T Nation

Exxon Posts Record Profits


#1

http://kevxml2adsl.verizon.net/_1_2NW6TO1048PYFTP__vzn.dsl/apnws/story.htm?kcfg=apart&feed=ap&sin=D8DGIK300&qcat=finance&passqi=&top=1&ran=22133

This really pissed me off. It is unjust on so many levels. All this shit about oil rigs being damaged, lack of gasoline, gas prices being over $3 was all bullshit. It was gouging by massive corporations. And what a fucking coincidence....record profits when an oilman is in office. Gotta love it.


#2

Do you own Exxon stock?


#3

It's just demand and supply at work.


#4

What's unjust about people willingly buying gasoline? The prices are high because people will pay them. And no, I don't own oil company stock.


#5

I just paid $2.29,for unleaded regular, that's down from $3.32 about 6 weeks ago. The prices are down and the supply disruptions are over. It's supply and demand.

Owning oil stocks are wonderful hedges against increased energy costs.


#6

The people most negatively affected by increased gas prices are usually those unable to afford "stock" in anything. We all understand your amazing need to let us in on your massive income, however, the damage these prices cause falls on those who are usually living from paycheck to paycheck. It must be fun to ignore this about society or pretend as if it means nothing.


#7

Now for a little reality check. The state of economic knowledge in this country is abysmal.

http://www.coyoteblog.com/coyote_blog/2005/09/supply_and_dema.html


#8

It has less to do with supply and demand than with collusion and price-gauging. There are only 5 major oil companies (I am not entirely certain of this), and they have decided to raise prices and increase their profit. If there were more companies competing, the prices would come down.


#9

Bite me you arrogant piece of shit.

I earned every dollar I've ever made and I am quite sure I have done more to help the poor in my city and others then you could even dream of.

How many people do you employ again? How many minorities? Sorry didn't get that...how many? You can ignore that but let's face it your a pretned alturist, compared to a real one who actually supports charities.

To ignore an opportunity that has earned an average of 11% per year over the last century (common stocks)is foolish. I started investing in college with less then $50 thru an investment club. So have many others. Ignorance is bliss but it doesn't make it the smart thing to do.


#10

Brilliant insight, as usual, Pro X - every conceivable calamity hits the poorest hard.

Was Hedo ignoring society or pretend rising energy prices weren't a problem? At no point was Hedo praising high energy prices with a 'screw the poor' attitude. No one likes energy prices. A hedge is a standard business practice and is used in personal investing as well, your half-baked class warfare aside.

You'd do well to pop a Ritalin and understand exactly what people are arguing before you start up your wind machine. Surely they taught you a little critical thinking at medical school?

As for Exxon's record prices, don't discount the impact of China's oil habit on global demand as it continues to industrialize.


#11

And as such, I am sure that many who aren't making above 50 grand a year EARNED every dollar they ever made. I have also EARNED every dollar I have ever made and would bet that most of the people on this forum above the age of 18 EARNED every dollar they ever made. The point you missed in your effort to call me "arrogant", as if this trait doesn't reside in yourself at all, happens to be the problems such HUGE price gouging can create. Those who are able to buy stock would be the LEAST affected.

I employ none currently (not to say that I won't in the near future). I am a doctor who works in the military. I "give" to this country daily by making sure the men and women who fight for it are in good health. I wasn't aware that this was even about you giving to charities. How does that affect the family of 5 that can barely afford groceries as they enter the nearest gas station for a fill up? Answer? It doesn't. This is about realizing that prices this high are only "good things" to the rich.


#12

It isn't about "praising high energy prices" but rather not noting the damaging effect they have on those less fortunate. Half baked?


#13

Im not going to blame the oil companies for refusing to invest in refinment capacity, why should they spend billions of dollars to process more oil when they can get a longer ( time-wise ) stream of income . Better to use the current 50 year old refineries and pump out scarcer gas than take a ding in profits.


#14

Once again you take the debate to a personal level. Do you ever get tired of playing the Internet bully?

More of the same.....


#15

Do you ever get tired of avoiding the topic only to toss out insults?

More of the same....


#16

No shit sherlock. Stroke your ego on the internet somemore for stating the obvious.

I served also, 4 years, then reserves, so save your throwdown for someone else. You started with your childish bullshit not me sporty. If you don't measure up then don't make it about personal attacks. In other words argue the fucking point for a change. You can do that can't you?

High prices aren't good for anyone. Fair prices are what establishes a free market. Restricted prices create shortages. Energy Mutual funds have a minimum investment of $100. Shares of other companies even less. 70% of the poor in this country own a color TV, DVD and a car. It's about choices. Some make good ones, some bad.


#17

This isn't about color tv's but rather huge corporations without any control that basically change prices with the wind. That doesn't mean I am even advocating that this shouldn't be a "free market", but I do feel that some type of legislation should come into play to DISCOURAGE this financial play. I am also aware of gas prices in other countries and how we have essentially had it relatively easy compared to overseas or South America. However, there needs to be some consideration in this country for how the economy affects those who aren't as fortunate as those who can hold stock in oil/gas companies.

As far as ego stroking, you employ how many minorities again?


#18

35 minority employees...thanks for asking. In addition I employ 5 first generation immigrant employees. Mexican, Bulgarian (2), Russian and Croatian. Good people. Built my business around them.

Let's see how diverse your future business is...let me know if your non-racist banter is bullshit or not when your writing the checks.


#19

You ignored every issue related to this topic to only focus in on the last sentence? I only threw that in there based on what you wrote in your previous one. My comment didn't have a thing to do with "non-racism" and everything to do with the fact that someone can call others "arrogant" while proclaiming how much they do for everyone.


#20

BP also just recorded a massive 18% percent jump in profits from the previous quarter.

The common man is getting screwed everywhere.

Stop driving and ride a mountain bike everywhere- that's what I'm doing these days. Fuck 'em.