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ExxonMobil Posts Largest Profit In US History, Makes $1,865.69 A Second
Detroit, 8:14 AM
Wed Dec 9
26 posts in the last 24 hours
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ExxonMobil Posts Largest Profit In US History, Makes $1,865.69 A Second |
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[www.bloomberg.com]
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You are welcome to take it out of the ground, ship it, refine, crack it, or turn it into something useful, all by yourself. Good luck with that.
It's worth nothing sitting in the ground. Only by turning it into money do we get any use out of it - that's what energy companies do. Turning our natural resources into wealth has the chance to make you wealthier - letting it sit in the ground doesn't do anything except make us poorer.
10/30/08
Clearly we need to redefine the meaning of "wealth".
10/30/08
Source: [seekingalpha.com]
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That's 11%, not almost 20.
The huge profits are shocking because the increase in gas and heating oil prices was so painful.
People tend to think domestic oil companies are on our side, "Our oil" versus "Their oil", and it takes a slap in the face like these record profits to remind us that the oil companies are NOT on OUR side, they are a side unto themselves. And I'm with Jalop- increasing "our" drilling does almost nothing for us as a country except give oil companies (who are not on OUR side) the right to further exploit OUR natural resources.
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The entire planet is scrambling to keep finances afloat and an OIL COMPANY makes record breaking profit.
I am all about the freedom we as citizens and we as businesses enjoy here in the US but what the hell?
Its a good thing I'm not running for pres or some of that profit would go into alt fuel research.
fu^&ers...
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Look at furniture, for instance! Having seen the actual cost on some chesterfields and loveseats, back when Future Shop thought it would be clever to sell those as well, I almost soiled myself. A couch, selling for $5999, had a "cost" label at $1200. Now that's a tidy profit.
Personally, I'm celebrating this news; when oil companies make record profits like this, that means they can afford to fund more explorations. For instance, the drilling off the coast of Newfoundland, or expansion of the tarsands projects up in northern Alberta. The more projects like that they can afford to fund, the more likely the price of oil will stay down here at a reasonable rate. I am comfortable paying $1/L for gas. Anything less and I'm happy. Anything more, I'm not.
10/30/08
At least there's some benefit to liberal morals...
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Pitiful. I won't get out of bed for a 10.8% profit margin.
10/30/08
It's like complaining about the price of stamps. If you want to take my letter across the country in 4 days, here's 41 cents and my thanks in advance!
10/30/08
The lady behind the counter had clearly had enough of her. "Well, if you think you can do it for cheaper, you're more than welcome to try. If you can get this letter to your niece in Toronto any other way for less than 50 cents, you're doing better than me. NEXT!"
10/30/08
Well, until they break our packages, anyway. Too bad that well-oiled machine is usually used for spam flyers and credit-card offers.
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Doesn't sound like much of a tax break to me...
10/30/08
Because that's how trickle down economics work.... if you allow businesses to succeed, they will make money and that money will make it's way downriver to the employees.
/sarcasm
10/30/08
The only appropriate way for this to trickle down is for those profits to go to a bunch of very wealthy shareholders, who will then spend less than 1% of it on renovating their enormous mansion in Greenwich. These funds will eventually trickle down when they eventually tip the little Spanish boy who helps haul all the garbage off to the dumpster behind the low-rent apartment so they don't have to pay to rent a dumpster of their own. That's proper capitalism, my friends.
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Also, there was a material one-time item:
The company said its third-quarter income included an after-tax special gain of $1.62 biillion from the sale of a natural gas transportation business in Germany
That's almost 20% of the profit right there.
10/30/08
I don't expect these profits to continue, since inventory losses are going to be huge next quarter (if oil stays low). And everyone will be cheering as if the common man has won some kind of victory.
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Anyway, I'm no lawyer, but I don't see what right the gov't has to tax the profits of any company, be it oil or software. "Just cuz" doesn't cut it.