Exxon-Mobile posts third consecutive record profit...

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    Feb 02, 2008 3:42 PM GMT
    (...actually, that's "Mobil" with no "e" ...oops)

    It's the biggest profit ever by a US company (breaking Exxon's own record from last quarter), and more than the entire GDP of over 140 other countries.

    I'm still waiting for an alternative to buying gasoline, but it seems no one is interested in making any other technologies affordable or putting viable public transportation in place.

    I need to rent "Who Killed The Electric Car".
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    Feb 02, 2008 3:46 PM GMT
    if you have a diesel car, you can convert it to run on vegetable oil or peanut oil. You can just go to McDonald's get their waste oil used for making french fries and run your car on that. You'll drive with the lovely scent of french fries in your car...
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    Feb 02, 2008 4:29 PM GMT
    What a pain in the ass. I wonder why my truck (and most compact trucks) wasn't offered as a deisel? I wonder why pumps don't already have biodiesel coming out of them.
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    Feb 02, 2008 8:56 PM GMT
    I'll start by saying I hate the oil companies. They are a bunch of big evil polluting poopy heads. However I am suspect of the term 'record'. Is that total dollar profit only, or is it figured by margin? Theoretically, a company can make record profits, but if it's operating costs increase at the same rate they really aren't making that much more. And is this figure adjusted for inflation? I'm not attacking you position, I'm just genuinely curious about the data.
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    Feb 02, 2008 9:19 PM GMT
    And this post is coming from a guy in texas no less. Just found that funny. Do you get along with most people in your state? Or is that texas stereotype wrong?

    Sorry for the off topic question
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    Feb 02, 2008 9:33 PM GMT
    n8dagrt saidAnd this post is coming from a guy in texas no less. Just found that funny. Do you get along with most people in your state? Or is that texas stereotype wrong?

    Sorry for the off topic question


    The the stereotype is correct. In fact once a month myself and everyone in the state gets together and we poke XRuggerATX with sticks. It is a grand old time.
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    Feb 02, 2008 10:15 PM GMT
    Well, we do drive a lot of Escalades and Hummers.

    I'm very concerned with RBY's use of the term "poopy head."icon_wink.gif
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    Feb 02, 2008 11:00 PM GMT
    RBY71 saidI'll start by saying I hate the oil companies. They are a bunch of big evil polluting poopy heads. However I am suspect of the term 'record'. Is that total dollar profit only, or is it figured by margin? Theoretically, a company can make record profits, but if it's operating costs increase at the same rate they really aren't making that much more. And is this figure adjusted for inflation? I'm not attacking you position, I'm just genuinely curious about the data.


    Are you talking about revenue or profit? I could only see your theoretics working if you're talking about revenue. After all, profit is revenue minus cost. If marginal costs rose without a concurrent rise in marginal revenue, profit would decline, even if overall revenue rose.

    As for the inflation adjusted question, I can't speak to that. I read this article on the NY Times, so I would assume that they would adjust for inflation; however, I should never assume.
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    Feb 02, 2008 11:31 PM GMT
    Twenty-five years ago, I was a Petroleum Engineer for Mobil Oil (pre-merger days) working in the oil & gas fields along the Texas/Mexican border...The attitude of doing as little as possible, if anything at all, to cause the least amount of damage to the environment, when the company had plenty of resources ($$$) to mitigate its damage, left a dishonorable feeling about the profession for me. I'm glad I left the industry and hope that alternative fuel vehicles will be widely used in the near future...The technology is there; if we don't lead the transition, perhaps Japan will.
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    Feb 02, 2008 11:50 PM GMT
    XRuggerATX saidWhat a pain in the ass. I wonder why my truck (and most compact trucks) wasn't offered as a deisel? I wonder why pumps don't already have biodiesel coming out of them.


    There is more profit to be made from gasoline than diesel. Not only is gasoline a bigger profit earner, you have to use more of it, plus the bonus companies get in money from the government to make up for lost profits due to 10% ethanol content.

    You can also thank states like California where we sacrifice small diesels in emissions laws while still allowing Hummer H1's to plow the roads. Funny Europe is near 50% diesel yet has less problems with air pollution. But blame the diesels, not the Tahoe's and coal plants, thats the American way.
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    Feb 03, 2008 12:12 AM GMT
    Trance23 saidFunny Europe is near 50% diesel yet has less problems with air pollution. But blame the diesels, not the Tahoe's and coal plants, thats the American way.


    To be fair, for many years diesel vehicles burned much dirtier than gasoline vehicles (they still do when it comes to industrial vehicles), even if they got better fuel economy. It's only over the last two decades that they've become extremely clean burning. It's also only as of 2006 that all diesel was mandated to be extremely low in sulphur. They're still problematic, however, because they still put out far more soot than a gasoline engine.

    But your overall point still rings clear.
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    Feb 03, 2008 12:13 AM GMT
    Under republican/conservative rule like with "bush" at present, their aim is to create policies, tax laws, subsidies to feed the rich/corporations. We've seen several "record profits" for these companies under this regime. Under Clinton, at one point there was price gouging suits to stop this, and when there was a shortfall of oil, he pumped into the system some US oil reserves to keep the prices down at the pumps and for home heating needs. Just a few months ago Bush refused to use any of the near record oil reserves to help hold prices down for the sake of the elderly and poor who use oil for heating. So we have an atmosphere under the "bushies" that promotes these company's windfalls, with impunity. ITS SICKENING !!! yet the uneducated, the poorest and elderly will keep voting for "bushies"
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    Feb 03, 2008 1:03 AM GMT
    Um just to add Big Bill C also ran an administration that allowed pollution law breaking facilities like GE boat here in CT to continue to operate and run. He even let them build a few overly expensive, outdated subs that ended getting replaced by just as capable ones at one third the cost. All to ensure some votes in the northeast.

    No I don't think this is a Bush problem. I haven't seen many democrats eager to do away with tax loopholes or add renewable energy requirements to laws. I think its more of a problem with an entire government awash in campaign and other money from interest groups.
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    Feb 03, 2008 1:59 AM GMT
    trance - now that you mention it, my son was stationed at Groten (sp?)CT and he mentioned this. and your last sentence about "Gov. awash in campaine, and other money from interest groups" could indeed be a major share of the problem. However, the republican/conservatives since Reagan have a strong belief in "tricle down economics" which support economic policies that by far lean more toward benefiting business than the common taxpayer. Problem with that is that I think we've reached the point that its so imbalanced toward the rich, that How's money to "ricle down". Bsiness isn't going to invest in a factory, tools, and machinery to make trivits if the public has no money to buy them, because their "spendable cash" is going into the gas tank.
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    Feb 03, 2008 4:30 AM GMT
    Theres more to the price we pay at the pump than just the oil companies like Exxon-Mobil. In fact, if you really study the system you will notice that the oil industry has the most razor-thin profit margins compared to for example the airlines or retail. The actual profit these companies generate from each individual barrel of oil is laughable. And they are posting these record profits simply from the fact that we all are using their products by the billions each day.

    The problem is this world is becoming modernized. It used to be just us, Europe and Japan that were the major consumers of oil. Now that has changed and while Europe and Japan have moved on from much of their dependence on oil, we have steadily increased our demands along with many other countries such as India, China, even Mexico to our south is doing so. In fact projections show that within the decade, Mexico will go from an oil exporting nation to an oil importing one. The demand for oil continues to climb up all the while supplies remain stagnant.

    OPEC and other oil exporting countries have been very stingy with increasing supply. Economics 101: if demand increases while supplies remain stable, then prices will increase. Add to all this new oil discoveries are becoming less frequent and are located at more remote locations requiring significant more resources to extract the oil.

    Then at the local level you have state, county, and metropolitan taxes. The federal government levies a 18.4 cent-per-gallon tax, which is in addition to each state's own gas tax. (http://www.gaspricewatch.com/usgastaxes.asp) Bottom line is, people see high gas prices and they hear news of record profits from the oil companies and they make a connection between the two. But many people do not see the bigger picture and that in truth, these oil companies are victims of the same global geopolitical system as well. Eventually we will run out of oil, then what will happen to them?
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    Feb 03, 2008 5:03 AM GMT
    We, as a nation, are addicted to petroleum, the machines they fuel, the convenience those machines afford, and the illusion that it won't ever run out (along with the illusion that we're not harming anything... but that's another thread). That addiction is pretty much global now, though not to the same extent in some countries.

    Fuel prices are high, not only because of the cost of a barrel of oil these days, but there's a zillion sur charges and taxes added by the federal and state governments, as well. I'm not sure if it still applies without looking it up, but I do remember a time when imported oil had import taxes levied against it and various other charges added to the cost of each barrel before it even got to the refineries.

    Regardless of the size of the oil companies' profit margins, the fact remains that oil is big business. We demand more of it and the companies struggle to provide it, even if that means dirty, underhanded tactics and damaging the planet. Better alternatives are out there, as is the technology to make them viable and affordable... but as long as the politicians play party lines and drag their asses, and as long as the oil company lobbyists sling favors and money around Capitol Hill, those better alternatives will remain painfully slow in coming.
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    Feb 03, 2008 5:39 AM GMT
    Hey guys !! don't you think that the war has played at least a 20% part in the cost going up? then of course there's the fact that our dollar is going down in value too, (and that's a lot because of the war)which is another pressure on increasing the price. It just smacks me "broadside" that these kind of profits are coming at such timing. (please excuse that bad spelling of mine above, I was in a hurry and didn't proof it)