Oil companies, when is enough enough

[Dweezel]

Seriously you've got people that can't afford to drive anymore, fuel and gasoline are at record Highs, and these assholes are earning $1,300 a second NET profit. Someone needs to assassinate these fuckers.

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[bullshit]

NEW YORK (CNNMoney.com) -- Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a U.S. company.

Exxon (XOM, Fortune 500) shares gained nearly 2% in pre-market trading on the news.

Exxon, the world's largest publicly traded oil company, said net income rose 14% to $11.66 billion, or $2.13 per share, from $10.25 billion, or $1.76 per share a year ago.

That tops Exxon's previous quarterly profit record of $10.7 billion set in the fourth quarter of 2005, which also was a record for any U.S. corporation.

Exxon also shattered its previous yearly record by earning $40.61 billion last year, ahead of its previous record of $39.5 billion in 2006.

That breaks down to earnings of nearly $1,300 per second for the year.

Revenue rose 29.5% to $116.64 billion from $90 billion a year ago.

The company was expected to report results of $10.36 billion on revenue of $114.9 billion, according to earnings tracker Thomson Financial.

Exxon is the latest oil giant to report impressive earnings. Conoco (COP, Fortune 500), the nation's third largest oil company, trounced profit estimates by nearly 25 percent when it reported last week.

Number two Chevron (CVX, Fortune 500) is also expected to do well. Analysts are expecting a 30 percent increase in earnings per share when it reports Friday.

[/bullshit]

[Chrome]

I would love to make that for 1 day

[serpentracer]

when will they stop?, when we quit buying it. and that will be NEVER.

which is one reason I quit my job that was 25 miles one way. now I drive 5.

I'm saving myself over $125 a month. and useless miles on my truck that depreciates the value.

[Vulcan_Rider]

Thats what i have to say

These greedy bastards try to say that what we pay for gas reflects what they pay for oil, they say they use a specific formula to calculate gas prices with a 5-10 cent variance. If this is true then why is it that when oil went over $70 a barrel for the first time, gas prices jumped up 30-40 cents but when the price of oil dropped back down under $70 a barrel the price only droped 10 cents or so. Gee that formula is lookin just a bit shaky. Also as an added bonus and another way to piss us all off think about this the price of a 55 gallon drum of oil as of today is $88.96, divide that by the 55 gallons it contains it comes to $1.62, which means we are paying around $1.50 per gallon in taxes and all the other extra bullshit. So lets just say that oil hits $110 dollars a barrel which is very possible and actually quite likely that means we will be paying right around $4 a gallon.

All i can say is i am so happy i have a motorcycle that gets 40-50 mpg

[Todd#43]

Woah....

Before we start crucifying the oil companies, lets remember that no one is MAKING you buy their product.

The article says revenue (gross sales) was up 29%, but gross profits were only up 14%. That means they're making LESS per gallon than they were a year ago. Honestly earning a $2.00 per share dividend on a stock that sells for over $80 isn't THAT great

Believe it or not, the Federal Government and the State of Ohio make more on every gallon sold here than the oil companies or the retailers do. Oil companies make a pretty small margin per gallon, but they sell a LOT of gallons.

While we're at it, what's wrong with a company making a profit? Isn't that what they're supposed to do?

[Todd#43]

Thats what i have to say

Also as an added bonus and another way to piss us all off think about this the price of a 55 gallon drum of oil as of today is $88.96, divide that by the 55 gallons it contains it comes to $1.62, which means we are paying around $1.50 per gallon in taxes and all the other extra bullshit.

Does the barrell of oil magically turn into gasoline on the way over here from the gulf?

No, it doesnt. There's cost to refine it, transport it, market it, etc.

Currently, there's a federal tax of $0.184 and ohio tax of $0.469 on every gallon.

I would bet that the state and federal governments make more per gallon than the oil companies.

[Vulcan_Rider]

Does the barrell of oil magically turn into gasoline on the way over here from the gulf?

No, it doesnt. There's cost to refine it, transport it, market it, etc.

Currently, there's a federal tax of $0.184 and ohio tax of $0.469 on every gallon.

I would bet that the state and federal governments make more per gallon than the oil companies.

I do realize that the state and federal government makes a shit load of money off of gas. According to factsonfuel.org in the state of ohio we are currently paying 46.4 cents per gallon in state and federal taxes, as well as roughly 80 cents for refining marketing and distribution and crude oil itself is $1.62 per gallon which leaves around 21 cents per gallon of profit.

Doesnt sound like much but consider this, i fill up my truck twice a week so just from me they make around $10, thats from 1 person in 1 week and think of how many people drive and how much gas they use. Not to mention all the other uses for crude oil.

Bottom line government makes money oil companies make money and the average joe gets screwed.

[Todd#43]

I do realize that the state and federal government makes a shit load of money off of gas. According to factsonfuel.org in the state of ohio we are currently paying 46.4 cents per gallon in state and federal taxes, as well as roughly 80 cents for refining marketing and distribution and crude oil itself is $1.62 per gallon which leaves around 21 cents per gallon of profit.

Doesnt sound like much but consider this, i fill up my truck twice a week so just from me they make around $10, thats from 1 person in 1 week and think of how many people drive and how much gas they use. Not to mention all the other uses for crude oil.

According to the website you referenced, and the article quoted Oil companies (on average) made about 9 cents per dollar of sales, which is a 9% net profit. This is in line with what most other US Industries make. I'm sure that there are industries that net less, and Pharmaceutical companies make wayyyy more on average - somewhere in the neighborhood of 20%.

Bottom line government makes money oil companies make money and the average joe gets screwed.

I'll agree that its not a good thing that the government makes BIG money on taxes, but why is it a bad thing that the oil companies make money? Isnt that what they're supposed to do? They returned a dividend of about $2.00 per share, thats really not a ton of money for the shareholders. How is the average Joe getting screwed?

[NinjaNick]

I think it's strange how SPEEDWAY near my house will sell it for $2.99/gal but then about 1 mile down the street is another SPEEDWAY selling it for $2.89/gal. I don't understand why the price is different, or allowed to be different. Same company, same town. WTF!?

[shittygsxr]

Like todd said a P/E raio of 40:1 is not that great and as far as different gas prices are concerned most gas stations are franchises so the two speedways next door to each other are owned by two different people. When I lived in michigan I knew some gas station owners and if they had a good convienence store they would sell their gas at cost or below and make huge profits on the store itself.

The most fucked up part is exxon makes less than the gov't on each gallon and they do all the work. Again remember that exxon is a world wide company and there are several countries going through an industrial revolution which means their citizens are being able to buy cars and motorbikes so the consumption is up.

We went to the detroit car show two weeks ago and all every manufacturer was excited about was their 100-200mpg cars, and all I could think was why the fuck dont you make them then?

[Todd#43]

I don't understand why the price is different, or allowed to be different. Same company, same town. WTF!?

Its called a free market economy.

If the people down the street will pay a dime more for their gas, so be it.

You could go to two different Chevy Dealers and get two different prices on the same vehicle. Should that be against the law too?

[jermattak]

trapper, have you converted your truck to run on veggie oil yet?

[Dweezel]

No, I'm gonna take that project up this summer. going to draw up a tank in auto cad in the next few weeks and get a quote on having it laser cut. I can weld it together at work. Filters and shit can be sourced from home depot or Lowe's, whatever you like. fuel line switch is available at pep boys for like 50 bucks, any truck with dual tanks has it. the hardest part is going to be settling and filtering the used veggie oil.

There's a stupid amount of info online about it, it seems pretty easy and straight forward to do. Plus if all you've got is 60 dollars worth of filters into 110 gallons of fuel, 55 cents a gallon for fuel isn't too shabby

[shittygsxr]

sounds like a nice tank, why not just source out a cheap fuel cell first to make sure everything works well first. I heard the smell from the exhaust is delicious. Keep us updated on your progress, maybe I can find a diesel VW and do the same

[Benyen Soljax]

Seriously you've got people that can't afford to drive anymore

maybe thats not so bad?

[Benyen Soljax]

No, I'm gonna take that project up this summer. going to draw up a tank in auto cad in the next few weeks and get a quote on having it laser cut. I can weld it together at work. Filters and shit can be sourced from home depot or Lowe's, whatever you like. fuel line switch is available at pep boys for like 50 bucks, any truck with dual tanks has it. the hardest part is going to be settling and filtering the used veggie oil.

There's a stupid amount of info online about it, it seems pretty easy and straight forward to do. Plus if all you've got is 60 dollars worth of filters into 110 gallons of fuel, 55 cents a gallon for fuel isn't too shabby

if everyone did this, used veggie oil would be expensive too.

[Dweezel]

I don't know, used vegetable oil from restaurants is a waste, they've got to pay to dispose of it. your actually doing them a favor by taking it for free.

[Todd#43]

I don't know, used vegetable oil from restaurants is a waste, they've got to pay to dispose of it. your actually doing them a favor by taking it for free.

That's because right now it has no value to speak of. Once its worth something (people want it, or need it) it wont be free.

[serpentracer]

That's because right now it has no value to speak of. Once its worth something (people want it, or need it) it wont be free.

actually there is companies that already take the used oil and use it for other things. I don't know if they pay for it or not though.

or if they get paid for hauling it away.

http://www.griffinind.com/

my company did some work to the owners home. he lives in northern kentucky just across the river from cincinnati.

[Benyen Soljax]

That's because right now it has no value to speak of. Once its worth something (people want it, or need it) it wont be free.

that was the point i was trying to make.

[homewrecker]

Not to be too sarcastic but if soooooo many people seem to want social med. because of price why not social gas as well. Then we could all depend on the gov. for everything. Everyone would have a full tank and be healthy all at the same time what a wonderful world that would be. The gov. in reality should have lowered or suspended taxes on fuel for stimulus instead of the checks we are supposed to get this summer.

[Benyen Soljax]

The gov. in reality should have lowered or suspended taxes on fuel for stimulus instead of the checks we are supposed to get this summer.

yeah, cause were not in enough debt already.

[NinjaNick]

$2.85/gallon Sunday. $3.07/gallon Monday here.

[Vulcan_Rider]

$2.85/gallon Sunday. $3.07/gallon Monday here.

same here and whats funny about this increase is that the price of oil per barrel has gone down, not down much but still it went down and the price went up.

[Disclaimer]

Most likely due to the gasoline market being local / regional and the crude market being national / global

The information is a little dated, but...

http://www.eia.doe.gov/bookshelf/brochures/gasolinepricesprimer/eia1_2005primerM.html

Also

http://www.thepriceoffuel.com/whataffectsfuelpricing/