We are gouging oil companies – and ourselves

Ayn Rand Institute via High Springs Herald ^ | July 23, 2007 | David Holcberg

[nuke rocketeer]

Your socialist class envy gene is rearing its ugly head I see.

[thackney]

The false statement in the post are many. Just looking at the first two paragraphs there is far more wrong than right.

First, 2 of the 5 are not US companies. BP is British and Shell is Dutch. Chevron dropped the Texaco name in a previous year.

ExxonMobil made $9.28 billion 1Q07, not $158.5 billion.

Exxon Mobil Corporation 1Q’07 Press Release
http://library.corporate-ir.net/library/11/115/115024/items/242049/1Q07_Earnings_Press_Release.pdf

Shell made $7.281 billion 1Q07, not $108.5 billion.

Royal Dutch Shell’s first quarter 2007 results
http://www.shell.com/home/content/investor-en/quarterlyresults/2007/q1/q1_2007_results_03052007.html

BP made $4.664 billion 1Q07, not $89.2 billion.

BP Group Results First Quarter 2007
http://www.bp.com/liveassets/bp_internet/globalbp/STAGING/global_assets/downloads/B/bp_first_quarter_2007_results.pdf

Chevron made $4.715 billion 1Q07, not $60.9 billion.

Chevron Reports First Quarter Net Income
http://investor.chevron.com/phoenix.zhtml?c=130102&p=irol-newsArticle&ID=992152&highlight=

ConocoPhillips made $3.546 billion 1Q07, not $46.9 billion.

ConocoPhillips Reports First-Quarter Net Income
http://www.conocophillips.com/newsroom/news_releases/2007+News+Releases/042507.htm

So the initial claim is overstated by 1,546%. Do you really expect people to take the rest as truth?

[thackney]

My mistake. I read the post in 79 to be talking about on 1st Quarter 07. It is actually referring to the entire time President Bush has been in office.

[BlackbirdSST]

This is also against forum rules, but it's ok if you do it, right?

If so, then it's the MOST violated rule of the forum. So, we can expect to see you on practically every thread from this point forward reminding your fellows that this is a no-no. You'll be pinging the mods in defense of trolls on a regular basis, regardless of their stance, right? I'm sure you've never lashed out at the retreads or noob trolls? Or do you just lash out when you recognize a particular retread? Thanks for agreeing with my original point though. Blackbird.

[BlackbirdSST]

Your socialist class envy gene is rearing its ugly head I see.

There's nothing socialist about me wanting to keep my hard earned money in my own pocket rather than your favorite vehicle of re-distrbution. Project much? Greed is not a Conservative trait. Blackbird.

[expat_panama]

sick and tired of the oil companies making obscene profits at the expense of working people....

Thanks to to this wonderful information age we now live in, your voice has been heard by the oil company owners.  This week I sold off the last of my oil company stock.  I won't be making any more oil profits, and those in the business will be laying off oil workers.

If you get a chance, please let me know if how this is going to put money into the pockets of those "working people" you were referring to.

[expat_panama]

...what the Green Party has to say...

That's what's great about this forum, it's the only place where we're allowed to chat with people on the far left.  Sure, we can pick those rants on lots of other sites, but the other's moderators don't seem to want any of our part of the conversation.

[TommyDale]

Since you oil company defenders complain about how little profit they make, why did you hold their stock for so long?

[TommyDale]

First, I cited an article which was shown with the link. I never made any claim, they did. However, since you are claiming that they misquoted figures, it should be pointed out that YOU are the one who misquotes. Go back and read it again. The very first sentence clearly states:

"Since George Bush became President in 2001, the top five oil companies in the United States have recorded profits of $464 billion through the first quarter of 2007:"

Who is miquoting whom?

[Toddsterpatriot]

"Since George Bush became President in 2001, the top five oil companies in the United States have recorded profits of $464 billion through the first quarter of 2007:"

How much should they have made? How much less profit would end your whining?

[TommyDale]

You should direct your question to these people:

http://www.citizen.org/cmep/energy_enviro_nuclear/articles.cfm?ID=13912

[TommyDale]

Sorry, I should have pinged you to this post.

http://www.freerepublic.com/focus/news/1870199/posts?page=209#209

[TommyDale]

Please point out which of their statistics is incorrect. I’m sure we would all like to know. Just exactly how much profits did the oil companies make between January 20, 2001 and now? And at the same time, how much did the consumer pump price increase between January 20, 2001 and today? Please tell us.

[usslsm51]

Poor argument. It is not even in the apples and oranges category. However I’ll agree to letting them make what they can. Entertainers and those in sports are absolutely unnecessary, yet make big bucks. Same principal here. Its our fault because we do what we want to do, cost be no matter. We could all drive less, use vehicles that consume less fuel, but no we want a SUV etc. Anyway we are no longer customers, we are a nation of consumers. Until we again be come customers we will just have to pay what “they” want.

[expat_panama]

...you oil company defenders complain about how little profit they make, why did you hold their stock...

We've got a misunderstanding here.   I'm like you, and I saw the need for cheaper gasoline.  For me, it's not enough to just say that it's all someone else's fault.  I took action and I held down the price by selling it at a price that was lower than other people's prices.   For this good deed I was very richly rewarded.   Now you said you were "sick and tired" of people like me making a lot of money so I've stopped making oil profits. 

I still don't see how my letting the prices go higher is going to help anyone.

[Clam Digger]

Greed is not a Conservative trait.

You have yet to explain how making money in business and investing are greed. It's the American way.

[Toddsterpatriot]

You should direct your question to these people:

So you don't agree with them? Then why post and defend their screed?

[Clam Digger]

Until we again be come customers we will just have to pay what “they” want.

Which is the fair market price, right? If someone could do it cheaper and take more market share, they would. It's self-regulating, like all markets.

[Bronzy]

While driving I-65 N, I listened to a Chicago talk station. Apparently BP in Indiana wants to expand refinery capabilities. Illinois says, “Not too fast at the expense of polluting Lake Michigan”. Whatever the BP proposal, Illinois says that it won’t happen.

[expat_panama]

...wants to expand refinery capabilities...

The operative word being "expand", as in "not build new". 

For decades one of the big reasons for pushing expansion instead of building new has been all the environmental hassle; from what you're saying we may be seeing even the expansion route getting shut down too.