Exxon, Chevron Post Record Profits
- Thread starter The Sponge
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America was built on hard work, ingenuity, thrift, and a general goodwill towards our fellow human beings. WTF happened? There once was a dream called America.
If I may ask a question here, I'm on the fence as far as Exxon goes. no opinion either way really...
But, when discussing gas prices and the government involvement in the fuel companies, do you take into account the price per gallon of gas here in the US compared to other countries? We are one of the most affordable for gas in the world aren't we? If the government backed out of the oil industry and cut ties and let the exxons and chevrons fend for themselves, don't you think we would see a much higher cost per gallon of gas?
But, when discussing gas prices and the government involvement in the fuel companies, do you take into account the price per gallon of gas here in the US compared to other countries? We are one of the most affordable for gas in the world aren't we? If the government backed out of the oil industry and cut ties and let the exxons and chevrons fend for themselves, don't you think we would see a much higher cost per gallon of gas?
Good question not one answer fits. As for gas prices were about in middle. Europe uses high tax and they are high to keep roads and other things running and taken care of. Most Europe countries have over $1.75 tax per gallon. With price per gallon 5 bucks. Some Asia countries are still under $1.50 for gallon of gas. And of course middle east many under 70 cents a gallon. Iraq is one. In Europe average miliage they put on there cars is 8000. USA 14000.
I believe one thing that gets folks mad here. Our oil companes gettng money from our government. And how slow prices come down compared to how fast they raise them. Price per barrel of oil now down for thre weeks. Spot price for gas down three weeks. Last time we were at those levels gas was around $ 2.87 ours here is still $3.03
down from $3.07 and nat average is still up. Some thing just does not jive.
I believe one thing that gets folks mad here. Our oil companes gettng money from our government. And how slow prices come down compared to how fast they raise them. Price per barrel of oil now down for thre weeks. Spot price for gas down three weeks. Last time we were at those levels gas was around $ 2.87 ours here is still $3.03
down from $3.07 and nat average is still up. Some thing just does not jive.
Sorry if I put words in your mouth Chad
I think the point we see differently is what is large profits.
I think a million $ co with $200,000 profit
is greater than a
$10 mil co with a 1 mil profit.
and some look at it as 1 mil profit is more than $500,000.
the odd thing I find is those that follow the 2nd example somehow reverse themselve completely and consider individuals paying millions in taxes are getting all the breaks compared to those paying little or none.
The only consistency in their thinking is they will use whichever example fits their particualr political agenda.
I think where I draw a difference is when the bigger company has an influence with government entities that in turn enact legislation and benefits for them because of that influence - which the smaller company does not have nor benefit from. Especially when those benefits are at least partially paid for by me on the front end with taxes, and on the back end when prices remain high even after the benefits have long since been enacted on the behalf/behest of those companies.
The other analogy that I can draw comes directly to your point. The fact is, those that are paying the higher tax payments have much more access to offsetting those payments and more access to ways to increase their intake than those at lower levels. Much like the companies we are referencing here. The wealthy individuals can donate to future and current legislators because they have disposable income, when lesser income individuals cannot.
The idea of you have to have money to make money certainly plays here. Those that have it certainly can use it to their advantage to make more, or at least better protect what they have. Both individuals, and companies.
Hmmm Could have sworn I remeber having elections with "we the people voting"
More news today--appears American liberals joining in solidarity with their brother Chavez collectively suffered a small setback today--
By Michael Erman
Thu Feb 7, 7:35 PM ET
NEW YORK (Reuters) - Exxon Mobil Corp (XOM.N) has won court orders freezing up to $12 billion in Venezuelan assets around the world as it fights for compensation for operations lost to President Hugo Chavez's nationalization drive.
The largest U.S. company sought the asset freeze to guarantee repayment should it win arbitration over the Cerro Negro heavy oil project.
The move is the boldest challenge yet by an international oil major against any of the governments around the world that have moved to increase their holds on natural resources as energy and commodity prices have soared.
"To me it sounds like a very aggressive tactic," said Stephen Zamora, professor of international law at the University of Houston Law Center.
"I can't really say that I'm aware this has been used in other investment disputes. They may be trying to get the government to settle."
Exxon -- which last week posted the largest ever year's profit by a U.S. company -- said on Thursday it has received court orders in Britain, the Netherlands and the Netherlands Antilles each freezing up to $12 billion in assets of Venezuela state oil firm PDVSA. An Exxon spokeswoman said the total that could be frozen worldwide was $12 billion.
Exxon also won a court order from the U.S. District Court for the Southern District of New York in December freezing more than $300 million belonging to PDVSA, seeking to guarantee repayment should it win the arbitration.
PDVSA, one of the largest suppliers of crude oil to the United States, was not immediately available for comment. The White House and the U.S. State Department also declined to comment.
Venezuela's sovereign bonds sold off after the court orders surfaced.
Left-winger Chavez, who regularly clashes with the Bush administration, took over Exxon Mobil and ConocoPhillips (COP.N) stakes in multibillion-dollar heavy oil projects in Venezuela's oil region last June.
The move was part of the left-wing leader's drive to nationalize key industries including utilities and telecommunications companies owned by private companies.
