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ExxonMobil increased investments across all business lines to help meet global demand for crude oil, natural gas and finished products. Capital and exploration project spending increased to $7.0 billion in the second quarter, up 38% from last year. For the first half of 2008, spending on capital and exploration projects was $12.5 billion.
"The Corporation distributed a total of $10.1 billion to shareholders in the second quarter through dividends of $2.1 billion and share purchases to reduce shares outstanding of $8.0 billion, an increase of 12% or $1.1 billion versus the second quarter of 2007."
Seems fair and balanced to me. My position is that any reductions in profit due to a windfall profit tax should come from reduced expenditures on exploration and most certainly not from shareholder dividends.
No one else finds it odd and astounding that oil has doubled in price since Bush/Cheney rode into town? $4 per gallon is beating a dead horse? I only wish this WAS a dead issue, but its not and its causing our economy to cave. I dunno, I just find it weird how there is no supply problem yet oil has become so pricey. The only ones benefiting are the shareholders of Exonn. People shouldn't be getting that rich off of a necessity. To me it reeks of price gouging. Well what about the American people? Something just smells very fishy.
No one else finds it odd and astounding that oil has doubled in price since Bush/Cheney rode into town? $4 per gallon is beating a dead horse? I only wish this WAS a dead issue, but its not and its causing our economy to cave. I dunno, I just find it weird how there is no supply problem yet oil has become so pricey. The only ones benefiting are the shareholders of Exonn. People shouldn't be getting that rich off of a necessity. To me it reeks of price gouging. Well what about the American people? Something just smells very fishy.
I guess things have been fishy in Europe for quite some time.
"Record earnings for the world’s largest publicly traded oil company have become almost as predictable as the surge of gasoline prices at the pump in recent years, and for the second quarter income rose 14 percent, to $11.68 billion.
It was the highest quarterly profit ever for any American company, as Exxon made nearly $90,000 a minute."
Which president do you believe can somehow get these prices down? Clearly drilling in ANWAR is not the reason why oil prices are high. Doesn't it seem like the oil companies are just lovin' our PAIN AT THE PUMP?
Did you know oil companies spend MORE on ADVERTISING about how they are exploring alternative energy than they actually spend on exploring other energy sources? That's how shady they are.
Why are Americans putting up with prices like this, and profits like this for the oil companies, for a commodity that is a necessity? I mean how far can they take this before this country's economy completely crumbles.
Do you believe in a windfall profits tax on these outrageous oil company earnings?
Since the Republicans got us into this mess, do you really trust them to get us out?!
Our poor country is going down..
That profit is only about 8% of there revenue not very high. Let's try and be realistic.
The answer is NO to all 3. So here is the scoop that any junior economist can tell you:
1. The supply of oil is controlled by OPEC and a dozen countries. The USA wouldn't be in this position if the do-nothing Democratic Congress ALLOWED A VOTE on drilling. Exxon does NOT control the price of oil in any shape or form. If you believe Exxon control oil prices, you need an IQ test and help ASAP.
2. Exxon does not refine the oil, thus does not control that cost. That only facts in about 10% of gas costs anyway.
3. Oil prices are due to supply and demand. Increase supply and prices go down overnight. Yes, there is some speculation going on, but you cannot stop that, because even if our stupid Congress stops speculation in USA, companies will move to London or Hong Kong where they will speculate even more. That is a dead end.
To end speculation, you must make price of oil go down and the way to do that is to DRILL!
This is why the USA must drill and the Dems must be defeated or the USA will sink into the Great Depression in a few years.
MCCAIN is for drilling, therefore I am for McCain!! Democrats are against drilling, therefore I am against Democrats!
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