Comments on: AZ Republic Takes Shot at Oil Companies

By: Pragmatist

Pragmatist — Mon, 31 Oct 2005 12:53:37 +0000

Coyote...don't forget that $1.6 billion of the profit was from restructuring, not sales. That dilutes the oil-related margin even further.

By: Porkopolis

Porkopolis — Mon, 31 Oct 2005 00:32:58 +0000

Pat:

Did you read the post or any of the comments?

When did it become an 'outrage' for a company to maximize it profits and also the taxes it pays on those profits?

What 'profit' would be acceptable to you? Let's call that X. Would X + .0001 be OK with you? If not, what about the .0001 difference gives you concern?

Have you considered not buying what the oil companies are selling if it upsets you so much?

Do you have a pension fund, 401K, college fund; any investments? Have you checked to see if any of those invest in the energy sector? If so, feel any different now as a shareholder? If your a shareholder and still feel upset, are you prepared to give up your portion of your gains in energy companies?

By: Pat

Pat — Mon, 31 Oct 2005 00:11:59 +0000

Does anyone wonder why or how so much money can be made by a company at such a time as this. Do we wonder why there is not a public outcry, how can this be ?
Where are the news reporter….why and how can a company make billions…not millions, and now one says boo….
I think the american public should ban the buying of gas for one day a week… would that make a difference…. I am sick of the rich getting so much richer.please
some one wake up

By: Porkopolis

Porkopolis — Sun, 30 Oct 2005 21:42:32 +0000

See also: Gas Taxes Exceed Oil Companies’ Profits at http://taxprof.typepad.com/taxprof_blog/2005/10/gas_taxes_excee.html

By: Porkopolis

Porkopolis — Sun, 30 Oct 2005 21:04:08 +0000

More context:

Oil Companies are big employers…profits allow them to stay in business and employee more people that pay payroll taxes.

Oil Companies provide a service and products in demand…they take multiple risks (political, capital (ever hear of a dry hole?), injury from working in harsh conditions, etc.) in delivering those products/services.

Oil Companies are us/U.S. (as in the United States)…investors in pensions, retirement funds, college funds, 401ks, etc. own the oil companies… those profits go directly back into the economy.

At least 50% of Americans are stock holders and many of them invest directly or indirectly in energy/oil companies. Are those that advocate smaller profits also advocating a smaller pension for grandma?; A smaller college fund for Jimmy and Susie?

See also: Hands Off The Windfall Oil Profits at http://porkopolis.blogspot.com/2005/10/hands-off-windfall-oil-profits.html .

By: That Guy

That Guy — Sun, 30 Oct 2005 18:27:52 +0000

It’s reasons like this that keep me from buying fuel from ExxonMobil stations, despite the fact that the closest/most convenient station is an Exxon. I’ve chosen to become more aware of who imports foreign (middle East) oil, and have chosen a station chain that uses only locally obtained, meaning this region/Canada. We have 3 local refineries, one being ExxonMobil, another ConocoPhillips and a third co-op refinery. ConocoPhillips uses 0 barrels of imported oil, but they follow the greedy patterns of the other oil companies, despite the huge difference in price-per-barrel that CP pays. The oil is obtained at approximately $20/barrel, yet they charge the wholesale market prices that ‘everyone else’ does, and reap huge profits in the process. I also try to avoid the CP stations, but for different reasons than EM. The arrogance displayed by the corporate leadership is obvious when the reason given to employees (friends work at the CP refinery) is that they charge the exorbitant amounts because ‘everyone else is doing it’. I find it amusing that after gas prices spike well beyond the $3.00/gallon range that locally, gas has dropped in price $.25 in a matter of 3 days this past week. The fact that consumers were finally cutting back on driving, and SUV/big truck sales bottomed out, prices began to drop faster than I’ve ever seen in the 13 years I’ve been driving.

By: BridgetB

BridgetB — Sun, 30 Oct 2005 01:46:59 +0000

Hi Coyote!

Thanks this was awesome. I wonder, would they be happier if EXXON went into the red this quarter? Sheesh. They act as if they get no benefit from what EXXON sells them. Its sad. Doesnt anyone appreciate what these companies provide? I for one am glad they are making a nice, tidy profit. This may mean more investment in the future for refining and supplies and the sundry other things that go into getting gasoline to the pump. Yea for money.

By: Will Franklin

Will Franklin — Sat, 29 Oct 2005 18:50:32 +0000

Great post. This “excessive profits” nonsense really raised my ire earlier this week on my blog, as well.

By: A Stitch in Haste

A Stitch in Haste — Sat, 29 Oct 2005 17:08:53 +0000

Are Large Profits “Obscene”?

Anyone remember the Saturday Night Live commerical spoof, I think a parody of Citiblob, in which an employee describes the bank’s highly competitive changemaking services? It went …

By: TJIT

TJIT — Sat, 29 Oct 2005 15:59:47 +0000

What is pathetic to me is that not one major oil company has made any effort to make this type of information available to the general public. No breakdown of where the earning came from (I suspect most of the increase earnings is from crude oil sales not gasoline refining), no inflation adjusted plots of gasoline prices showing just how cheap it has been for many years, no examples of just how expensive and complicated producing petroleum can be.

Given the political environment this is an almost reckless lack of diligence on managements part.