining capacity in order to drive up the price?

It’s against the law. It’s bad for the average consumer. It’s bad for the national economy.”

“Cantwell-Feinstein Legislation Would Prohibit
Gasoline Price Gouging
September 20, 2005


Washington, DC – U.S. Senators Maria Cantwell (D-WA) and Dianne Feinstein (D-Calif.) will introduce legislation today to ban price gouging at the gas pump in the wake of natural disasters like Hurricane Katrina.

The “Energy Emergency Consumer Protection Act” would give the President authority to declare national energy emergencies, when proven price gougers would be subject to new fines and criminal penalties. The legislation also empowers federal regulators to ensure greater market transparency and go after market manipulation of oil and gas prices on an every-day basis.

“Just yesterday, we saw oil set the new record for a one-day spike in prices,” said Cantwell. “The oil companies know we don’t have a plan to protect American consumers. We need a federal law that’s going to prohibit profiteering at the gas pump—especially during national emergencies.”

“This legislation helps balance the scales for consumers,” Senator Feinstein said. “It is simply wrong for the oil industry to profiteer in the wake of a natural disaster or other emergency. That’s why I’m working with Senator Cantwell to put a stop to this practice. Americans should know that their government is on their side and that a basic commodity like gasoline will be available and affordable when they need it most.”

Oil prices rose $4.39 a barrel at the New York Mercantile Exchange yesterday, to close at $67.39—the largest one-day gain since 1983, when oil started trading on the exchange. Today, 28 states have anti-gouging laws on the books. This legislation is based on New York’s law, where price gouging cases have been successfully prosecuted after natural disasters.

The legislation also:

Creates new federal fines and criminal penalties for price gougers;
Directs the Federal Trade Commission to focus its enforcement activities on big oil companies, with revenues of more than $500 million a year;
Creates new authority for states to go after price gougers at the retail level; and
Contains provisions to ban manipulation in the oil and gasoline markets, and new transparency, investigation and enforcement mechanisms.
Cosponsors of the Energy Emergency Consumer Protection Act include Senate Minority Leader Harry Reid (D-NV), Democratic Whip Dick Durbin (D-IL), and a number of other senators.”

“"Since when do you have participants in a free market conspiring to reduce refining capacity in order to drive up the price?"

Drug dealers is all I could think of.”

“i'm sorry but petroleum is not the same as twinkies.

there is no such thing for most of us as "don't buy it if you don't like it."

even if you can somehow avoid buying it yourself, petroleum prices effect virtually every product imaginable.

i'm not advocating gov't ownership, but a completely "hands off" approach is obviously not the best thing for our nation either.

similar to anti-trust laws, there must be some checks on a 'free' market for the good of the nation.
last edited: 10/27/05 12:54:16 PM”

“
Texaco memo: http://www.consumerwatchdog.org/energy/fs/5104.pdf



Chevron memo: http://www.consumerwatchdog.org/energy/fs/5103.pdf


More: http://www.consumerwatchdog.org/energy/fs/”

“Knee, you better look at a 3 month chart of XOM.
Todays earnings good news will fade and the market will follow the long path downward.The consumer will not forget the last 6 months easily. We will find that 30% of driving was totally unnecessary and will disappear.”

“...there is no such thing for most of us as "don't buy it if you don't like it."...
SaccoSeveredHeads
12:50:55 PM
10/27/05
ignore this user

{sarcasm} What the hell are you talking about Sacco? Just use that great mass transit system we have here in upstate. {/sarcasm}”

“I've heard about this #&%!$ this morning.I try to get and use as less gas as I can since the gas prices exploded like this. Iknow not everyone is able to do that thou.

I am pretty pissed at it and so as lot of people here.”

“Lets not forget to thank all the environmental wackos who pushed for refinery restrictions that are so strict they can't afford to build new ones.”

“Todays earnings good news will fade and the market will follow the long path downward.The consumer will not forget the last 6 months easily. We will find that 30% of driving was totally unnecessary and will disappear.”
uncliff


no way uncliff. i'm already hearing about how the gas prices are not too bad anymore.

"hey, go to the XXX street mobile, only $2.72"

LOL, compared to last month maybe, but not 1 year ago or even 6 months ago.

consumers will and have already it seems forget the last 6 months.”

“who needs mass transit zac? i'll peddle my bike!”

“In the 1970s a Republican President pushed a windfall profits tax for the oil companies that had huge profits due to a major shortage.”

“Only Nigal would post something like that 20 minutes after I posted proof that oil companies have acted in concert to shut down refineries and eliminate competition.

Don't ever let the facts get in the way, big boy.
last edited: 10/27/05 1:20:28 PM”

“Exxon breaks U.S. corporate record (not just oil industry record):
http://money.cnn.com/2005/10/27/news/fortune500/exxon.reut/index.htm

That's 10 billion profit. Think about what their gross revenue must be. Grrrr. And it is gross.
last edited: 10/27/05 1:25:49 PM”

“All goods you purchase required gasoline to get them into your hands.

Stop buying goods if you're so concerned about the oil companies making profits.

BRING DOWN THE SYSTEM!

{Howard Dean} aaarrrrrggggggghhhhhhhhh!!!!!!”

“I think it's interesting that gas prices have decreased significantly from the high (by about $1.00 per gallon here) in the few weeks preceding the announcement of the earnings. Maybe they were trying to soften the blow that the news of the profits would have on the public.”

“XOM is not really an oil company anymore ,because it is just a bank and therefore could care less about finding new oil.”

“Never mind, they don't care about the public...”

“Whatever the reason for the lower gas prices, I'm sure it's a conspiracy to screw us little guys.

It must be something negative.

I think they're out to get us when the raise the prices AND when they lower the prices.

All other opinions are irrational.

last edited: 10/27/05 1:41:52 PM”

“all this crap just proof my point I had since the oil prices skyrocketed to the top.

they #&%!$ us...we are #&%!$ed!
tell you thou...I can't blame them. statisticly we did not change our driving habits.

bad part is looking at their profits right now...those bastards still make more profit then before, even if everyone would reduce milage.”

“I wonder what they're going to do with all those profits?

Instead of hiring more workers and expanding, they're probably going to use it to elect Republicans.

Those bastards!”

“Sarge, I have worked for several Fortune 100 companies and I believe that decisions to raise or lower prices on their products have nothing to do with a corporation's sentiments toward the public. The decisions are based on what is best for the company and the shareholders of that company.”

“Aren't the shareholders the public?

This is how capitalism works.

Are we against capitalism?”

“No, Sarge, this is how it works. If you purchase stock, you are a shareholder. If you do not purchase stock, you are not a shareholder. Simply being a member of the public does not make you are shareholder.”

“That wasn't the question.

The question was, "aren't the shareholders the public".

Not, "aren't the public shareholders?"”

“Aren't we all shareholders in successful business?

Don't we all lose if businesses lose?

Don't we want American business to thrive?”

“And no, I am not against capitalism. In fact, I own quite a few shares of railroad stock and I would hedge that the expectation of higher gas prices may increase the orders for coal. More rolling stock of coal may equal more revenue for the railroad company. This quarter and next will tell.”

“Depends if it comes at the cost of gouging the consumers Sarge.”

“Yes, the sharesholders are members of the public. I think you know that. But the companies don't make the decision based on the public as a whole, just the group of their shareholders that are a piece of the public.
last edited: 10/27/05 1:59:46 PM”

“Are we being gouged, or inconvenienced?

In much of the world market, we're doing quite well.

Were you gouged WayTooScary?

Did you drastically change your habits due to this "setback"?

Is reducing oil consumption a good or bad thing in your opinion?”

“Creek Dancer, should companies make their decisions based on non-stakeholders?

Is reducing oil costs going to create more, or less problems as a whole than raising prices?

How low should they go?”

“Should they? Yes, I think it's important to be a good corporate citizen. Do they? Not always.

I don't study the oil companies, so I don't know how low they should go.

What do you think Sarge? How do you answer your own questions?”

“You are being gouged Sarge, the most entertaining part is that you don't even see it.

Interestingly you don't seem to have figured out that two of the three biggest oil firms aren't American.”

“Violin's post is pretty key to this. How compeitive is the big oil business at the consumer level?”

“I'm going out and buying all the oil company stock I can. If you can't beat em.....”

“sarge, do you feel that anti-trust laws are wrong as well?

should we just allow business to have a free run?

was teddy R pinko commie scum b/c of his anti-trust policies or his environmental ones or both?”

“What do you think Sarge? How do you answer your own questions?

no, no, no, deoends, no, more, up to the shareholders

You are being gouged Sarge, the most entertaining part is that you don't even see it.

I'm glad you can see in my mind. What am I thinking now? You obviously are a wise sage with magical abilities to read people's thoughts. Where is Osama right now? Why aren't you working for the CIA?

Interestingly you don't seem to have figured out that two of the three biggest oil firms aren't American.

How did you arrive at this conclusion?”

“Trailbum - excellent idea!

sacco - yes, yes, both”

“Obviously, there are two distinct viewpoints here for which there are two distinct solutions:

1. Quit buying gas; or

2. Start buying E-M stock

Personally, I'm taking the more realistic (and profitable) option. ;-)

E-M Has a product. They have a cost associated with that product that is low compared to todays prices because they have had it a long time.

They sell some of thier reserves for a high price, a market price not set by them ( but arguably influenced by them ) and they book a big profit.

I see nothing wrong with accumulating the reserves and profiting when you are right. They are in the business of making money.

When oil was $10 a barrel they were losing money and I don't reacall anyone offering up a collection plate to help them.”

“I wonder how many of these people who want lower gas prices also want increased oil useage?

I wonder what is more important to them. The environment or money.
last edited: 10/27/05 2:20:19 PM”