Skip to comments.Profits Of Doom?
Posted on 05/01/2008 6:55:13 PM PDT by Kaslin
Profits: Exxon Mobil's first-quarter earnings of $10.9 billion, up 17% from a year earlier, are stirring outrage in Washington. Some are calling such profits "obscene." What a sad lack of understanding of economics.
No, what's seriously wrong is that politicians such as Clinton can cynically manipulate public opinion to enact disastrous policies.
Indeed, rather than be upset at Exxon's profits, Americans should be thrilled and angry at a Congress that doesn't seem to want to encourage the oil industry to make even more.
Our free-market economy is built on profit. Higher profits mean more jobs, higher incomes, more investment in equipment and people, higher standards of living. Yes, profits are the engine for all of this and that includes the profits of "Big Oil."
By signaling that supply is scarce, higher profits encourage more production. Except, that is, when Congress through its inept lawmaking stands in the way. And that's the case now with the oil industry.
(Excerpt) Read more at ibdeditorials.com ...
What’s seriously wrong, is every time you buy gas — you’re paying quite a bit of that money — directly to terrorists.
That’s the problem.
So how about the oil companies help us change that?...
How about the domestic ECOFREAKS LET US GO AFTER THE OIL IN THE U.S.?
What nobody ever mentions is that when supply remains static but demand increases, the prices must go up or there will be shortages. If the prices go up, of course the oil companies will make more profits. So what would the populist know-nothings have them do, raise prices and throw the money away?
Last time I bought a CD (which was a couple years ago, because I don’t like paying money to liberals), the CD was almost $20.
$20. For a tiny slab of plastic. And movie ticket prices - don’t even get me started.
I think it’s high time to start charging hollywood studios, a “windfall profits” tax.
“Big cd”, and “Big movie” can pony up some of their bucks. And “Big lawyers” too. They’re pretty greedy.
How about a cap on liability lawyers fees.
And how about “Big tv”. Bunch of whining greedballs.
If it’s just greed we’re taxing, seems to this poster liberals are (over-) represented in that group.
This could be fun... :)
I talked to a lib today and they are totally convinced that if we began to drill now, it would take us 20 years to get oil..Yeesh.
With every rise in the price of gasoline, Washington finds what we will pay to get around in our cars.
Whatever “alternative fuel” is created to replace gasoline, if cheaper, will be taxed according to the price of gasoline prior to that replacement.
But have the profit margins increased? I hear that the margins have not been increasing just the gross revenues. New refinery capacity may be lagging due to very low profit in making gasoline and not just to the Enviros. Anyone have some good numbers?
The problem is, Bush really does seem to be in the pocket of the oil companies.
I know, that’s a liberal screed. But fact is, he’s really not doing much about the situation. He’s the one with the bully pulpit. He could be out there, making the case for more drilling, making the case for new sources of energy.
How can one conflict in Iraq, so utterly immobilize a presidency, which once seemed so right?
He’s not doing any of that.
In fact, he’s doing just about NOTHING.
At least print up some “W.I.N.” buttons or something.
Did you miss his statements THIS week?
I guess I did miss what President Bush said this week. At work mostly...
What did he say?
And what’s he doing, more importantly?
I keep waiting for him to get riled up again, like when he had all the firemen gathered around, chanting “USA! USA! USA!”.
Come on Sir. Everyone’s really mad.
Harness that! America wants a purpose. We’re not going to the moon anymore. We’re shipping all our factories to a bunch of communists. We squabble over our shrinking slice of the pie, more every day.
Let’s make this the next big thing.
The next Apollo! All we do in bicker and complain. Let’s DO SOMETHING.
100% American Energy Independence — in 5 years!
Not one day less.
Vote for a conservative Republican representative and senator in November. Perhaps we can get the federal government off the backs of the oil companies so they can develop domestic supplies. It isn't that they don't want to develop those supplies. It is the green freaks and their willing accomplices in the Democratic party that keep passing onerous regulation and banning access to domestic supplies. Place the blame where it belongs and do something about it in November.
Er. Strike that:
“Not one day more!!”.
I hate it when that happens... :)
Margins are lower than in the past. Factor in the falling dollar and their profits are dropping.
Let’s get America on track to Energy Independence!!
WHY MUST WE ALWAYS PAY FOREIGNERS FOR WHAT WE NEED?
We pay communist Chinese for ... well everything anymore.
We pay communist Hugo Chavez for oil.
We pay terrorists for oil.
All we do is pay people, who want us dead.
WHAT IS WRONG WITH THIS PICTURE?
Why in the world, is everyone so complacent??
Fuggetabotit...check out the popcorn!
Movie theatre popcorn has been a huge rippoff for years, imagine now that the Ethenol industry is taking over the nation!!!
$10 gas??? $10 popcorn will ruin the movie industry!!!!
This from a woman who made over 120 million dollars in the last seven years.
All I get from what Her Royal Heinous produces is acid reflux.
In what region? There are some areas that could see production in a few years.
Rather than attack each other,
How come as a country, we’re not doing something??
I wonder what the profit margin was on her little cattle futures trading venture.
Start drilling in Alaska, North Dakota and Wyoming. That will cause prices to drop in a heartbeat.
And then we have more control of our own destiny.
What do we do with our destiny, when we gain more control of it?
Sell it to China again?...
What are we as a nation, doing to become better? Stronger? More intelligent? More ... just about anything?
Seems we’re seriously losing control. We’re selling everything which isn’t bolted down - and even some of that.
We really need to start kicking *ss and taking names again.
We’re ... what was it Jimmy Carter said?
That’s what it is. We’re just that.
And then we drill in The Gulf of Mexico.
They would be happiest if the oil industry operated like the airline industry — hasn’t made a nickel in profits since the Wright Flyer first took to the skies. Of course, that would stifle technical innovation, but who cares? They would be “punished.”
A windfall profit tax on her windbag husband would be a good start. Not to mention the financial relationships the bent one has with the Saudis. That could be quite a conflict of interest for the smartest woman.
How dare you ask Oil Companies to put America before profits.
They are making a lot of money so you can have a job, if they have to give money to terrorists to keep their profits up, who are you to tell them otherwise.
I dunno about other FReepers, but I’m getting just sick, of this globalist cr*p.
I want to be in that circle of fired-up firemen rallying around President Bush, yelling in genuine, heartfelt enthusiastic pride in America:
“USA! USA! USA!”.
Instead, we get NAFTA. Chinese trade deficits. Jobs exported. No border. And it gets worse every day.
God help America.
What in the world happened to us?
Dictator farts? Record profits!
Price per barrel goes down? Record profits?
Price goes up? Record profits!
Before China develops? Record profits!
China Developing? Record profits?
Shortage? Record profits!
War? Record profits!
Refinery fire or repairs? Record profits!
In the springtime, in between time? Record profits!
Price controlled by government? Of course not! But price by late October? Lower! But first have to increase, so it can be lowered!
Either way, record profits!
There are sure a lot of people running around, including on this board, without the least bit of understanding of economics.
I’ll say. Some actually think that oil and gasoline are produced in a free, capitalistic market. There’s one born every day.
“He could be out there, making the case for more drilling..”
You mean like he was doing within the past couple of days? Like he’s done a number of times over the past 7+ years?
Perhaps you haven’t heard him because you don’t listen to him. Who do you listen to?
Kind of like how the price per Kwh mysteriously negates all those Energy Star "savings".
Oh I see.
I’m mad because nobody is doing anything to fix the problem, so ... my motives are questionable.
Is that it?
Everyone who owns stock in the oil companies, directly or through an investment fund, is making a profit on oil. That means my IRA, your retirement plan in all likelihood, and your Aunt Fannie’s investment portfolio that you’re hoping will one day be all yours. It doesn’t look as sinister when you look at it that way.
” ...I think its high time to start charging hollywood studios, a windfall profits tax.
Big cd, and Big movie can pony up some of their bucks. And Big lawyers too. Theyre pretty greedy....”
My big bugaboo is the cost of a University Ed-You-Kayshun. I want to see a plot of the growth of tuition against gasoline from 1965 to today. Somebody reading this has the ability and nothing better to do than put it together.
“Im mad because nobody is doing anything to fix the problem, so ... my motives are questionable.”
I agree, your motives ARE questionable. Bush has tried a number of times to initiate efforts to address energy shortages and has been stymied each time by a Congress dominated and controlled by idiot Dimocratz.
You are parroting the lines of the Dimocratz - yes, your motives are questionable.
No offense intended, but you seem brainwashed.
It’s clear, nobody is really trying very hard to fix this.
There are too many people making too much money, for this to be fixed. Same with so-called “free trade”.
Anything for a few (rapidly depreciating) dollars more...
Problem is, the eventual outcome seems to be, America will collapse economically.
I’m parroting nobody.
I’m worried for my country.
Libs aren’t interested in facts, only feelings. We err here in arguments that are fact based. Better to use their own tactics. Instead argue to them that, if they want to impose windfall profit taxes, it’s only “fair” to grant a similar rebate if/when a company incurs a loss. Fairness demands balance. Then watch their argument crumble.
Michael Medved had stated on his show that we actually get the majority of our oil from Canada and Mexico.
Interesting, from the administration's active efforts to maintain the porous state of our border with Mexico I would have sworn he was in the pocket of "Big Marajuana" or "Big Meth".
Firemen have union jobs which can’t be outsourced - globalism is good for them.
This is just the continuation of the maturation of the world economy since the 1970’s. First it was union jobs in the NorthEast and Midwest which moved to Japan and the Southern States. Now the Jobs in Japan and the Southern States are moving to China. In a few years, those jobs in China will move to SE Asia and the Philippines.
The open borders is just an example of globalism, if investments and products can flow freely from one country to the next, then so should labor.