Gouging Americans for Profit
I just want to say that I think gas prices today are BULLSHIT. We're paying nearly $3 per gallon for what reason?? And before ANY of you leftys say anything about "the war in Iraq"...shut it. It has nothing to do with that.It has EVERYTHING to do with oil execs here in the USA. That fat, turkey-necked prick named Lee Raymond (CEO of Exxon Mobil) personally made $69.7 million dollars last year. That's more than $190,000.00 a day! How do you think he made that money? That's right, you and I gave it to him. This jowel-flapping son of a bitch is getting a retirement package worth over $400 MILLION dollars now that he's retiring from the tough grind at Exxon. FOUR HUNDRED...MILLION...DOLLARS. Unfuckingbelievable.
"Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes."He'd better be glad they're paying for his security, because I'm sure there are many Americans that would love to get their hands on his greedy neck.
Keep in mind, this is the same company that just last year set a record for the LARGEST QUARTERLY PROFIT for ANY U.S. COMPANY...EVER. Wonder why they're so profitable?
Because we're stupid. You and I pay the equivalent to crude oil being $92/barrel. Crude hit an all time high yesterday at $72/barrel. So, why are we paying the cost for $92/barrel oil?
Because they can charge whatever they want and they know we'll pay it. What's our other choice? Oh, did I mention that the gas is being refined with oil that only costs like $63/barrel? Do you see the big margins here? Do you understand why old Fatneck Raymond is so rich? Do you understand why everyone in the oil business is rich? He's not the only one.
Anyway...go fill up your tanks. These guys are starving. They're hardly making ends meet. Poor guys. Lee can't even afford to fix that hare lip thing he's got going on.
Assholes. The whole bunch of them.
posted by ChickenFriedCricket @ 7:45 AM
48 comments
48 Comments:
Hear Hear!
Gas is 2.80 for regular unleaded here in St. Louis. Like a week or so ago it was 2.39-ish. Why?
The lady at the gas station blames Bush. I blame her education on the public school system.
Sort of stuff that makes me want to go clubbing. And by clubbing I mean smashing oil execs with a club.
Well everybody talks about 'futures speculation' and how they raise prices for fear of the crude price going up...
but I think it's all about good old fashioned GREED. These sumbitches are greedy and they like money. Period. If it were all about the market speculation, these people wouldn't be posting record profits. I'd say their profits are directly proportional to the prices we pay at the pump. Show me evidence to the contrary and I'll be happy to take a look.
As I said before...they're all assholes.
I'll look the other way while you club them, Ed B.
It is greed, but we live in a capitalistic society. I have a problem with the price of gas, but I would also have a problem with somebody telling them how much they could/should charge for that gallon of gas.
It's all supply and demand, baby. When we stop being able to afford it at the levels they want to charge, they'll drop it back down.
It's fucking frustrating as hell. Especially since someone stole my bike, I can't ride a skateboard (cause I don't know how) and my work is 12 miles away and we have no good public transportation in Virginia Beach (or any of the seven cities I'm surrounded by) b/c the city council is worried the "riff raff" from the other cities might come and "darken" ours. I'm more mad at my city council right now than I am at Exxon.
I wish I was that rich fat ass. I'd get me one of them private beaches and invite Mathew McConehay (sp?) to join me for a little "how's your father". I just "I'd get me one of them"...it's official Mack has lost her mind.
I'm done rambling now. Goodbye!
I do appreciate the supply and demand, capitalistic ideas that this country thrives on. Trust me, I do.
HOWEVER...on a moral level, these people are ASSHOLES. If they were selling cotton candy or tennis shoes, I wouldn't have such a problem with it. But they don't. They sell oil. And they KNOW that the product they produce affects every other industry in America. Anything that's shipped or trucked or flown somewhere, now has a higher price because they are greedy. The higher costs are always passed along to the consumer. The little guy. You and I. And don't even get me started on the prices at the pump to fill my own car.
I'm all for free enterprise. But I'm also for respect for the people whom you do business with (your customers). If I ran a hot dog stand, I could sell customers inferior grade hot dogs. The little tiny ones that don't cost anything. I'd make a lot more profit than I would if I sold more expensive hot dogs. But it doesn't mean my customers would be happy and it compromises my good name and integrity. (this would only work if I were the ONLY stand around, just like we have no way to "shop around" for gas)
It's no different with the oil business. Integrity is integrity. Character is character. Greed is greed. At some point, you've got to ask yourself if the profit you're making is worth hurting your countrymen for.
Okay, I'm going to walk home now. Have a good 420! teehe!
Uh oh...I wonder what YOU'RE doing tonight, BV?
You know what? I actually didn't. I went and visited my mom at work and I went home and watched reruns of the Office and My Name is Earl and I went to bed. I'm trying my bestest to be a good girl, but the devil he is a calling.
Anyone for Monopoly?!
Yeah Yeah Yeah! Oil companies are BAD! Wal-Mart is BAD! McDonalds is BAD! Microsoft is BAD!
You idiots have it all wrong.
You applaud the free enterprise system... but only when it suits you. The very nature and intent of an oil corp (just like any other corp) is to make money, and the moment they actually make a profit you guys jump on them like they are bashing a baby's head on cement.
The oil execs are no more fleecing the population than, McDonalds is making fat people. The MARKET determines the price here, and when an executive like Lee Raymond works for 40+ years for a company, a company that under his watch makes record profits LIKE IT IS SUPPOSED TO you want to say he is taking to much money from you?!?!?! What if he had run Exxon at a loss and embezzled $400mil like the guys from Enron. You make it seem like he is as bad as those bastards. FUCK OFF!
You pay .50c for a can of pop and then bitch like a whiny little liberal that gas is $3 a GALLON. You will pay $9 for 90 minutes of Hollywood served cold slop and never bat an eye that Tom fucking crazy assed Cruise gets his mega millions.
You are fair weather capitalists and cry like little bitches because you have to pay $40 to fill your tank with gas, but don't get in the way of you and your date on the way to the Cheesecake Factory for dinner where you drop $40 to fill your overstuffed bellies.
Here is an Executive that actually did what he was supposed to do, he led a coporation for his whole life to make a profit, and you cry babies think he is bad???
You make me sick! Your hypocrisy know no bounds!!
"Anonymous" -
You cannot draw comparisons between McDonalds, Movies, and Oil/Gas prices. To do so makes you look silly.
I can go to Burger King, Subway, Taco Bell, Pizza Hut, or any number of places if I don't like McDonald's pricing.
Likewise, I don't have to go to movies.
However, I CANNOT go to a competing supplier for gas in this country if I don't like the price at one station. The price is the price. There is no alternative.
We all have to drive to work to earn a living. Oil/gas prices affect everyone on the economic spectrum.
It has nothing to do with "fairweather capitalism", my friend. It has to do with ethics. I'm all for free enterprise. You notice I'm not asking for LEGISLATION to control these companies. I'm merely pointing out the deplorable behavior exhibited by these companies.
You should settle down and stop the name calling and insults. You sound very much like an agitated liberal. And we both know you are not one of those.
The internet offers no anonymity. Any anonymity you feel is merely perceived. Just FYI.
AND...
For the record, Wal Mart is good, Microsoft is good, and Mc Donald's is good. They don't keep anybody from competing with them to offer a similar product for a lower price if they so desire.
If there were competing oil suppliers in this country, they would be good too. But there's not. Our oil all comes from the same place (essentially). It's not really possible for Joe Blow down the street to start his own oil supply.
Furthermore...my belly isn't overstuffed quite yet. I'm working on it though. :)
Hhhhhmmmm you make a good point.
No, I'm kidding your logic is still fucked up.
If you don't like McDonald's double cheeseburger price, can you go to another fast-food joint and pay substantially less at... Burger King for a shit burger of the same, NO you cannot. The market price for a fast-food burger is set the same way as the price of gas BY THE MARKET.
You said "I CANNOT go to a competing supplier for gas in this country if I don't like the price at one station. The price is the price. There is no alternative." That's just not true. There are competitive gas companies in the USA and around the world and again..... THE PRICE IS DETERMINED BY THE MARKET.
You forget that price per gallon is NOT the same as the amount of money we will spend on gasoline, although you say we all have to drive to work (another false premise) while we may spend approximately the same in price of dollars per gallon, we don't spend the same on gas. I will let you imagine the variables.
You want to bring ethics into an economic argument go ahead and admit your left leaning ideology, this is business and while I would personally prefer that gas was 5c a gallon (just paid $3.03/gallon) I understand and appreciate the market. Think about the LONG term implications of higher gas prices and maybe you may see a benefit somewhere.
As to settling down and name calling:
That fat, turkey-necked prick named Lee Raymond
This jowel-flapping son of a bitch
Because we're stupid.
old Fatneck Raymond
fix that hare lip thing he's got going on.
these people are ASSHOLES.
they are greedy.
And by clubbing I mean smashing oil execs with a club.
Perception is reality.
Yes I own Exxon Mobil Corp stock... just not as much of it is I would like!
There are MANY MANY MANY oil companies in the USA with well in Texas, Montana, Wyoming all owned by private individuals that DO offer their oil to the highest bidder..... there are even some in Colorado.
Maybe they should be clubbed into submission and sell there gas for a loss....
Check out one of your links www.foxnews.com and have alook at what Cavuto has to say about oil prices and record profits.... listen, think, understand.
Yes, I can in fact go to another burger joint and get a burger for substantially less than McDonald's (39cent Hamburger Stand).
I will reiterate, my position on the gas price as well. I cannot go to a competing gas supplier if I don't like the gas prices. Gas prices in Denver are all essentially the same (give or take a nickel or two) no matter what station you go to. Why? Because I'm relatively sure they all get their gas from the same well. So where, exactly, would a consumer go for a bargain on a "competitor's" gas? Please show me the alternative source of gas that you elude to in your post. In practical reality, not in theory.
While we all don't LITERALLY "HAVE TO" drive to work, I'm talking PRACTICALLY here. I know you're a practical person and can understand my point. It is not a false premise. For the majority of Americans, it's a practical reality.
I don't think ethics are a left-leaning concept either, nor should they be. That's downright absurd. At the end of the day, we're all people who have to look ourselves in the mirror and be comfortable with how we conduct ourselves. I'm sure some people are comfortable snatching purses from old ladies. I, however, am not. Nor would I compromise my beliefs to rape the public at large of their money just because I CAN.
When I mentioned name calling, I was referring to you calling ME an idiot in the context of this discussion. (Much like liberals do, when they debate people) I never said I didn't call the subject of my ire any names (Lee Raymond). That was the whole point of my post to begin with. Duh.
I can't speak for the other posters in this forum and their suggestion of violence (clubbing). But I assure you, no oil company (in Colorado or otherwise) will be selling their oil "for a loss" anytime soon. There's PLENTY of margin there for them to make all the money that you want them to.
I've heard what Cavuto (always) says. I don't agree with him. I'm not criticizing him for what he believes, it's just that I don't agree with his position.
I listen plenty. I think even more. And I have no trouble understanding.
Like I said before...chill out. It's Friday, man. Maybe it's time for happy hour. We can even go somewhere where they charge exhorbitant amounts for their drinks if you want. :)
Actually, I'm a little bit surprised by your strong advocacy for people charging high prices. You're usually one to try and get something for the lowest price possible. I would think you'd share my annoyance with people charging more just because they know they can.
This "anonymous" guy probably likes to pay more than "sticker price" for his cars too. Perhaps he has some stock in Subaru or some other "foreign" car manufacturer.
Wow I disappear for a few days and there's a discussion I missed? Bonza.
To Anonymous about the burgers:
Why does a burger at Dennys cost $5.99 when a burger at Hardees costs $3.95? Sure there may or may not be less stuff on it, but I don't think 2 tomato slices instead of three justifies a $2 difference. People can charge what they want to charge. I understand the concept of supply and demand. But why, when Iran's basket case president shoots his lip cannon off, gas goes up sixty cents? His words alone have no effect on the current supply of oil. And don't shout that crap about 'the moment they actually make a profit.' They've been hitting record profits almost every month for the past few months. Like BV said, I hate gas prices. But putting regulations on how much a company makes destroys the essence of capitalism.
I just wish I could find some damn gas that I don't have to wait 30 minutes in line to get. Apparently, ethanol is the culprit of the gas shortage here in Virginia.
I'll play Monopoly, but only if I get to be the top hat.
CFC - I live for the moments when you get people all bent out of shape and pissy with you.
I have a question, which is completely unrelated to any of the above. While capitalism is all about making money, monopolies are not capitalistic in nature...to that end I agree. Anyway, my question is this: Have you ever lost an argument before? Or...Have you ever realized you were wrong and said so...out loud...to that person? Yes, I am laughing right now.
Mondays suck ass.
30 friggin minutes?? That sucks!
I agree that capitalism is about making money, Mack. I'm all for it. And you are correct - monopolies are NOT capitalistic in nature. THAT is the crux of my argument.
I'm glad you enjoy when people get bent out of shape and argue with me. The funny part about this one is that he's a good friend of mine. As a shareholder of Exxon, he thinks the CEO taking $400 million in compensation is good for him as a shareholder. I strongly disagree. CEO's like him do their shareholders a disservice, by taking obscene amounts of money from the pot.
Yes, I have admitted I was wrong in an argument before. I have no problem doing so...when I'm wrong. But, I am not wrong in this argument, so don't expect me to cop to anything on this one. :)
Yes, it does suck. I think the shipments are finally arriving, but even the stations that had gas only had regular. What a fiasco. Not good, not good at all.
Your friend....just lost $5 in dividends. Now I'm just making stuff up. I don't really give a shit.
Okay....I want to know the dates and times of these said admissions. I'm not sure I believe you. And, if you really have…I imagine it was really really hard for ya.
Have a good one.
Mack
PS…why didn’t Tony just off the good cook at the other Italian restaurant? That’s what I would have done if I was him.
Mack - Tony (Soprano, for those who are slow) is getting soft. Artie Bucco has a big mouth and should not have been allowed to mouth off like he did either. I like his hostess though. :)
CFC - I thought of the whole Tony thing when I posted, but figured most were smart enough to know which Tony I was talking about. Yeah, there's something hot about a chick that needs a green card and steals from you.
Oil prices are up only 30% from this time last year, yet gas prices have more than doubled.
Hmmmmm.
I'll never understand why we don't just use that wonderfully powerful military that we have in place in the Middle East and just take all of the fucking oil that we want.
The more the discussion froths and bubbles about the oil companies gouging I laugh at the abject gullibility of the public at large. Your expressions of ire regarding the “greedy oil company execs” follows the liberal talking points, next you’ll be blaming Bush…
The oil companies are gouging when they are making and average of 9c per gallon (a whopping 0.03% ring the bell there is blood in the streets)?
An industry-wide study in the late 1990s showed that oil industry profits amounted to an estimated 7.3 cents on each gallon sold. More recently, Conoco Phillips reported that during the third quarter of 2005 earnings from its U.S. refining and marketing operations amounted to 9 cents per gallon. This compares with a national average retail price of $2.60 per gallon during the third quarter, the period of highest gasoline prices in 2005. A whopping 0.034% profit per gallon the gouging bastards!! So let’s say the oil companies are making 10c a gallon while the governments (both state by state and federal) gouge the public on average about 44c per gallon. The federal tax is 18.4 cents per gallon, while state taxes vary from 14 cents in Wyoming to more than 44 cents per gallon in New York.
You really have to think more about this particular argument?
The relatively high prices in the consumer gasoline market have been caused by many factors. Lets look at a few:
1. Increased Demand
2. Commodity speculation (a product of supply and predicted supply).
Ok I think we can stop there.
There is really no need look at the ridiculous ethanol requirements and the effect on supply they have caused (blonde vigilante expressed some of that above). There are other factors that have affected the price, but they are indirect, as they first affect supply or demand. The oil companies so called gouging is a minor effect.
The micro-economic model is simply a demand and supply situation, when the market demand increases there will generally be a price increase, couple that with a supply decrease (or the speculation of a supply decrease)… prices rise rapidly.
You would like to blame your pain at the pump on someone… personalize it and get out a little bile especially if the guy you can blame is an “old fat white guy”… but I’ll call you on it when you are wrong and demonstrate why.
With the free market structure we have in the US, commodities are traded based on future speculation, commodities traders speculate what will happen in the future in regard to pricing, a result of the relationship between demand and supply, so when the Iranian crackpot says crazy stuff they become cautious. Oil companies provide goods and services and are way way below other industries when it comes to profit taking.
So is a profit percentage of 0.035% or even 0.04% or 0.05% per gallon of gas gouging and immoral?
I say no.
In other words stop your wussy assed liberal-like whining and suck it up! Look at the actualities of the market and figure out whom you can really blame, and as usual in this capitalistic free enterprise market you can blame no one for your economic circumstance other than yourself. If $2.92 a gallon seems like too much, work smarter make more money and it will become relatively less.
Unleaded today national average: 2.92 / gallon.
I drive FOREIGN and buy PREMIUM!
Exxon Mobil Corporation Declares Second Quarter Dividend
IRVING, Texas--(BUSINESS WIRE)--April 26, 2006--The Board of Directors of Exxon Mobil Corporation (NYSE:XOM) today declared a cash dividend of 32 cents per share on the Common Stock, payable on June 9, 2006, to shareholders of record of Common Stock at the close of business on May 12, 2006.
This second quarter dividend is at the same level as the dividend paid in the first quarter of 2006.
Through its dividends, the corporation has shared its success with its shareholders for more than 100 years and has increased its annual dividend payment to shareholders for 24 consecutive years.
Any name-calling is indirect and may refer to the original post and or subsequent posts by others so don’t get all sensitive and wussy. Wuss boy.
Ps. If I’m off by a penny here, or a percentage point there… fuck you, you get the point!
In reference to my ps.
percentages above should have been 3.4% 4% or 5% not 0.03 etc
Like I said you know what I meant. Asshole.
Hmmmmm...."speculation"....You just gave me a great idea!! I think I will "speculate" that gas prices are going to lower my standard of living during the next (and future) quarter(s). Therefore, I'm going to DEMAND that my company INCREASE my SUPPLY of earned cash to maintain or even increase MY profit margin so I can CAPITALIZE on tax paying citizens who will likely have to pay higher taxes (since I'm a public employee),to meet my demand for higher wages/profits. Then I could easily pay the higher prices at the pump and sit back and watch this country go down the proverbial economic tubes, so the "poor" oil company shareholders can continue to recieve their meager .03%,3%,.4% dividends,(notice how it keeps going up?). This country isn't just about capitalism. It's not about profiting so much that the rest of the American public has to make a choice between buying gas and seeing a movie. Truckers are paying nearly $1000.00 every time they fill their tanks. The cost of the goods they carry will go up as a result. Fortunately for Mr.(s) "anonomous" he/she probably doesn't need/use any of these goods because if he/she did, he/she would likely be pissed off that the meager oil company dividend check won't nearly cover the cost of said goods. Thus creating an emotional rollercoaster for him/her. On the one hand, glad for the increase in oil profits, and on the other, pissed off about the increase in the cost of ALL other products. So you see, Mr./Ms. "anonomous", it's not about just you and your shareholder status with Exxon, it's about ALL Americans being able to AFFORD to live, drive, eat, purchase things we need or want, in order to keep driving this economy forward.
Roadhogg are you saying that because of the current gas prices you can no longer afford to go to the movies?
Get a better job!
An expanding and growing economy will have inflation, one of the conributing factors to inflation will be the rising costs of fuel.
No emotional rollercoaster for me I have committed to ensuring that my income increases exceed inflation increaes, if you CHOOSE not to do the same, don't expect sympathy from me.
Driving foreign, buying premium, and working hard to stay ahead of the 3.36% inflation rate... I'm taking next month off for a vacation...
Oh I'm going to see Lucky Number SLeven tonight....
I got an 11% raise this year. I'm good!
I have committed to ensuring that my income increases exceed inflation increases, if you CHOOSE not to do the same, don't expect sympathy from me. - Anonymous
That is really, really an intelligent thing to say. I'm sure that most people have a choice when it comes to increasing their income like you do. Do you own a gas station and can adjust the prices as you deem necessary? Are you really part of the problem here?
Well I work in the telcom world and haven't gotten a pay increase in four years. Not a dime. In fact, my company was just bought out and I am being told to be thankful that I still have a job (which I am).
By your logic, apparently I have chosen not to receive a pay increase.
But my taxes have increased. Home heating oil prices have increased. Grocery prices have increased. Electricity rates have increased. My homeowner and health insurance rates have increased. And now gas prices have increased.
So maybe, for me at least, the gas price thing is just the last straw. I have had to make lifestyle and budget changes over the past few years to accomodate these other increases, and I am simply not prepared to keep doing so in order for a bunch of fucking terrorist OPEC bastards and Texas oilmen to get even more rich.
But what choice do I really have here, other than to take it in the ass like everyone else.
I say take Iraq's oil with brut military force, drill the hell out of Alaska, and build some new refineries ASAP.
Flounder....I love you and your brutness
CFC - 32 Comments...this must be a record or something. And, no, I don't come here with anything intellegent to say...I just come for the popcorn...free beer and the blood shed.
Haha. Like flounder said, I think it can be attributed to the prices of everything going up because of the fuel. Here I am struggling to get by and the Exxon guy was making over what, $100,000 a day I read somewhere. Why couldn't they take some of that money and build some damn refineries or ANYBODY build some refineries? In the greater Detroit area there sits an abandoned refinery, yet construction has started on 3 or 4 ethanol plants.
Whee...I get to go get gas.
BTW Congrats Norm. 34 posts is an achievement. I haven't hit that at mine yet. Most I've hit is like 12
I don't check up on you guys for a couple of days, and this is what I come back to?
This subject is evidently more interesting than the Sheehan/gay topic that seemed to be so popular a while back.
Anonymous -
You can laugh all you want at the "abject gullibility of the public", as you call it. Everyone's entitled to their opinions.
I won't even get into your baited statement about "liberal talking points". Many conservative pundits share my view (and disagree with Neil Cavuto, as I do).
I agree with the first statement in the second paragraph of your diatribe (even though the numbers are inaccurate). You are correct - the oil companies ARE gouging. Thanks for pointing that out.
You bring up the taxes on gas. Those haven't changed during this period of higher gas prices. In fact, most of the costs have remained static. The only dynamic cost here is what they want to charge based on the speculation. And since the speculation gives them an excuse, they're going to bump those prices up. Don't kid yourself though. It's not because of a "fear of a shortage" at a later time (due to world political issues of the day). It's because they want to take advantage and make the easy money while they can. They're opportunistic.
I don't claim to be an expert on economics. However, I've got common sense. It doesn't take a genius to figure this out...When profits SOAR at a rate that is disproportioniate to the rate of inflation or rising costs, I think it's an easy conclusion to draw that someone's taking advantage.
I'm unclear as to why you bring blaming an "old fat white guy" into it. Can I ever have a discussion with someone without skin color entering into it?? I never took exception to the pigment of Lee Raymond's skin. Very peculiar tactic you're using there.
That's all I'm going to say about it. As much as I'd love to keep going back and forth, I've got other things I need to attend to.
Roadhog, Flounder, Ed B. -
I'm glad to see some sensible people in here. :)
Blonde Vigilante -
Congrats on the 11% increase. And I'm glad I continue to keep you entertained.
Flounder is always sensible...at least he and you, eventhough you don't know each other, tend to blog about some of the same shit. He blogged about gay female cowgirls today in case you were wondering. He got me all riled up.
If you were wondering what kind of charitable donations Exxon makes you can find it here http://www.exxonmobil.com/Corporate/files/corporate/giving_report.pdf
I found it interesting. They gave away $103 mil in 03. Bill Gates gives away more as an individual. But, I'm a philanthropist...it's my job and my life...so what do I know. No, I'm not a liberal..but I am pro-choice. Happy fucking Friday!
They gave to charity? Well, I take it all back then. Forget what I said. They're great people now. Keep increasing the price of gas please. I hope the donations were tax deductable, since they're "not making much money".
Poor benevolent oil companies. They're only looking out for us. (clearly)
And yes...Happy Friday
WOW!! $103 million!
Let's see, that is .013% of their $8 billion profit for Q1 2006.
Now that is what I call philanthropy.
In comparison, we gave 11% of our gross family income to our church last year. The bible calls for $10, but we are contributing toward erecting a building also.
I know...we make about $7 million in donations a year, granted it is our job to give away money...but I think you see where I'm going with this. It's laughable at best. I wasn't sure if I made myself clear that I thought it was a joke or not. I think it's a joke. There I said it.
They look like they made a huge portion of it to Arts organizations...b/c you know how much Urban America benefits from the arts. I'm so sick of bailing out the Opera, the symphony etc etc. It happens in every city across the US. They can't afford to run themselves. Only 2% of their profits comes from ticket sales. I always wonder what the value added to the community is. So rich Oil Execs can go see operas. I'm gonna have to rant about this arts problem on my own blog. I can just see it now.
By the way, just a quick correction to anonymous.
The oil companies are making about 9.5cents per DOLLAR, not per gallon. In other words, about 30cents per gallon. BIG difference.
(From http://msnbc.msn.com/id/12519975)
"WASHINGTON - Thursday, Exxon Mobil announced it had earned $8 billion in profits in the first three months of this year. For outraged consumers, the staggering profit numbers boil down to this: Exxon earned 9.5 CENTS ON EVERY $1 OF GASOLINE AND OIL SOLD, cashing in on skyrocketing prices at every stage of the process." (emphasis added by me)
Nice try. Thank you. Come again.
BTW - My oil tank was filled while I was at work yesterday...
$469!
I think that I'll reach in my ass and pull that right on out.
April 28, 2006: 10:54 AM EDT
NEW YORK (Reuters) - Chevron Corp., the No. 2 U.S. oil company, said Friday its quarterly earnings rose 49 percent to $4 billion, topping Wall Street expectations and sparking a 2 percent rise in the stock.
The results came as U.S. consumer anger grew over high gas prices and Big Oil's gushing profits. On Thursday, Exxon Mobil Corp. (Research), the world's largest publicly traded oil company reported $8.4 billion in earnings -- its biggest first-quarter profit ever.
"Quarterly earnings rose 49 PERCENT"... "BIGGEST FIRST QUARTER PROFIT EVER". HIGH GAS PRICES... Anyone think maybe, just MAYBE there might be a correlation here??
No? Ok, I guess it's just me.
Where the fuck is that "Anonomus"?!! Probably somewhere taking it in the ass and cheering them on for doing it!!
By the way, I drive AMERICAN and burn REGULAR! The difference in octane doesn't make that much difference.
Actually Mr. M. Cricket...you be a wrong again (althoug I admit I had no idea what I ballon knot was until reading your blog)... while I was on my fourth imported beer and misplaced a decimal point I caught my error and pointed it out. I will now point out your mistake:
An industry-wide study in the late 1990s showed that oil industry profits amounted to an estimated 7.3 cents on each GALLON sold. Estimate was based on an average pump price between January 1997 and September 1999. The estimate was derived by dividing the net income of the gasoline-related operations of major oil companies by the total number of gallons sold by those companies. Study was conducted by the American Petroleum Institute.
More recently, ConocoPhillips reported that during the third quarter of 2005 earnings from its U.S. refining and marketing operations amounted to 9 cents per GALLON. This compares with a national average retail price of $2.60 per GALLON during the third quarter, the period of highest gasoline prices in 2005.
Over the long haul oil profits generally remain below or on a par with those of other major industries. Business Week analysis of the data from the five-year period Sept. 2000- Sept. 2005, shows that the profitability of oil and natural gas companies (5.8 cents per DOLLAR of sales) has been just slightly above the profitability of all industries combined. NOT TO BE CONFUSED with profit margin on each GALLON of gasoline sold, as described in the first part above.
Business Week magazine regularly compares the profitability of various industries and companies on the basis of profit margin, which is calculated by dividing net income (profit) by total sales and other revenues. For example, a software company that clears $90 million in net income on product sales of $1 billion would earn a profit margin of 9 percent or 9 cents on each dollar of sales.
Traditionally, oil companies have trailed many other industries in this measure of profitability. The profit margin of oil and natural gas companies was slightly above that of all industry in the third quarter of 2005. However, the industry's profitability remained below the profit margins of other industries such as banking, financial services, pharmaceuticals, telecommunications and computer software.
Now consider this information:
Fourth Quarter 2005 Earnings (net income/revenue) (cents per DOLLAR of sales)
Yahoo 45.5
CitiGroup 33.4
Google 26.7
Bank of America 26.7
Morgan Stanley 25.7
JP Morgan 19.7
Cocoa Cola 15.6
Exxon Mobil 10.7
Chevron 7.7
GE 7.5
Marathon 7.3
Shell 7.1
Conoco Philips 7.0
NY Times 7.0
BP 6.8
Valero 5.2
Murphy Oil 4.8
Sunoco 3.1
Tesoro 1.6
United Refining 1.3
As you can see per dollar the major players are way behind AT&T, Mc Donald's, Goldman Sachs, Apple etc. Now here we were originally bitching about Exxon Mobil who make the most profit PER DOLLAR sales at a horrible 10.7 (horrible when compared to Yahoo). Now let's think about it, they make more than the other major oil players Conoco Philips 7.0 or BP 6.8.... why if the prices at the pump are ALL THE SAME and you cannot get a better deal anywhere around town. That must mean that Exxon Mobil was managed better than the others (hence the higher profit margins) justifying Lee Raymond's pay??? Consider that Sunoco makes 3.1 per dollar and United Refining 1.3 per dollar.
Industry wide oil companies were making approx 9c per GALLON NOT the 30c stated by mr. Cricket it really is a big differnce!
Exxon is efficient and leads the pack at a higher margin due to great management, thank you Lee.
So what if the profit went from 9 to 20 cents per GALLON for the industry average? It is still small change when compared to the banks and the high tech companies who must be ripping us off if they are making 30-45 cents per DOLLAR.
If it makes you feel any better gas up at Sunoco.
RoadHogg said...
By the way, I drive AMERICAN and burn REGULAR! The difference in octane doesn't make that much difference.
I agree roadhogg if you drive an American car the difference in octane does not make that much of a difference, but if you are a discerning motorist and drive a quality foreign made vehicle the difference is obvious. Take that in the ass fuck face!
Still driving foreign, burning premium, and drinking expensive imported beer... I think I will go out tonight and spend $6 on a beer! Mr Cricket you wanna come?
No seriously call my cell if your interested.
Anonomous:
Comparing apples to oranges will simply do you no good here. You see, by comparing profit margins of companies like Yahoo, Google, Coca Cola etc., with profit margins of the poor neglected oil companies who have suffered for so long with such minute profits, you seem to be overlooking one thing. Companies like Yahoo, Google, or even Mcdonald's could double or even triple the costs of their goods/services over the next six months and no one would give a shit. Why? Because they ARE NOT VITAL in the function of day to day life in America. Are you blind or just ignorant? Are you putting french fries in your tank to get to work everyday? Are you adding Coca Cola to your engine's crank case? Oh, yeah, I forgot you're a "discerning motorist" who only burns premium long grain rice in his fine foreign Jap crap. The point is, those companies aren't capable of bringing this country to it's knees like the oil companies can. The higher the prices go, the more dangerous it becomes for the country as a whole. Of course, I'm speaking as an American patriot who cares about what happens to his fellow countrymen. And as for the 6.00 "imported" beer? Ha ha ha ha ha ha ha ha ha !!!! That beer cost probably .05 in the country of it's origin! Personally, I think ALL imported beer tastes like shit!
Buy AMERICAN!
Drink AMERICAN!
Ride AMERICAN!
Think AMERICAN!
Employ AMERICAN!
By the way, Dickhead, the difference in octane IS NOT going to make any significant difference in your Rice Burner no matter how hard you "discern"! So go ahead and burn the short grain rice, I won't tell anyone. Now let me put that in YOUR ass, and give me a big HOORAY!!
Ok...one last time...for those who are slow...
I don't care if Yahoo, Morgan Stanley, Microsoft, Coca-Cola, or any of the other companies on the above list make 99 CENTS profit on every dollar of sales. I don't care if they make 100 PERCENT profit, for that matter. I couldn't care less. Want to know why? BECAUSE EACH ONE OF THOSE COMPANIES (and industries) HAVE ALTERNATIVES FOR ME AS A CONSUMER.
If I don't like Microsoft, I can go to Linux. If I don't like Coke, I can drink water. If I don't like Citibank, I can go to Chase. ARE YOU GETTING IT YET?
If I don't like the price of gas, I can't go pour lemonade into my gas tank. Americans depend on gas and oil, for personal use and for commercial use. When the price jumps dramatically, on the whim of the powers that be (OIL COMPANIES), it hurts everyone (except said oil companies, of course).
Oil companies have the country by the balls, and they can pretty much do whatever they want because we lack any sort of feasible gas alternative. Their market isn't going anywhere, and they're not worried about losing customers. When there is competition, consumers win. When there is no competition, there is a monopoly and corporations win.
Competition is one of the founding ideas that make America great. In addition, competition breeds innovation. For example, you can go back to the Industrial Age and see how the birth of Sears, Roebuck & Co. forced the only big player at the time, Montgomery Ward to compete on both price and service. Before Sears, Ward had no competition. When Sears came into the picture, the two companies were forced to compete for the customer's dollar in the 1890's. This spawned innovation in the mail order business, and changed the way consumers purchased goods. Not only did consumers get goods delivered right to their door (a new idea at the time), but they also got them at a reasonable price.
Both companies went on to make LOTS of money and were very successful. They were two companies that had a tremendous impact on America. And they didn't have to gouge customers to accomplish that. My point is that competition and options for consumers is always a good thing. It's unfortunate that the oil business isn't run that way.
Most of my frustration (and the frustration of most Americans) lies with the pure greed and excess that is the standard in this business. Whoever can't see it for what it is, simply chooses not to.
Anyway, I'm growing tired of this argument. I'm on my way out, so everyone have a great weekend, and learn to play a little bit nicer with one another on here.
See ya.
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