Exxon makes 40+ BILLION in 2007!!!!! (expenses, credit, sell, taxes)
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When the Exxon Valdez wrecked, they estimated $1 billion clean-up. We had XON stock and researched what that impact would be... that's a day's pay to Exxon, it made no difference at all. Should have invested in the clean-up products (Hefty trash bags, Scott towels, Dupont rubber gloves). I don't see people limiting their driving or slowing down, so if they pay the price, I can't blame Exxon for charging it. If we quit buying it, they will have to make it more attractive by lowering the price.
Thanks for the lesson in economics and socio-economics. I guess my post was a knee jerk reaction to being flabbergasted by such profits. Profit margins, supply and demand never came to mind. As a consumer my first thought is something is not right about this. I rest knowing that Exxon did not earn a penny from me. Since the Valdez fiasco I will only buy Exxon as a last resort.
Thanks for the lesson in economics and socio-economics. I guess my post was a knee jerk reaction to being flabbergasted by such profits. Profit margins, supply and demand never came to mind. As a consumer my first thought is something is not right about this. I rest knowing that Exxon did not earn a penny from me. Since the Valdez fiasco I will only buy Exxon as a last resort.
It's an emotional reaction but I can understand it, you want knee jerk response posts you should see the political forum. No facts, all emotion based. People see gas prices and they think 1.) George Bush's fault, or 2.) Oil Industry ripping us off, or the famous combination of the two.
Gas is a commodity item, Exxon doesn't set the price, and it's profit margin is much lower than, lets say, Mcdonald's hamburgers. Exxon and other oil companies lost billions in the early 90's, no one mentions that. The real winners are government via taxes, they made 3 or 4X the amount that exxon makes from every gallon of gas. I'd almost rather have Exxon get the money and distribute it to their stockholders than the government get all that money and waste it.
Exxon paid $30 billion last year in taxes, which is as much, annually, as the bottom 50 percent of individual taxpayers. We're talking 65,000,000 people.
The effective tax rate for the bottom 50 percent is only 3 percent…meanwhile, for Exxon it's 41 percent.
This is absurd! Does anyone else think we are being gouged at the pump? While I believe companies should make a fair profit for doing business, but 40 Billion?!?
Exxon is a large company so their raw number would be huge, but they make about 10% on sales for the year - that's quite a number.
There is an interesting flip side to this. Michigan's governor is trying to get more of the state's pension fund invested in Michigan companies. They are now less than 1%. The interesting part of it is that while the state is trying to promote green investing, guess who is in the top ten of companies that make up Michigans equity portfolio? It's Exxon and Chevron (also mentioned in the article), as well as big pharmacuticals. It seems as though the state that wants everyone else to invest green but is very happy with the returns of these companies for the state employees pension funds. The state employees do not want the governor to be tinkering with socially responsible investing when it is their good fortune. It seems that their position is to let the taxpayers subsidize green energy.
Exxon paid $30 billion last year in taxes, which is as much, annually, as the bottom 50 percent of individual taxpayers. We're talking 65,000,000 people.
The effective tax rate for the bottom 50 percent is only 3 percent…meanwhile, for Exxon it's 41 percent.
That $30 billion in taxes, is in ADDITION to the taxes we consumers pay at the pump. Total tax revenue from fuel is in the hundreds of billions a year.
That $30 billion in taxes, is in ADDITION to the taxes we consumers pay at the pump. Total tax revenue from fuel is in the hundreds of billions a year.
Of course. Which is why the gobbermint really has no self-interest in stopping or reducing the petrol industry game. So killing US troops and innocent civies is okay, the air pollution is ok, losing our jobs and money is ok -- just keep the wheels and money turning.
When Oregon looked ahead at the end of the oil era a couple years ago, they figured they would have to tax hybrids and electric cars at some additional rate to make up for the potential loss in fuel tax.
It's an emotional reaction but I can understand it, you want knee jerk response posts you should see the political forum. No facts, all emotion based. People see gas prices and they think 1.) George Bush's fault, or 2.) Oil Industry ripping us off, or the famous combination of the two.
hmmm, Dd, this is probably not so much an emotional reaction as a moral choice reaction. But if you do not follow the difference, I suppose you would not follow the difference.
As far as:
1.) GW and oil prices. Yes, he (and Cheney etc.) play a BIG part. Rather than doing the home invasion robbery of Iraq, they could have lead the US off of oil. That choice was made from Cheney's 2001 Energy Task Force. Things have been going downhill for most of US since. Exxon and Halliburton have done a good deal better. Further, the continued jackassery on GW's part with Iran keeps a war premium on the price of oil. Again, this is not an accident.
2.) The oil industry is there to max the money -- as this thread demonstrates. The thing they are not being straight about is the end game. They are presently grabbing all the money they can -- not only to maximize profit but also or even more -- because when it is over, it is over -- in a big way. They have done the look-a-head to be self aware of the consequences. In the meanwhile they are just wanting the junkies to keep sucking the stuff down.
I hear so many inaccuracies about the profits of Exxon:
Their gross margins have doubled in just a few years. Aka the pure profit on each gallon sold has doubled. This is a commodity, like flour or refined sugar.
One of Bush's first actions as president was to create new deregulated oil future markets. That means no one has any idea who is bidding oil up. However we have the deregulated California energy markets as an idea of how totally messed up things get.
Hedge funds in silent collusion with oil companies are probably selling huge stocks of oil futures at purposefully inflated prices to drive the price up.
Aka we're all being ripped off at an unprecendented magnitude, and the President who took sacred oaths to serve this country and protect the Constitution facilitated all of it.
I sincerely hope all this corruption is exposed soon and a lot of these people who are involved which would include these hedge fund managers and probably a lot of oil company execs land in prison.
We havent reached peak oil we have reached peak corruption. It is of a scale never seen in human history.
And the final capper is most of the money is going to insane muslims who it is known funnel it to terrorists who want to destroy this country.
Are we being gouged? Yes, I think we are. Is it fair and legal? Yep. Once the country gets tired of paying that kind of money it will be financially logical for companies to begin looking into creating alternative forms of fuel that vehicles can run on and mass produce them. It's the market at work. Sucks for those of us paying those prices, but it's the way it is.
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