Record Income for Oil

[djv]

Boy the oil industry is raking in the cash big time. They always made tons But with the price of gas today there killing us. And now the Energy Bill Congress is working on has Billions of dollars to help subsidize Oil companies look for more. And or improve there equipment. Unbelievable.
Exxon/Mobil just had a small quarter. Believe it was over 7 billion. Thats just one quarter. They get all the help they need from us at the pumps. We have a large deficit because of this type of thinking. And our Pres thinks it's a great new bill. I wonder if he still has tons of oil money in his trust.

 

[dawgball]

djv--this is an example of you really talking about something that you don't understand.

 

[DOGS THAT BARK]

Price of Exxon 2 years ago to date was 37.50 so those that chose to do something to hedge most probable gas price increase rather than complain when the inevitable happen--would have plenty profit from 2 year increase PLUS didividends to buy new car and all the gas it can burn and have some left over---those that wait and hope gov will take care of em are in same situation as always.

 

[BobbyBlueChip]

Count me in as being in the group that "doesn't really understand this complicated stuff." Tax breaks for new drilling and increasing production? What the else does an oil company do?

Good stuff as always, dtb. The poor wouldn't be so poor if they just bought some stocks.

 

[kosar]

Good stuff as always, dtb. The poor wouldn't be so poor if they just bought some stocks.

Yes, if only the poor and lower middle class had hedged gas futures instead of complaining. Everybody always looking for the government to bail them out.

Oh, wait, isn't the government 'bailing out' Exxon? No problem with that, I guess, but God forbid anybody complains about gas prices that have doubled since March 03.

 

[ocelot]

Here is my comment on these type of things in general. This goes from airlines to carmakers to oil companies to sports franchises.

If you are in business, you need to use YOUR profits to improve YOUR business and invest in the capital equipment YOUR business needs. As soon as you start coming to Uncle Sam or the state and local governments to subsidize YOUR capital investments, then YOUR business needs to become the TAXPAYERS business in part or whole depending upon the extent of the taxpayers contribution.

IF you are in a business that rarely turns a profit but is important enough to the general welfare that it needs to be maintained (read airline), then that business should be nationalized without some CEO of a such a habitually failing business making some obscene salary.

Alternatively, the subsidizing government should ask for shares of company stock, bonds, etc. equivalent to the subsidy amount. If the government acted more like a bank, the loser companies, and profitable ones whining for welfare handouts, might take more "personal" responsibility for "self-improvement". (It might build them a little character in the process.)

 

[Master Capper]

Hey this just keeps padding the pockets of Cheney and his pals. Too bad these poor people that are working in this roaring economy of the Bush Administration didn't buy the two shares of Exxon that they could afford through Sharebuilder and with those two shares they could of let the dividends accumulate in their DRIP plans and now they could cash them in and maybe fill up with the profits for one month.

 

[djv]

Guys Exxon has over 27 billion in its bank account. Please how can they need our help. A good company always sets a side money for research and improvements or they go out of business. Oil is on a huge run. This is not hard to understand. They don't need help. Remember some of these are tied in with our buddies from Saudi. The same oil empire that is reported having over a trillion dollars in there reserves. I may not understand it completely. But it sure looks like robbery. For sure when we have the large deficit we have. It's so funny when Exxon can buy back 5 billion worth of it's own stock. But needs our help. B S

 

[smurphy]

I love it. Congress is so sold out it's absurd. We have a bit of an oil problem in the country so they use that hype to pass an absolutely ridiculous "energy bill" which does nothing but give public monies to private companies. WTF?????

I wish there was hype over map shortages in the country. I'd love to see the "Map Bill" pass so I can get money from the country to help expand my business.

 

[dawgball]

IF you are in a business that rarely turns a profit but is important enough to the general welfare that it needs to be maintained (read airline), then that business should be nationalized without some CEO of a such a habitually failing business making some obscene salary.

I agree completely with this sentiment.

 

[ferdville]

I doubt if this bill passes without significant support from Democrats. It isjn't just Bush and his cronies who are behind tis. The government, after all, is made up of people representing both parties. Of course, government should represent taxpayers as a whole, but rarely does these days.

 

[gardenweasel]

maybe somebody can issue a "fatwa" against big oil....

btw....i saw sandy berger on charlie rose the other night... nice to see the "hamberglar"back on the scene....

i could have sworn i saw a crumpled piece of paper sticking out of his shirt sleeve...

 

[ferdville]

What do you think would happen if the government nationalized the oil industry?

 

[DOGS THAT BARK]

"Hey this just keeps padding the pockets of Cheney and his pals. Too bad these poor people that are working in this roaring economy of the Bush Administration didn't buy the two shares of Exxon that they could afford through Sharebuilder and with those two shares they could of let the dividends accumulate in their DRIP plans and now they could cash them in and maybe fill up with the profits for one month."

I was referring more to people in this forum that complain--obviously poor people can't and don't buy stocks--however figured those that complain such as yourself should have funds if they can afford to gamble but then again might be reason not to have funds.

and on your opinion of roaring economy---let me inform you that markets hit 4 year high Wednesday
http://money.cnn.com/2005/07/20/markets/markets_newyork/
--not bad considering price of oil.Corporate earnings up--I know liberals think thats bad--but trust me that is good.
Tax revenue MUCH bigger than expected and deficeit to be cut sooner than expected-again thats good--it means people are making money.
http://www.bloomberg.com/apps/news?pid=10000103&sid=aWHbMYS3rEvY&refer=us

Don't mean to confuse you with facts vs liberal logic
--and while on liberal logic here my goodie for today--

Now remember this correspondant is same one that passionately back Clinton and defended 60 minutes forged documents-

Cheney in '08?

Speaking of the 2008 presidential elections, some people in Washington have been speculating ? perhaps wishfully ? that V.P. Dick Cheney (search) might seek the presidency. But at least one member of the White House press corps is hoping that never happens.

Hearst columnist and former UPI correspondent Helen Thomas says, "The day I say Dick Cheney is going to run for president, I'll kill myself. I think he'd like to run, but it would be a sad day for the country if he does."

Thomas told The Hill newspaper, "All we need is one more liar."

http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=40580

 

[ocelot]

I really don't think the oil industry needs to be nationalized as they are very profitable...they just don't need any handouts. I'm sure they are probably getting their fair share of tax breaks already.

As for what would happen if they were nationalized, I don't know. Just that if they want freebies they should surrender some of the company equity. At the least, they are very credit-worthy so why can't they issue corporate bonds or borrow the money and pay it back? Really, the oil industry is the last industry that should be looking for any kind of government subsidy.

Exxon still is battling the Valdez settlement. Government subsidies are a bad idea here - complete waste of taxpayer money. Most of these big corporations bitch and moan about government oversight and regulations but then who do they go to with their hand out? Seems like behavior of spoiled brats.

 

[djv]

Cheney would lose and they know it. DTB I don't even think you would vote for him. As for stock theres better deals then Exxon.
In any case they or the oil industry don't need our help.
Ferdville that's a interesting question. You would really here complaining how they cant make any money. Crazy is it not a business that pays it top 3 officers of the company over 21 million a year needs money from us.

 

[Master Capper]

Cheney has as much of a chance to win the Presidential election as Al Shapeton which is no chance. Cheney has had his fingers in all of the failures and corruption associated with this administration and his trust level with the american people is one of the lowest of any V.P. in history according to the last few polls that I have saw online. The G.O.P is to smart to even allow him to run in the primaries he would draw fire and highlight the shortcomings of the current administration and would really alienate the moderates.

 

[ferdville]

I agree with everything MC has to say except in a one on one race I think he beats Sharpton. But MC is right, he would have no chance to win and the GOP isn't stupid enough to set him up.

 

[kosar]

I agree, he could probably grind out a win against Sharpton, but that's about it.

 

[DOGS THAT BARK]

"Cheney would lose and they know it. DTB I don't even think you would vote for him. As for stock theres better deals then Exxon."

Depends on who he ran against--The way I look at it he is self made man in business didn't have to use politics-book sales-pardons for cash-or turn whitehouse into breakfast club--So would give him A on achievements--quite benevolent as he gives more to charity than the past adminstration Pres and VP and last 2 Dem candidates gave collectively--so we have humantarium facors--no doubt would be tough on terrorism. Actually I would prefer him as Pres over GW.

and yep better oil stocks DJV--PTR( China Petro) in china stock thread, purchased 12-03 $39 and change--at close friday $89.23 plus dividends