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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 10-27-05, 02:40 PM
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Originally Posted by kvrdave
There is only so much silica to make motherboards, too. I worry about that.
Thanks alot. Like there wasn't enough crap for me to worry about
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Old 10-27-05, 03:08 PM
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Originally Posted by al_bundy
where are you getting your info?

At $50 a barrell there are enough reserves in the US alone to give the US 400 years worth of oil reserves. 100 at the minimum.

Is this true? If so, then we have nothing to worry about.

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Old 10-27-05, 03:13 PM
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No, that's not true.
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Old 10-27-05, 03:13 PM
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Originally Posted by mrpayroll
Is this true? If so, then we have nothing to worry about.
There is if the government takes profits away from the oil companies and uses it to subsidize the price of oil.
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Old 10-27-05, 03:17 PM
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Maybe if people are upset with Exxon/Mobil making so damn much money they could drive less, thus reducing demand and bringing the price of gasoline down. It's called the market. Works surprisingly well.
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Old 10-27-05, 03:26 PM
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Originally Posted by wendersfan
Maybe if people are upset with Exxon/Mobil making so damn much money they could drive less, thus reducing demand and bringing the price of gasoline down. It's called the market. Works surprisingly well.


Please refrain from suggesting those crazy ideas. It's been a bad enough month as it is.
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Old 10-27-05, 03:38 PM
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Our family does not drive a lot. We work locally. But most of our neighbors commute to northern NJ and NYC. Apparently, they can't afford to live near their place of work. Actually, they can't afford the giant house they live in near their work.

Anyway, its easy to say drive less when you live in a city that has mass transportation or can walk/bike to work.
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Old 10-27-05, 03:50 PM
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let them blame the democrats who are still trying to block drilling in ANWR, the rocky mountains and other places
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Old 10-27-05, 03:56 PM
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My only problem with this news is the term "record profits." I'm all for a capitalist society, but to post the largest increase in corporate history while the nation suffers from a catastrophe is a bit hard ta take.
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Old 10-27-05, 03:59 PM
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Originally Posted by wendersfan
Maybe if people are upset with Exxon/Mobil making so damn much money they could drive less, thus reducing demand and bringing the price of gasoline down. It's called the market. Works surprisingly well.
You're beginning to sound like grundle with this supply and demand crap.
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Old 10-27-05, 04:01 PM
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http://news.yahoo.com/s/nm/20051027/...republicans_dc

Frist orders oil price probe
1 hour, 16 minutes ago


WASHINGTON (Reuters) - Amid record-high earnings from oil companies, Senate Majority Leader Bill Frist on Thursday ordered a Senate hearing with testimony from major oil company executives on why energy prices are high.

The unexpected announcement by the chamber's top Republican showed the growing political pressure as American consumers brace for higher winter heating costs at the same time energy companies are reporting fat profits.

"If there are those who abuse the free enterprise system to advantage themselves and their businesses at the expense of all Americans, they ought to be exposed, and they ought to be ashamed," Frist said in a statement.

The Senate leader also asked the chamber's permanent subcommittee on investigations to launch an inquiry into energy price profiteering. "And ultimately, if the facts warrant it, I will support a federal anti-price gouging law," he said.

Democrats have already introduced several proposals to outlaw oil price profiteering. The nationwide average retail gasoline price topped $3 a gallon soon after Hurricane Katrina hit and crude oil soared to a record $70 a barrel.

Prices have since eased somewhat, but the U.S. government forecasts winter heating costs will be sharply higher for consumers.

Frist said he asked the Senate Energy Committee and the Senate Commerce Committee to hold a joint hearing to look at the reasons behind energy prices. He did not say if a date has yet been set.

"I have asked them to call as witnesses executives from the major oil companies and representatives of the state attorneys general, who have the initial responsibility of keeping the behavior of local energy providers on the straight and narrow," Frist said.

Since the hurricanes hit the U.S. Gulf Coast, Republicans have sought to offer more federal incentives to energy companies to build or expand oil refineries. Democrats this week blocked a Senate plan, saying oil companies were making enough profits to fund such expansions themselves.

On Thursday, Exxon Mobil reported third-quarter earnings of $9.9 billion -- one of the largest quarterly profits in U.S. corporate history.

"We need to increase refinement capacity, provide more energy resources, encourage conservation, invest in science and technology, and, most importantly, transition toward energy independence, including the use of more alternative fuels," Frist said.


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Old 10-27-05, 04:01 PM
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Originally Posted by CRM114
Anyway, its easy to say drive less when you live in a city that has mass transportation or can walk/bike to work.
Sacrifices need to be made either way. I rarely drive and bicycle to work, but OTOH, my neighborhood is not exactly safe and quiet.
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Old 10-27-05, 04:04 PM
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oil companies don't set the price of oil or gasoline

the prices of oil, natural gas and gasoline are traded like stock prices on open commodities markets
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Old 10-27-05, 04:06 PM
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i say the people that complain about oil prices the most are the first to volunteer their backyards for new refiniries and drilling
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Old 10-27-05, 04:09 PM
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Do you seriously believe that supply & demand drove the price of oil up to $63.00 per barrel - anyone?
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Old 10-27-05, 04:09 PM
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Originally Posted by Hiro11
I own about 500 shares of Exxon and am very, very happy right now. So my answer is no.


You are? I'm not, at least not recently. Though I admit the 2 year has been stellar.
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Old 10-27-05, 04:12 PM
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Originally Posted by classicman2
Do you seriously believe that supply & demand drove the price of oil up to $63.00 per barrel - anyone?


As stated repeatedly on this forum, it is certainly a significant portion of the price, but it is just one portion.
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Old 10-27-05, 04:48 PM
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Originally Posted by CRM114
Anyway, its easy to say drive less when you live in a city that has mass transportation or can walk/bike to work.

What kind of vehicle are you in the market for again?
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Old 10-27-05, 04:56 PM
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Originally Posted by Red Dog
What kind of vehicle are you in the market for again?
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Old 10-27-05, 05:15 PM
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Originally Posted by Red Dog
What kind of vehicle are you in the market for again?
I'm currently looking at the Lincoln Aviator but keeping an eye out for the 2006 Acura MDX.

So one hand we should let supply and demand do its thing for the oil industry but not for the auto industry? BTW, you don't see me crying about gas prices.

I also don't blindly blame the problems on SUV's. Take a look around. We ship goods more than ever by tractor trailer and diesel freighters. Not to mention, gas guzzling beasts have been around forever. If you want to talk about waste, talk to me about single people that drive SUVs and pickups that have no use for the space or the utility the vehicle provides.

Last edited by CRM114; 10-27-05 at 05:18 PM.
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Old 10-27-05, 05:20 PM
  #46  
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Originally Posted by CRM114
I'm currently looking at the Lincoln Aviator but keeping an eye out for the 2006 Acura MDX.

So one hand we should let supply and demand do its thing for the oil industry but not for the auto industry? BTW, you don't see me crying about gas prices.

I also don't blindly blame the problems on SUV's. Take a look around. We ship goods more than ever by tractor trailer and diesel freighters. Not to mention, gas guzzling beasts have been around forever. If you want to talk about waste, talk to me about single people that drive SUVs and pickups that have no use for the space or the utility the vehicle provides.
Oh, I'm not crying about the price of gas I pay. We have always been lucky to pay a lot less than Europe and other areas of the world. What I am complaining about is record gas prices AND record profits. Those 2 don't mix!

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Old 10-27-05, 05:20 PM
  #47  
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Originally Posted by X
Been there, done that.

Should the government intervene when their profits go below average as well? People are free to buy shares in their stock and profit right along with the oil companies.
The US government already is. Look at the airline industry.

As far as your stock argument, I bet the shares are owned by only a few top billionaires and millionaires and chair members. These are the people who are dictating the prices. Not your average shareholder. And why not. They own tens of thousands of shares. Not your average American who has a diversified portfolio.
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Old 10-27-05, 05:21 PM
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Originally Posted by CRM114
I'm currently looking at the Lincoln Aviator but keeping an eye out for the 2006 Acura MDX.
I looked at the Lincoln Aviator, but a Town Car instead. My wife likes town cars.
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Old 10-27-05, 05:21 PM
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Doesn't record profits mean more tax revenues? Aren't we the only country that has double taxation on stock dividends?

Like grundle, I want oil prices to go up. I'm getting sick and tired of the heavy traffic here and all the big rvs parking here for football games.
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Old 10-27-05, 05:26 PM
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Originally Posted by mrpayroll
Oh, I'm not crying about the price of gas I pay. We have always been lucky to pay a lot less than Europe and other areas of the world. What I am complaining about is record gas prices AND record profits. Those 2 don't mix!

Chris
Me too. I take offense to the gouging going on. I also don't buy that if people drove less, the price would come down.

This is the same government who allowed the Microsoft monopoly to continue without remedy. When Clinton left office, MS was to be split into two companies. That just got killed off.
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