Who's to say what "huge" profits are?
Oh...the Slimes.
9% return for Exxon-Mobil, which is 1% above the industry average. Microsoft couldn't (wouldn't) operate on 9%.
I think there was a little added here and a little added there up and down the supply chain. From a PR/Marketing perspective, the oil companies should have been out front on this before they announced earnings; they could have said they were taking 1% for re-investment, or showed how they were sucking it up along with the consumer.
I do blame excesssive Chicken Little speculation in the oil markets, but there's no one individual or company to blame.
Unfortunately, I don't own any oil stocks. Sold my Conoco at 20 or so a few years ago...stupid, stupid, stupid.
I do blame excesssive Chicken Little speculation in the oil markets, but there's no one individual or company to blame.
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REVISED OPINION: I blame the media for the Chicken Little crap.
You've got that right.
"From a PR/Marketing perspective, the oil companies should have been out front on this before they announced earnings; they could have said they were taking 1% for re-investment, or showed how they were sucking it up along with the consumer."
I run a marketing company and agree with you. To me, they missed a golden PR opportunity. How about if they donated $200 million to the aid of Katrina victims? It would have been a tax-write off for a great charitable cause and had warming effect for both the American public and politicians alike. Other then that, they have every right to make profit.