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Freeze-Frame Radio -> Freeze-Frame Radio Lounge -> WHY IS THE FLEECING BEING ALLOWED
Post Info TOPIC: WHY IS THE FLEECING BEING ALLOWED
JD The Jazz Doctor


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DALLAS - Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.


The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company’s revenue by 12 percent to a level just short of a quarterly record. Its shares rose to a new high in morning trading.


Exxon Mobil’s report comes as many drivers in the U.S. are paying $3 for a gallon of gas — increasing the likelihood of further political backlash in Washington.


But the company isn’t alone. Royal Dutch Shell PLC said Thursday that second-quarter earnings jumped 40 percent to $7.32 billion as high oil prices offset production difficulties in Nigeria and the Gulf of Mexico.


Other oil companies reported big numbers for the quarter this week as well. BP PLC reported its quarterly profit rose 30 percent to $7.3 billion and ConocoPhillips said its earnings rose 65 percent to $5.18 billion.


Chevron Corp. will round the field of five majors when it reports its second-quarter performance Friday.


These five were expected to earn an estimated $33.6 billion, or a 32 percent boost, according to analysts surveyed by Thomson Financial. Already the first four have reported earning $30.16 billion.


Exxon Mobil, the world’s largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.


The results topped Wall Street expectations but came in behind Exxon Mobil’s record profit of $10.71 billion set in the fourth quarter of 2005.


Analysts polled by Thomson Financial expected the company to earn $1.64 per share.


Revenue rose to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil’s record third-quarter revenue of $100.72 billion — which also stands as record revenue generated by any U.S. public company ever in a single quarter.



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Jeremy Riggs


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YOu know, it pi**es me off to no end. Because they COULD lower prices and make less profit obviously.

But I've heard a lot of industry experts talking about how the oil industry works and to be honest it seems like they have a legitimate reason for making the money they make and it's not gouging. But it's so complicated and intricite that I couldn't for the life of me explain it.

It's like, they're not doing anything to increase their profit margin, the system is just set up in such a way that they get better profits when prices are driven higher by the market. I guess it's kind of like a built in percentage of profit. We're going to charge 2% per gallon as our profit, well, if that gallon was selling at 1.00 three years ago and now it's at 3.00 then their profit per gallon went from 2 cents to 6 and they didn't do anything wrong to get it there.

Bottom line is still however that if they wanted to give us a break they certainly could afford to do so by changing their structure.

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Ruby


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I do not know and it is a crying shame.

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Ruby


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I understand what you are saying JR- if demand is down and it will go down, then they can offset the profits by having more when demand is up.


 


BUT as a friggen courtesy they could make a little less But it is a business, not a courtesy.



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JD The Jazz Doctor


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still tho, "and then one day we all decided to raise the price a dime, the next day 30 cents, we sit on that for a week, lower it 4 cents, raise it another 20....."


remember the truckers protesting $2.00 a gallon in Washington DC.? I wonder if they got out of the business alltogether.


I think we can blame the stagnant economy and the volitile ups and downs of the stock market on this.  



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Bunnyman


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I hear ya. I have had a theory that if the cost of producing the fuel would be reflected in the sale... maybe on a week to week type of strategy, say


this week it cost company A, $X amount to produce.. the market price for all fuel produced during that week from company A would be worth that $X amount plus the normal mark up until all that was produced is sold. That would take some controling/regulating.


I will try to put it simple: I've got a car that holds 20 gallons of gas... I buy that gas at $3.39 per gal. That gas should remain worth $3.39 per gal., if I decided to sell it.


Why can a filling station change the price of their gas if in fact they didn't really pay any more for it, it's the same gas they were selling yesterday for 3 cents less!


I know, it's business. We go in to business to make a profit.


Me and a couple of guys I know were standing around at the Cruise In last night thinking about Mad Max and the tanker truck. The Hot Rodders should score a couple of tankers of Premium and sell it in a coop to each other.


My 394 cu. in. 4-barrel gets 12 miles to the gallon!! Ouch.


BMan


(sorry it was so wordy)



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jstdve


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  lol  lol , get in line to buy that SUV , and while your at it make sure to leave every light in the house on when you take your kids to the mall !!


 I think its great !  what that article failed to mention was that America used MORE gas this quarter than last ! 


 it just proves my point - people are stupid.


 wait till next quarter ! thats when the effects of the latest mid -east bs. will show up !


 so in the mean time - get out there and  DRIVE DRIVE DRIVE !



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dave
Jeremy Riggs


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I'm kind of with you Dave.

I just watched and shook my head as the road was overtaken with SUVS for the last five years. Everyone building these 12 or 15 room houses. I'm VERY directly affected by this because I drive for a living, but I don't even care. Bring it on, make it hurt.

This country has truly become the spoiled little brat the rest of the world has always thought of us as. Everyone has to drive a bigger car than the next person "so they can feel safe". "What I want is what I want so I'm going to have it" has been our collective attitude for too long now.

When my Dad was alive we talked a lot about the TRUE sacrifice older generations had to make during times like the great depression and we both agree that our generation couldn't handle it and if they were forced to they would bitch so loud it would be deafening.



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Sparky


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Yeah! What Dave said! Now excuse me while I go buy a double mocha capacinno Latte for $60.00 a gallon.

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jstdve


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  bah bah bah an suv , make me richer than I am . 


 ps- make a special trip for every item on your list.


 pps- I support the eco-nuts , wouldn't want any new drilling , could hit me in the pocket book


 ppps- that includes building a new refinery, wouldn't want to chance a one in a million accident in an otherwise useless part of the world.


 bah bah bah  


 man whoever said paychecks based on sales was a bad idea is probly pumping gas for 6.75 an hour . what a dope.



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dave
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I justify driving the land yatch with plenty of bike rides to work. All my other cars are fairly fuel efficient and well maintained. I always turn off my high efficiency lights before leaving the room. Recycling/Precycle/ReUse is the norm around the house. My kid doesn't quite get the recycle thing all the way.


I trip out when I see a person driving alone in one of the Mammoth sized SUVs. Even the small ones don't really do too well on mileage. Alternative fuels, more efficient vehicles and more practical use of the vehicles is definitely the way to go.



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