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Exxon Mobil posts record U.S. $9.9B profit, is it time for government intervention?

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Exxon Mobil posts record U.S. $9.9B profit, is it time for government intervention?

Old 02-01-06, 01:44 PM
  #251  
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Originally Posted by VinVega
The oil companies have a right to gouge the American public I suppose.
They do?!

Show me another commodity so vital to our national interests that we'll use our military to protect. They want to gouge the American public, then perhaps the government should bill them for protection and access.
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Old 02-01-06, 01:47 PM
  #252  
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Originally Posted by classicman2
I hope this time the committee doesn't bring the oil company executives in to testify and soft soap the committee. The last time was pathetic. Put 'em under oath.
"I swear that oil is not addictive"

- next oil exec

"I swear that oil is not addictive"

...

Haven't we seen this before?
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Old 02-01-06, 01:55 PM
  #253  
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Originally Posted by sracer
They do?!

Show me another commodity so vital to our national interests that we'll use our military to protect. They want to gouge the American public, then perhaps the government should bill them for protection and access.
Well, it's a free market. They can charge what they want for their product. If someone can sell it at a cheaper rate, I'm sure customers would flock to that company. Unless you can prove collusion amongst the oil companies, I don't see how you can legally stop them.

Everyone in the system is gouging a bit. It's not right, but how can you stop them? The other issue is the speculation over the price of light sweet crude. That market is whacked out right now and it's playing havoc with our economy. What can you do about that?
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Old 02-01-06, 01:57 PM
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A free market doesn't exist - especially the oil market.
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Old 02-01-06, 01:57 PM
  #255  
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the price is set on a free market trading system

if the demand is not there, the price will fall
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Old 02-01-06, 01:58 PM
  #256  
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Originally Posted by sracer
They want to gouge the American public, then perhaps the government should bill them for protection and access.
Isn't that why they pay taxes?
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Old 02-01-06, 02:02 PM
  #257  
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Originally Posted by wendersfan
Isn't that why they pay taxes?
They don't pay nearly enough.
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Old 02-01-06, 02:04 PM
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Originally Posted by wendersfan
Isn't that why they pay taxes?
Then the question becomes is what they pay enough for the high levels of defense expenidtures spent in the middle east largely motivated by oil. Especially when considering the profits they are making.

Of course, the only real solution is to further research on alternative fuel sources, improve hybrid cars etc. to lower demand. Demand goes down, prices will go down.
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Old 02-01-06, 02:09 PM
  #259  
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We're always going to need oil. We're probably always going to have to import oil.

I shouldn't say always - maybe for only 50 years or more.
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Old 02-01-06, 02:18 PM
  #260  
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You know who was speaking out about this pretty big? That right wing nutjob Bill O'Reilly. When will he stop with his right wing agenda?
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Old 02-01-06, 02:22 PM
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Originally Posted by kvrdave
You know who was speaking out about this pretty big? That right wing nutjob Bill O'Reilly. When will he stop with his right wing agenda?
Well, O'Reilly has to be right about something. He's damn sure right about this.
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Old 02-01-06, 02:47 PM
  #262  
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Originally Posted by classicman2
They don't pay nearly enough.
If taxes are raised on them, don't you think they will just pass that onto the individual consumer? I don't think it would cut into their profits. It might convince Americans to buy smaller, more fuel efficient cars though. You can say there is no market setup for oil, but even US consumers have their limits.

It's funny you say they don't pay enough in taxes. When I was in Italy, we estimated gas at $6.00 a gallon (Converting litres to gallons and then Euros to Dollars).

Everyone over there drives these:


I'm not saying I'm against taxing the oil companies more, but it will change the way consumers think about gasoline and cars (I think).

Last edited by VinVega; 02-01-06 at 02:50 PM.
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Old 02-01-06, 02:58 PM
  #263  
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Originally Posted by VinVega
Unless you can prove collusion amongst the oil companies, I don't see how you can legally stop them.
They don't even have to practice collusion. I'm sure they decided more than a hundred years ago to basically charge the same prices as their competitors and that way they can keep the prices artificially inflated.

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Old 02-01-06, 03:00 PM
  #264  
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Originally Posted by kvrdave
You know who was speaking out about this pretty big? That right wing nutjob Bill O'Reilly. When will he stop with his right wing agenda?
Take your political rantings over to The Politics and World Events For.... oh wait a minute.

Chris
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Old 02-01-06, 04:30 PM
  #265  
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I heard of Exxon's approximately $80 billion profit in 2005, they paid approximately $40 billion in taxes.
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Old 02-01-06, 04:38 PM
  #266  
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Originally Posted by wendersfan
Isn't that why they pay taxes?
Not that I know of. If you can show me where they are paying corporate taxes beyond what other corporations pay, then I will begin to entertain the idea that they are paying taxes in part to preserve their access to oil.
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Old 02-01-06, 04:46 PM
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Originally Posted by X
I heard of Exxon's approximately $80 billion profit in 2005, they paid approximately $40 billion in taxes.
Did that come from Exxon?
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Old 02-01-06, 04:51 PM
  #268  
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Originally Posted by classicman2
Did that come from Exxon?
Yeah, I'd like to see a link on that.
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Old 02-01-06, 04:58 PM
  #269  
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Isn't the corporate tax 35%?

Now I could believe they paid 40 thousand in taxes - maybe even 40 million.
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Old 02-01-06, 05:10 PM
  #270  
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Originally Posted by classicman2
They don't pay nearly enough.


British oil firms have also been setting records and as a result higher taxes on them have already been implemented. Do you know how the oil companies responded?
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Old 02-01-06, 05:12 PM
  #271  
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Do you know how the oil companies responded?
They made their employees join hands and sing Kumbaya?
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Old 02-01-06, 05:25 PM
  #272  
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Originally Posted by classicman2
Did that come from Exxon?
It came from John Gibson on his show today.

I looked up their financials and saw their after tax profit was around $38 billion. I didn't listen to their Earnings Teleconference from a couple days ago but it's on their site:

http://ir.exxonmobil.com/phoenix.zht...&p=irol-irhome

I did find this page which shows taxable income of $59 billion with income taxes of $23 billion (39%) so I'm not sure where the rest of the $ Gibson was talking about, both in income and taxes, came from. I don't know if he specifically mentioned income taxes or all taxes, a transcript would show that tomorrow.

http://ir.exxonmobil.com/phoenix.zht...941&highlight=
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Old 02-01-06, 05:44 PM
  #273  
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Originally Posted by bhk
They made their employees join hands and sing Kumbaya?


Remember, this is the evil oil companies we are talking about.
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Old 02-01-06, 05:47 PM
  #274  
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Remember, this is the evil oil companies we are talking about.
Wait that was Global Crossing. Exxon took their employees on a baby seal head clubbing hunt.
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Old 02-01-06, 05:50 PM
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Originally Posted by bhk
Wait that was Global Crossing. Exxon took their employees on a baby seal head clubbing hunt.



Exactly. Shell did this too, while they seriously reduced their plans to explore the North Sea.


Yep, raising taxes is good!!
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