I just gotta say I think this is a joke and typical government seeing the chance to get money out of someone. These companies already pay 34% in taxes on the profits. I do think they should get rid of the tax credits they received but this is a very cyclical business based on a commodity, these companies have also had lean years too. I don't see anything wrong asking for a donation from them but a windfall profit tax goes against everything a free corporate America is all about. Demand has gone way down since prices have gone up and that is the way economies of scale work. They need to put the extra profits towards finding alternatives to fossil fuels as these will eventually run out. Supply is going to keep growing as China starts to want more and more along with the rest of the world. Congress should be pressing them to do more research for alternatives rather than get their hands on it for more pork.
Big Oil hearings
- Thread starter pirate fan
- Start date
- Sep 27, 2005
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The hearings are eye wash, in the end nothing will be done. If you think prices were high this year, just wait until next year, May-Sept. The oil companies were just testing the waters this time, with Bush in office they know they can run wild, Bush is anti poor and pro business.
The oil companies are pretty much held hostage by the cost of the barrell so much of this inquisition is worthless. A refinery that uses the oil to generate fuel more often than not make most of thier profits from the bi-products of the refining process and this would include Asphalt (huge profitable product in the Midwest), Kerosene, Jet Fuel. The tax on gas is one reason that prices continue to increase as in some states not only are you taxed when you fuel your car but the refinery is also taxed when they send the fuel out the door.
The hearings start and they ask the oil execs to be under oath during questioning. So the chairman or whoever he was says no way they dont have to do that. Just happens this guy has collected over 10 million in contributions from oil companies over the past years. WTF.....
What wasnt asked and what they cant or wont answer is how do you justify paying so low amount for a barrel of oil and then tripling what they charge the average consumer.
They are crooks and professional thieves.
No one can go against that money.
one more worthless hearing that solved nothing and gave no answers. How much did that cost the American taxpayers for the
catered lunchs and dinner on the house for these thieves.
What wasnt asked and what they cant or wont answer is how do you justify paying so low amount for a barrel of oil and then tripling what they charge the average consumer.
They are crooks and professional thieves.
No one can go against that money.
one more worthless hearing that solved nothing and gave no answers. How much did that cost the American taxpayers for the
catered lunchs and dinner on the house for these thieves.
the government makes 50 cents + to the dollar on gas and does no work in getting it to our cars
if there is any crime involved, it is this
our companies get us gas under 3$ and they are gouging us??? get real
guess it had nothing to do with hurricanes/lack of refineries/increased demand
the Euro socialists get it for nearly twice the rate
get government involved and that is what we will soon be paying as we continue to run the money printing presses
if there is any crime involved, it is this
our companies get us gas under 3$ and they are gouging us??? get real
guess it had nothing to do with hurricanes/lack of refineries/increased demand
the Euro socialists get it for nearly twice the rate
get government involved and that is what we will soon be paying as we continue to run the money printing presses
Yes it is overtaxed.
Yes they are entitled to make a profit.
Yes it is cheaper here than just about anywhere else.
But dont give me that"its cyclical"crap. They dont and will never lose money. It is the most profit protected industry in existence. The profits this year alone will be over $100 billion.
They could easily charge less and would actually make more money. Simple economics.
Yes they are entitled to make a profit.
Yes it is cheaper here than just about anywhere else.
But dont give me that"its cyclical"crap. They dont and will never lose money. It is the most profit protected industry in existence. The profits this year alone will be over $100 billion.
They could easily charge less and would actually make more money. Simple economics.
- Feb 12, 2000
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Windfall profit tax? That's a complete joke. Does that mean that every company that has Windfall Losses should be the recipient of these taxes? Oh, I'm sorry, it's not supposed to work both ways. Corporations are criminals and we helpless people just always get screwed.
Wake up.
Wake up.
.......................................................Master Capper said:
I didnt get to watch the hearings, I saw it on a news channel replaying portions of it. I think he was a democrat, weasel looking old fart bald headed with glasses.
the rich oil munging rat bastid.
buy stock if you dont like it and the profits are so great
good grief, this is America, quit whining and jump on the bandwagon if it is so great
good grief, this is America, quit whining and jump on the bandwagon if it is so great
I think a lot of the problem is people just understand how commodities work. This was clear by watching some of the questions asked by the senate committee. Everyone complains about the price of gas but they have no idea how things work. I would suggest watching CNBC and learning about how this stuff works before calling everyone in the oil industry crooks and criminals. It is all supply and demand, basic economics. The oil companies themselves don't dictate the price, they are buyers, ie whatever the Saudies are selling it for, the world exchange rate. You hear constantly the price for a barrel of oil, currently around $58 a barrel. If anyone has a business, they have inventory, what is on the shelf. If I own billions of barrels of oil and the value goes from $58 to $72 a barrel, I just made a ton of money, big profits. I am also paying $72 a barrel now and any business has to pass on costs. All the oil we bought at $72 a barrel is now worth $58 a barrel, I just lost a ton of money because You won't buy my high price stuff when you can buy cheaper. Commodities like oil have big fluctuations, and they win sometimes and lose other. It is easy to point the finger and call everyone in the business crooks when you don't understand how the free market works.
pirate
are you stupid. The oil companies make billions in profits over the last four months and you think they are not reaming someone ?
and you think its a supply and demand problem, free market system. It starts with the Saudis , they sleep with them in hundred dollar bills.
We have no way of knowing how much Exxon pays for a barrell of oil. And they aint going to tell us.
Take your head out of your ass and go lob a grenade at a cruise ship.
are you stupid. The oil companies make billions in profits over the last four months and you think they are not reaming someone ?
and you think its a supply and demand problem, free market system. It starts with the Saudis , they sleep with them in hundred dollar bills.
We have no way of knowing how much Exxon pays for a barrell of oil. And they aint going to tell us.
Take your head out of your ass and go lob a grenade at a cruise ship.
Scott, your just clueless, your post clearly shows you don't have any idea what your talking about.
pirate
Sorry , maybe I dont. I have quite a few trucks on the road and the oil issue gets me over the edge. I pass alot of that gas money on to my customers.
The bottom line is you or no one else knows what big oil pays for a barrell of oil. When they are buying oil in that quanity they get real good pricing from Arabia. No one sees their books. Let Congress have the oil companys bring their books in for a look see.
Yeh right.
Sorry , maybe I dont. I have quite a few trucks on the road and the oil issue gets me over the edge. I pass alot of that gas money on to my customers.
The bottom line is you or no one else knows what big oil pays for a barrell of oil. When they are buying oil in that quanity they get real good pricing from Arabia. No one sees their books. Let Congress have the oil companys bring their books in for a look see.
Yeh right.
Scott,
I understand how frustrating this whole issue for you is especially with fuel costs directly effecting you in you business. Trucking is one of the most effected by all this and to have such a variable cost makes managing a business like yours a real nightmare. All my suppliers have added fuel surcharges onto all my deliveries. In a perfect world these companies should open their books but we both know it will never happen. I also want to be clear that I am not saying these companies are doing everything honestly. There is a lot of greed and exploiters out there in the world and if found, they should be held accountable. Best of luck with your business, it looks as of today, because of the mild winter, supplies are way up again; even with many refineries in the Gulf still not operational, so prices should keep dropping.
I understand how frustrating this whole issue for you is especially with fuel costs directly effecting you in you business. Trucking is one of the most effected by all this and to have such a variable cost makes managing a business like yours a real nightmare. All my suppliers have added fuel surcharges onto all my deliveries. In a perfect world these companies should open their books but we both know it will never happen. I also want to be clear that I am not saying these companies are doing everything honestly. There is a lot of greed and exploiters out there in the world and if found, they should be held accountable. Best of luck with your business, it looks as of today, because of the mild winter, supplies are way up again; even with many refineries in the Gulf still not operational, so prices should keep dropping.
I see they didn't even make these CEO's take the oath. Ya they thought they all would tell the truth. Sure! The senator from Alaska said to his other senators to forget it. In fact he got nasty.
A yes in there pockets he is.
A yes in there pockets he is.
Master Capper said:
Senator Ted Stevens, Senate Commerce Committee Chairman, and (surprise!) a Republican. He has indeed received campaign contributions from the big oil companies.
- Feb 12, 2000
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My business partner and I were talking about this as we passed time on a road trip this week (which we saw gas as low as $1.99 per gallon). Commodities is an odd bird and is probably kept a little obscure for their own benefit.
We were discussing supply/demand and such. One thing that I was thinking is that with the natural disasters, there was obviously a pinch on supply. In most markets since there is a pinch, then you can raise prices and (theoretically) demand will go down. My theory is that since Americans (me included) have the attitude that my life HAS to stay the same and we make no adjustments when necessary, then demand did not go down. Americans would rather put more and more expenses on charge cards rather than actually adjusting their lifestyle to use less gas.
Since we took this approach, then as short supplies increased price and demand did not go down, then the oil companies had HUGE profits. This is, of course, just a personal theory as a possibility.
Do any of you that know more about this have any opinions on this theory?
I don't think our society is as dependent as we cry on automobiles. We are just unwilling to sacrifice when necessary. We are definitely dependent, but we should take the last 6 months as a warning that there are preparations that need to be made (i.e. stop buying SUVs when not necessary, walk somewhere, turn your heat down, etc. -- basic conservation ideas here).
We were discussing supply/demand and such. One thing that I was thinking is that with the natural disasters, there was obviously a pinch on supply. In most markets since there is a pinch, then you can raise prices and (theoretically) demand will go down. My theory is that since Americans (me included) have the attitude that my life HAS to stay the same and we make no adjustments when necessary, then demand did not go down. Americans would rather put more and more expenses on charge cards rather than actually adjusting their lifestyle to use less gas.
Since we took this approach, then as short supplies increased price and demand did not go down, then the oil companies had HUGE profits. This is, of course, just a personal theory as a possibility.
Do any of you that know more about this have any opinions on this theory?
I don't think our society is as dependent as we cry on automobiles. We are just unwilling to sacrifice when necessary. We are definitely dependent, but we should take the last 6 months as a warning that there are preparations that need to be made (i.e. stop buying SUVs when not necessary, walk somewhere, turn your heat down, etc. -- basic conservation ideas here).
dawgball, you are right in your theory but there are other things to consider. In actuality, demand did drop off when prices spiked, maybe not you and me and our cars, but in other areas, like the airlines cutting down on flights. Also when oil goes way up, other sources become more cost effective like coal energy or heating our homes with firewood, etc. You will also start to hear more about Alberta Canada which has what they call oil-sands. This has been largely untapped because it is more costly to extract out of the ground verse conventional drilling, but now with oil over $50 a barrel, there is a good profit margin available to put the money into drilling there. There is estimates that there is more oil there than in Saudi Arabia if you can believe that. Also with your theory, there is competition between oil companies so they have an incentive to sell and thus must stay within a price we will buy from one over the other. Of course there have been companies known to work together and do price fixing which is illegal.
