Posted on 05/24/2004 8:26:03 PM PDT by Sixcar
The outrage over high gasoline prices continues. This is indicative of an oil industry boycott that was encouraged through email solicitations, recently. Like myself, you may have received one or two, asking you to not buy gas on May 19.
In short, the motive served no other purpose but to protest what many believe to be a deliberate attempt by oil companies to gouge prices to increase profits. The few who did participate in the boycott, did so for no other purpose but to hit oil companies where it hurts - the wallet.
I wonder if the participants considered the innocent employees who might be negatively impacted by such a protest? Probably not. More often than not, misguided frustration in the hands of the ill-informed often leads to bad news for the innocent.
In fact, the oil industry deserves little of the blame. Prior to the 1980's there were 361 oil refineries in the United States. Of those, only 149 remain. The last new oil refinery permit issued by the federal government, was 1976. Intrusive and overbearing environmental compliance laws make it cost prohibitive for the industry to build new facilities. Nonetheless, the demand for gasoline grows, and the capacity to produce remains stagnant, at 1976 levels.
In this country, the environmental movement has had more of an impact on the industry's ability to produce gasoline than any other entity in existence. Aside from OPEC, no other organization has had a more adverse effect on the price of a gallon of gasoline, than environmentalists. The federal government included.
So what about high profits, you might ask? According to American Petrolium Institute figures, the profit margins for the american oil industry was a paltry 6.9 percent for the first quarter of 2004. Hardly warrants accusations of price gouging, don't you think? In the meantime, all other U.S. industry claimed a 7.5 percent profit margin, in the same quarter.
Putting those figures into perspective, the oil industry pocketed 6.9 cents for every dollar of gasoline sold. Where I live, the state government confiscates 6 cents of every dollar I spend. When I buy a gallon of gasoline, I know where it goes. Not so, for the 6 cents I pay to the state government. Maybe I'll just start an email boycott against the state.
In closing, I hope the boycott failed and failed miserably. The success of our economy depends on thriving private industry. That includes oil companies. Besides, I would certainly hate to think that the ill-informed played a role in costing someone in the industry, their job.
Live free
Great Post!!
W needs to identify the people and organizations on the Left that have prevented development of energy sources.
http://story.news.yahoo.com/news?tmpl=story&cid=580&ncid=580&e=7&u=/nm/20040426/bs_nm/energy_saudi_refineries_dc
Mon Apr 26, 5:49 PM ET
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NEW YORK (Reuters) - Saudi oil minister Ali al-Naimi said on Monday that Saudi Arabia plans to build two 500,000 barrel-per-day (bpd) refineries in the United States as soon as the kingdom is given permission to do so.
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Al-Naimi said that Saudi Arabia is committed to alleviating the bottleneck in U.S. refinery capacity and has offered to help by building the two refineries. Al-Naimi disclosed the Saudi plan in a U.S.-Saudi business conference in New York but did not provide details.
Al-Naimi also said Saudi Arabia has two world class phosphate and bauxite deposits which it hopes to develop and it will be soliciting bids for their development.
Texaco was one of a long list of Fortune 500 Corporations that filed briefs in favor of "affirmative action" for Michigan University. Tell me how this action was conservative, and I will stick to this point. It was not conservative.
And there's an interesting story behind the following link.
Pumped-up profits for oil refiners
http://www.signonsandiego.com/news/business/20040429-9999-1b29gas.html
It's typical of Democrats to start another inflationary trend during our President's re-election campaign.
"Saudi oil minister Ali al-Naimi said on Monday that Saudi Arabia plans to build two 500,000 barrel-per-day (bpd) refineries in the United States as soon as the kingdom is given permission to do so."
Watch that move very closely to see exactly which corporations in the USA work against it.
Great analysis of comparison profits. I'm in California, so I know that at least 22 cents of every gallon goes to the state. And our sales tax is over 8%.
Welcome to FreeRepublic, Sixcar!
Big bump for the truth Sixcar!
BTTT!
You must work for an oil company or subsidiary like a refinery. Anyway, see an excerpt post below. Also, I posted an article about 3 weeks ago relating to ChevronTexaco's 1st quarter profits going into the "stratosphere" since the previous two years (2001 & 2002) the oil company's profits were lagging and investors weren't happy. Now the American Petroleum Institute say "poor little oil companies" aren't to blame but oddly, the oil companies are laughing themselves all the way to the bank at the expense of the consumer.
Consumer Group: Gas Companies' Profits Spike with Pump Prices, Profits Increased 926% in 2003
releases.usnewswire.com ^
Posted on 04/20/2004 6:23:28 AM PDT by chance33_98
Consumer Group: Gas Companies' Profits Spike with Pump Prices, Profits Increased 926 Percent in 2003 Based on Price Gouging
4/20/2004 9:00:00 AM
To: National and State Desk
Contact: Jamie Court, 310-392-0522, ext. 327; Tim Hamilton, 360-495-4941, both of the Foundation for Taxpayer and Consumer Rights; Web: http://www.consumerwatchdog.org
SANTA MONICA, Calif., April 20 /U.S. Newswire/ -- A comparison of oil company profit reports and gasoline prices during the last two years shows that California's top five oil companies have seen their profits rise in direct correlation to hikes in the price at the pump, according to an analysis of government records released today by the Santa Monica-based Foundation for Taxpayer and Consumer Rights (FTCR).
In 2002, an average 21 percent increase in pump prices resulted
AWESOME!
Here's the article I mentioned in post #11:
Printed by the Associated Press on Saturday (May 1) in the local paper, the headline is:
GASOLINE COMPANY'S PROFITS SOAR (Rising gas prices send earnings up 33 percent in first quarter)
Driven by soaring gasoline prices, ChevronTexaco Corp.'s first-quarter earnings climbed 33 percent, continuing the oil giant's recent run of gushing profits.
The San Ramon-based company said Friday that it earned $2.56 billion, or $2.40 per share, in the three months ended March, up from $1.92 billion, or $1.81 per share, at the same time last year.
This year's results outstripped the mean estimate of $2.02 per share among analysts surveyed by Thomson First Call.
First-quarter revenue totaled $33.6 billion, up 9 percent from $30.8 billion last year.
With the fast start, ChevronTexaco is well on its way to improving on its performance in 2003 when the company earned $7.2 billion--more than it did in the previous two years combined.
Investors were pleased. ChevronTexaco's shares gained $1.15 to $91.50 during Friday's trading on the New York Stock Exchange. The company's stock is up by nearly 40 percent since the end of 2002.
The rising profits of ChevronTexaco and other major oil companies have squeezed the budget of many motorists faced with gas prices that have soared about $2.50 per gallon in many parts of the country, including ChevronTexaco's home turf in California.
It says nothing about their profit .. only their earnings.
Know what the net profits were?
Here's something to consider. Let's just say that all Christians in the USA moved to one state. How would general elections go in the other states after that, and thus, general elections in general?
And then what would the other states do to the rights of the state they moved to?
...oops, wrong thread, sorry.
No new refineries in 28 years? Niiice.
Visit www.energy.gov and see what you can find our from Spence Abraham.
(hint, you'll find squat)
Which one? I posted two articles at different times (I believe #11 and #13). ChevronTexaco just mentions company's profit, doesn't say whether it's gross or net (I assume gross). #11 has a link to companies profits inside the complete article.
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