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Exxon making almost $1,500 a SECOND

Discussion in 'Political Zone' started by yesfan, Aug 4, 2008.

  1. yesfan

    yesfan Active Member

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    Wonder why gas prices are so high? ExxonMobil has reported second-quarter earnings of $11.68 billion, the largest quarterly profit ever by any American corporation.

    Adam Kolton, of the National Wildlife Federation, says, "Just one day after President Bush renewed his demand for Congress to turn over more of America’s natural resources to Big Oil, Exxon Mobil reports the largest quarterly profit in America’s history, an amazing $1,485.55 per second. Let there be no mistake where that profit came from—the pockets of American drivers, the victims of a vicious circle. Our government gives America’s public lands and waters to Big Oil. Big Oil extracts the oil and consumers are forced to buy it because they have no other choice of alternative technologies or fuels—it's buy what Big Oil is selling or walk to work. Big Oil takes that money and invests that money not in cheaper, cleaner renewable energy, but in stock buybacks and dividends.

    "Now President Bush wants to start the circle again, asking Big Oil to bail us out of our energy crisis. If you're trying to quit smoking, you don't ask the Marlboro Man for help, and if you’re serious about quitting your oil addiction, you don’t ask Big Oil for help.

    "Don't be fooled by the big lie. We can't drill and burn our way out of our energy crisis. It's failed Americans again and again while delivering record profits for oil companies. We need clean energy solutions to break America's addiction to oil, give consumers real energy choices, recharge our economy and help solve global warming.

    I don't know if i buy the global warming part of this. I just don't see how 100 years of industrialization compared to the earth cycles and volcanic eruptions
    along with say the Sun's cycles can be blamed on humans. The rest of this article is very disturbing in the fact that,those who remember the gas lines
    some 30 years ago and here we are no further along.Something is very wrong.
  2. Vintage

    Vintage The Cult of Jib

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  3. utrunner07

    utrunner07 Well-Known Member

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    Man, some people just don't get it...especially this author.
  4. Cajuncowboy

    Cajuncowboy Preacher From The Black Lagoon

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    Would you spend a dollar to make a dime?

    I know I wouldn't. The return isn't there. But that is what Exxon is doing and they want to take more of their profit? Idiots.
  5. Vintage

    Vintage The Cult of Jib

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    Kind of hard to want to spend more money on R&D if they continue to take profits, no?

    Unintended consequence of windfall tax profits.... could possibly be LESS money spent by oil companies into R&D.

    That of course, then would get blamed on the oil companies....

  6. theogt

    theogt Surrealist Zone Supporter

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    They're also spending $14,900 per second.
  7. fredp22

    fredp22 Member

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    why do u think 10% is so high, its pretty average
    RIMM is over 21%, PFE 18%, INTC 17%, AAPL 14%, even GE is 11%
    or were u joking
  8. iceberg

    iceberg detoxed Zone Supporter

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    shhh - people like blind ignorance and hate. it saves thought.
  9. Vintage

    Vintage The Cult of Jib

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    Partially joking.

    No one is actually calling for windfall taxes on Nike's profit margin. They are doing it for Exxon, however. Yet, Nike's profit margin > Exxon's.

    The part I was partially serious is that I'd LOVE to be subsidized for wearing Nike's polos. The last one I bought was $70. I'd rather pay $20. Gov't subsidies FTW!!!!!!!!!!

  10. sacase

    sacase Well-Known Member

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    Let's not mention the 60+ billion they paid the US Government in Taxes.

    Oh and lets remember that they are not GIVEN the land, they are leasing it.

    Last time I looked, Oil companies were companies with investors and those investors want their dividens. I wonder how many people are *****ing about the price of gas but are happy their exxon stock is doing so well.
  11. Doomsday101

    Doomsday101 Well-Known Member

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    From fact check.org
    Oil Company Tax Breaks?
    Both leading Democratic candidates have referred to tax breaks to oil companies:

    Clinton, July 23, 2007: First of all, I have proposed a strategic energy fund that I would fund by taking away the tax break for the oil companies, which have gotten much greater under Bush and Cheney.

    Obama, June 22, 2007: In the face of furious lobbying, Congress brushed aside incentives for the production of more renewable fuels in favor of more tax breaks for the oil and gas companies.

    Both candidates are referring to H.R. 6, the 2005 energy bill that contained $14.3 billion in subsidies for energy companies. However, as we’ve reported numerous times, a vast majority of those subsidies (all but $2.8 billion) were for nuclear power, energy-efficient cars and buildings, and renewable fuels research. In addition, according to the nonpartisan Congressional Research Service, the tax changes in the 2005 energy bill produced a net tax increase for the oil and gas companies, as we’ve reported time and time and time again. They did get some breaks, but they had more taken away.

    -Emi Kolawole
  12. iceberg

    iceberg detoxed Zone Supporter

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    everyone likes to gripe at the biggest pain out there as if it's the bad guy. i get it to a point but i could never let myself stop thinking there.


    put things together w/o an end path in mind and it's amazing how differently you can see things.

    if you want to see it "bad" then you'll take all the roads that get you there in that fashion. if you want to see it "good" then the same thing happens. you dismiss the other side out of our own preference, not reality.
  13. burmafrd

    burmafrd Well-Known Member

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    Yeah, Nike can charge $200 for a pair of sneakers that cost at most 30-40 and no one blinks an eye. But the Oil companies costs are much higher so their profit margin is much lower- and everyone can pretty much see where each penny goes- yet the Oil Companies are supposedly all time bandits.
  14. iceberg

    iceberg detoxed Zone Supporter

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    i don't have to buy nikes, do i? and if i do, $200?

    gas is much more of a necessity that my only options are to use less of it, not buy a more cash friendly brand.
  15. jrumann59

    jrumann59 Well-Known Member

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    At least Nike has newer factories than the oil refineries here in the states. Americans are lucky they aren't paying more considering how much gasoline is imported because our refineries just can't keep up with aging equipment. I have heard figures that say our refineries have about 1 million barrels of oil a day just sit because they just don't have the ability to refine it all.
  16. burmafrd

    burmafrd Well-Known Member

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    And you can pretty much blame the greenie wackos for no new refineries in 30 years. There have been about 6-8 attempts to build new ones over the years and they were all blocked by the greenies.
  17. sacase

    sacase Well-Known Member

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    you don't have to buy gas, move closer to your job, ride a bike, take public transportation.
  18. Rackat

    Rackat Active Member

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    Take a feather and stick it in your...ear...and you can fly.
  19. canters

    canters Active Member

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    Same ol' class warfare game-playing the Dems always use. No wonder they struggle to win national elections. Time to get a new playbook.
  20. Muhast

    Muhast Newo

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    I wish I could but unfortunately metro atlanta demands that you drive pretty much.

    Marta isn't very effective for where I work, neither are the buses. They don't drop me off anywhere even within walking distance. I only have two options, drive or car pool.

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