ConcocoPhillips quarterly profit up 89%

news.yahoo.com...

Just like my earlier thread, another oil company posting record profits for the quarter in the shadow of Katrina.

When will congress act to start indictments on price gouging?

Never, I suppose...

[edit on 10/26/2005 by soulforge]

Cut and paste my reply to the BP post below, same durn thing.

There should be a criminal investigation to any pertolium company reporting any proffit increases better than 10% this year. These increases prove nothing but a false elevation in our gas prices created for no reason other to pad pockets.

How does this make you feel America? We have averaged nearly $3 a gallon for over a year now due to "supply and demand" and now we hear about record profits.

Criminal...

What hurts the most is not that they are getting profits after all they are in business for a reason.

But they problem is that for the last 2 or more years the oil industry is reaping record profits and no even one of them has given any incentive to help the public with gas prices.

Also what else it's has been done for them? well they got a very nice package call the Energy Bill to help the industry rip more the tax payer.

Marge, if they were reporting a gain in revenue of 34-84%, I can understand that. But revenue and profit are entirely different things.

Profit indicates they are making more money on the same gas. How can they justify that when there is SEVERE inflation due to "supply"? They cant, and its criminal.

And not to hijack the thread, this is exactly what I mean when I say that cost saving of hybrids are moot, as the petrolium industry will charge more and more to maintain sales as we use less gas.

Why? Because they can and these record profit gains prove it.

Originally posted by skippytjc
Profit indicates they are making more money on the same gas. How can they justify that when there is SEVERE inflation due to "supply"? They cant, and its criminal.

It is criminal, skippytjc but if you are like most American people, I know that people needs their vehicles to go to work and to move around, and many don't have the chance to commute.

If people keeps demand what do you expect?

If people boycott gas then you will see what happen.

When I read this my mouth dropped to the floor. I, like many of you have delt with the 3.00$ + per gal prices. I grumbled but said nothing just simply did my part to keep my head above water.

But I will have to agree with those posted above me, this is simply criminal. I know there is not much a single person can do, but I am open to suggestions. Maybe letters to your congressmen and women or senators.

I know full well that I am not the sharpest tool in the shed, but i do know when I am being screwed.

Coho

Originally posted by marg6043

If people keeps demand what do you expect?

If people boycott gas then you will see what happen.

Thats what Skippy is talking about.

The value of an item is determined by the supply and demand. The increase in demand for gasoline in the past year is minimal so the demand was the same but the oil companies have said that the supply was short ... but when you look at the numbers and see a profit increase of 89% ... its clearly evident that the supply was only affected a little. How else can they gain so much profit?

I agree

CRIMINAL

Everyone ... please take 15 minutes to write your elected representatives. This is outrageous.

[edit on 10/26/2005 by noise]

Originally posted by marg6043
What hurts the most is not that they are getting profits after all they are in business for a reason.

But they problem is that for the last 2 or more years the oil industry is reaping record profits and no even one of them has given any incentive to help the public with gas prices.

Also what else it's has been done for them? well they got a very nice package call the Energy Bill to help the industry rip more the tax payer.

And Greenspan say it's just another
tax and that the effects were far worse in the 70's oil crisis.... Well there you have it; it's just not so bad!

Stellar