Sen. Specter weighs action against big oil

Reuters.com ^ | 02/01/2006

[CSM]

And with the government, that return is on zero investment or producing revenue. Technically, that is a return of 0% due to the multiplier being a 0. I like to think of it as the same return a theif makes after a score.

[afnamvet]

BTTT

[mysterio]

Higher taxes help no one but the government. And price controls help no one at all. Take down the barriers to refinery building, and break up the conglomerate through anti-trust action when solid evidence of collusion is discovered.

[Zack Nguyen]

Why, they profited! We can't have profits!

[TChris]

There are no red flags here. Other than the Red Flag of Communism that wants to attach private property.

Bingo. Well put.

[ironwoodchuck]

Specter is trying to save the republican party. All this talk about free market capitalism vs communism isn't going to mean much if the dems sweep everything in 06 and 08 because people are pissed at oil companies.

[oldironsides]

I was really shocked by the size of Republican Specter's war chest for election. Millions kept in the pot to keep Specter on office for life. No politician should be able to keep that much money aside for himself. There should be an investigation. Many of us think Specter hid his illness last election. That was really ugly.

[Phantom Lord]

Here is one component of profits rising with costs rising. It is costs $3 a barrel for extraction of the oil and it is selling on the market for $15, then there is a $12 profit. The market price for a barrel jumps to $70. But the cost of extraction does not rise. Profits immediately rise.

Also, if the company maintains the same profit margin their profit goes up as well.

If Company A has expenses of $1MM to produce their product and has a 10% profit margin, they profited $100K. Now due to market conditions, the expense to produce the same product goes to $2MM and they maintain their 10% profit margin, their profit is now $200K.

[Cicero]

Hopefully Specter is just talking, to placate the idiots. Just as long as he doesn't do anything, fine.

The real problem, of course, is that if they cripple the American oil companies, we will be stuck with really corrupt foreign oil companies run from Europe or Russia. Without Exxon Mobil and the other American companies, we'd really be in trouble.

[funkywbr]

Well with just about every job in construction now being done by ILLEGAL ALIENS what is the size of profits builders are making off of LEGAL Americans.

Put all together it's probably more than our LEGAL OIL comps.

[DustyMoment]

Sen. Specter weighs action against big oil

Dear Sen. Spector,
Please stay the h*ll OUT of the oil issue and stick your head and your incompetence back in the sand. We'll let the FREE market deal with the price issue.

[KenmcG414]

If these jerk politicians had their way we'd all be driving around in little Yugos with the trunk and back seat loaded down with batteries. We'd have to stop and plug in to recharge after 40 miles. You won't see these mutts reduce the tax on the fuel though and they won't stop using their chauffeur driven SUV's.

[Wyatt's Torch]

Exxon reported that they paid $98.6 Billion in taxes (Income, Excise, and Other) for all of FY 2005 in the earnings release. Anyone heard that mentioned by the press?

See page 8

[nightdriver]

"Hey Arlen, is part of your consideration the lowering/elimination of Federal gas taxes? Limiting the states tax rates?"

Exactly!

And how about doing some legislating where it would do some good, like allowing drilling where we know there is more oil, like ANWR and off the Calipooia and Western Florida coasts?

And how about allowing the construction of some more refineries? Or standardizing the fuel blends so that there can be more sharing between the states when something like a hurricane happens?

[bill1952]

Beat me to it. I may take a few LEAPS on crude, but I no longer own stock.
The return is too small.

As far as corporate bashing, just who do they think a corporation is, anyway?

Its you and me and every other stockholder who puts his or her hard earned money in stocks & corporate bonds, and uses them in retirement accounts, investments in schooling for their children, and for their own financial security.

Pretty d*mn evil, aren't we?

[commish]

NO NO NO NO NO. Government rugulation of business's never ever ever works -- Can't these morons get that through their thick skulls.

[Redbob]

Typical Reuters - and Snarlin Spectre - B.S.

[USS Alaska]

Specter, a Pennsylvania Republican, said he was shocked by the size of oil company profits, adding, "It just may be time to legislate in this field".

How about legislating in anwr? Drill more oil. Greater supply, lower prices.

[livius]

Pleeeeze. Specter and the Dems are so yesterday.

[aculeus]

Doesn't Specter have some trunk murderer to defend?