Posted on 02/01/2008 5:06:20 PM PST by Sub-Driver
February 1, 2008 Reid: Big Oil Rakes In Record Profits As Americans Pay Record Prices At The Pump
Washington, DC—Senate Majority Leader Harry Reid made the following statement today in response to the release of annual profits from ExxonMobil, BP, Shell, ChevronTexaco and ConocoPhillips:
“While middle-class Americans’ wages decrease and their costs increase on everything from filling up their cars to heating their homes, today we learn that Big Oil raked in record profits of nearly $119 billion last year. Americans are paying more than $3 a gallon at the pump – over a third more than we were paying at this time last year, and more than double what we paid before President Bush and his oil-friendly policies came to office.
“Since the beginning of this Administration, Big Oil has earned more than half a trillion dollars in profits, but has spent far less than a penny per gallon of those profits to produce clean and affordable renewable fuels in America that can reduce our dependency on oil. Bush Republicans blocked our efforts last year to repeal Big Oil’s tax breaks and instead use that money to expand incentives for the production of energy efficient vehicles and renewable energy, but we will try again this year to do the right thing. Democrats remain committed to restoring fiscal discipline and passing real energy reform that not only lowers prices at the pump and reduces our reliance on oil, but also strengthens our national security and protects our environment.”
Go buy their stock and quit whining....
Drill Anwar
Reid and the Democrats drive up the price of oil and gasoline, and now they have the gall to complain? Sorry FR, but screw Reid and the Democrats. If they have a complaint, look in a mirror.
Hmmm . . . he doesn't mention that the feds probably got more than twice that amount in tax revenues from the oil companies.
Most of the profits made by “big oil” are in R&D. Part of what they are researching are alternative means of energy. Yeah, they think the ‘green’ movement can be highly profitable and they and their investors are dumping lots of capital into the effort.
So who the hell can complain about that, the Ecochondriacs/Eco-Nazis/Eco-Marxists? Well, they shouldn’t if their goal is really to save the environment.
No, the only people who are complaining about the profits of big oil are the anti-Capitalists/Collectivists/Socialists/Communists.
when considering our industry’s earnings, people should be asking: Which U.S. industry earns just 7.6 cents per dollar of sales?
Which industry’s earnings are not that much different than other manufacturing industries?
Which industry takes risks and has healthy returns that benefit shareholders, teachers, retirees, and millions of other middle-class Americans whose portfolios or retirement plans are invested in oil company stocks?
And most important for you and our economy, which industry keeps homes warm, cars running and American industry humming?
The answers are all the same: America’s oil and natural gas industry.
ping
I suggest you get on the mailing list for Partnership for America’s Energy Security. http://www.partnershipforenergy.com:80/
Rescind the federal tax on gasoline. Help the poor, suffering people.
Harry reid is most definitely from the land where they spell “Moron” with two m’s...
Does Reid purchase products that are made from oil? If so, then he is contributing to the high price of oil since he is creating demand. It’s Reid’s fault.
How about we drill in ANWR, Harry? And the Caribbean?
My God, what a stupid statement. "Big Oil' is in business to drill for and refine crude oil into usable fuels like gasoline. They are not in business to wreck and ruin their business by producing inefficient, unusable energy wasting "alternative fuels". Why would "Big Oil" want to reduce our "dependency on oil" when they are in the oil business? What needs to be done is to reduce America's dependency on foriegn sources of oil. Lets start drilling ANWAR and off the coasts immediately!
I was wondering today how much tax there was on home heating oil and NG.
Also, I was wondering why they make it sound like only America is paying 3 bucks a gallon. Last time I was in old Europe I paid close to 6 dollars a gallon and that was about 4 years ago. When we buy oil for 100 a barrel the french and germans are paying that too. Plus all the taxes they pile on.
I feel pretty good knowing I’m only paying 50-60 to fill up and not 150 like I would in Europe.
Actually, prices at the pump are a little lower lately, which is odd since the price per barrel is higher than ever.
As Rush Limbaugh has said, we pay a huge price for ignorance.
Hey Mr. Searchlight..........how about the FEDs giving back the ungodly taxes THEY charge every time anyone in the nation puts gas in their car??
Senator Reid you are a socialist wimp
1. Ease licensing restrictions on Nuclear Power Plants
2. Drill ANWR and coastal waters as needed
3. Install a huge wind turbine generation station off Hyannisport
4. Ease licensing and permit restrictions on new refinery capacity
There are several things you should be doing, Harry. They don’t include ‘redistributing’ the wealth of successful businesses. STFU, you pompous, arrogant bastard.
The price of a barrel of crude has dropped at least $10.00/bbl over the last three weeks. Last week it was down $14.00/bbl.
Why do you suggest I do that?!
Lots of real information about the petroleum industry. Take a stand against the likes of Reid and Company.
4th Quarter Revenues: $107 Billion
4th Quarter Profits: $8.47 Billion
2008 Profit Margin: 7.92%
2008 Revenues: $356 Billion
2008 Profits: $31.3 Billion
2008 Profit Margin: 8.79%
The profit margins do not appear out of line. I wonder how many of those complaining about “obscene profits” actively seek out a rate of return higher that 8-9% on their investments.
If it makes them feel any better, they can invest with me and I will guarantee them a “socially responsible” 2% so they will feel better.
What an idiot! First of all, about three-fourths of the world’s oil is controlled by state oil enterprises. Second, if you compare the cost of driving in 1961 to now - taking into account the average MPGs for vehicles then and ADJUSTED FOR INFLATION - it is actually slightly cheaper to drive now.
Facts have never stood in the way of demagogues or the ignorance of the average American, who pays $5 for a cup of coffee, but complains about $3 a gallon gasoline. Not to mention, as some already have, how much of this cost is gas taxes. *sigh*
"...Big Oil..."
The Democrats promised they’d reduce gas prices if we returned them to control of the Congress in 2006. All they did was pass a law requiring higher gas mileage, which did not work.
How much higher percentage do professional athletes and the Hollywood set make when you take away their debt and other overhead?
$40 BILLION dollars earned by Exxon alone. They drill oil on public land, pay the government a pittance for royalties and then rape us at the pumps. That is not the free market.
Ask Harry to put up some of his own money to drill a deepwater well in offshore Angola. Better yet, ask him to do some of the first honest work in his life and roughneck on the well.
Ask Harry to reach in his own pocket and pony up some cash to drill a deepwater well in offshore Angola. Or better yet, maybe he can do the first honest work in his life and become a roughneck on the well.
My point is if the oil company can pay out ALL its expenses, salaries, bonuses and still be left with an 8% profit, they do not need any further subsidies or credits from the govt. Let them risk their own money.
They pay the government the contracted amount of royalties. Do your homework, the price of oil is controlled by the futures traders on wall street. My father(who had been in the oil industry since the 1930’s) told me back in 1983 when futures trading began that it was a political bombshell for the industry. Big, big mistake. There is nothing the oil industry would like better than to get rid of the traders so the market could settle into a stable pricing routine. Long range planning is damned near impossible when dealing with the current system.
The oil companies should spend a little more to advertise their real returns and counter some of this crap.
Their profits are very reasonable to low for the risk that investors have.
I don’t invest in the major oil companies because the return is to low now. Those who service them make more money.
bump
Exxon alone paid $105 billion in taxes.
Yeah, I read that thread this morning. That’s how I came up with my very crude estimate. (Hey, that’s a pun!) Probably closer to treble than double, isn’t it. Thanks!
>>Oh those evil oil companies - how dare they make money. He’s such an idiot........
Go buy their stock and quit whining....<<
Isn’t it amazing how much easier it is to blame the American oil companies than to address core causes?
Like senator Reid’s constituency who would have a fit if we developed the only other choices that could really make a dent in oil imports - nuclear and coal.
Big Gubmint's annual profits? Three TRILLION dollars. And how do they get it? They do nothing but demand it.
Mr. Reid is NOT telling the whole story here.... now a natural conservative would run a campaign ad with allll applicable numbers to explain what L I A R S these that either can’t count or are just plain evil seeking to cover up their own greed.
Does Reid purchase products that are made from oil?
Democrats are buying and burning gasoline in record amounts. Hollywood debate surely had a HUGE CARBON FOOTPRINT.
Clinton said gas prices would go down if she’s elected.
Apologies in advance, but the question needs to be asked of Harry Reid.
Harry, how much tax does the Federal Government take from big oil for each gallon of gasoline it sells?
I see.
Harry, you are accusing big oil of gouging the American people, aren’t you!
Harry, big government takes more from big oil for a gallon of gasoline, than big oil makes in profits on a gallon of gasoline. Is that true?
what does that make the Government of the United States. If big oil is a gouger, but you take more?
Harry, are you aware that big oil pays your salary?
Harry, if government was making a profit, what would the difference between big oil gouging the public, and big government, gouging big oil be called.
I see, but I don’t think you do.
And Exxon with it’s record $40 BILLION profit ISN’T? Give me a break. They only pay a prearranged royalty out of oil pumped from federal and other lands. Their cost is NOT $89 a barrel. It is probably something more like $30 a barrel.
Now who was it that gave this 'prearranged royalty'???? You surely are not going to say you would turn down such a government offer.
Ever heard of a contract?
I'm waiting for say she can cure cancer and invent the first anti-gravity machine. Then the morons in America will sacrifice their children for her.
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