ParkTrips Posted November 9, 2005 Posted November 9, 2005 In short: ExxonMobil, the worlds' largest privately owned oil company, earned nearly $10 billion in the third quarter. Raymond was joined at the witness table by the chief executives of Chevron Corp., ConocoPhillips, BPAmerica Inc., and Shell Oil Company. Together the companies earned more than $25 billion in profits in the July-September quarter as the price of crude oil hit $70 a barrel and gasoline surged to record levels after the disruptions of Hurricanes Katrina and Rita. Source: Fox News Ok... just to start off, I am about as hardcore of a right-wing person as it gets. Supply side economics? Love it. Ronald Reagan? My hero. But, to me, five companies averaging $5 billion (for effect, that's $5,000,000,000 each) within the span of three months while Americans were pinched at the pump. $55.5 million in profits a day. Lifes turned upside down in the bayou. Yet, these guys felt that $3 a gallon was as cheap as they could make it. This gets a big 'ol WTF from me and a big 'ol FU () goes out to all these execs getting filthy rich off of a hurricane... -- end rant -- - Joe, don't even get me started on how the government is going to pay for Katrina
BiCoastal Kid Posted November 9, 2005 Posted November 9, 2005 Um, they've been overcharging for quite some time now, not just since the hurricane.
ParkTrips Posted November 9, 2005 Author Posted November 9, 2005 um, no s*** but thesre are record profits as opposed to putting away money for future investments and responses to market trends.
CoasterFanatic Posted November 9, 2005 Posted November 9, 2005 This is a direct result of their pricing structure on the whole. Instead of figuring a fixed amount of profit, they work it in as a percentage. The higher gast costs go, the more profit! I know .... pretty stupid.
BiCoastal Kid Posted November 9, 2005 Posted November 9, 2005 Didn't they also a get a crap load of money in tax cuts?
DRWP2005 Posted November 9, 2005 Posted November 9, 2005 I'm not so sure about the tax cuts...I thought I read the other day that the government was trying to tax them more due to these huge profits.
4718 Posted November 10, 2005 Posted November 10, 2005 Gas prices are gradually (yet somehow steadily) coming down in my area. I was cringing at having to fill up my still fairly efficient '95 Accord with the cheapest in town being $2.97 just a month ago, but I was amazed to see that it'd dropped to $2.55 when I rolled in earlier this week. I saved a stinking $5 this time around!
USRoadTripper Posted November 10, 2005 Posted November 10, 2005 The station near my house today was $2.19...lowest I have seen it since spring or before. -Julie
ebl Posted November 10, 2005 Posted November 10, 2005 I paid $2.56 here in Oxnard two days ago. Much better than the $2.97 I paid just a few weeks ago. I still say that if we're willing or able to go one day each week without driving, that would be a 14% drop in consumption, and down will go the prices... Eric
CoasterFanatic Posted November 10, 2005 Posted November 10, 2005 ^ The only problem with that would be my modest 40 mile drive to work
Shockwave Posted November 10, 2005 Posted November 10, 2005 I'm actually looking foward to filling up in the US next year. Our petrol prices are high because our Government puts a huge tax rate on fuel, so it'll be strange not to be paying through the nose for gas. I do agree that oil company profits are becoming daft. I hope to high heaven they've got good plans for all that money, because I don't see anything yet.
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