ExxonMobil posts 75% increase in Profit for the third quarter.

Exxon Mobil Corp. on Thursday posted a quarterly profit of $9.9 billion, the largest in U.S. corporate history, as it raked in a bonanza from record oil and gas prices

finance.myway.com...


Latest in my posts about record oil profits in a time of crisis.

[edit on 10/27/2005 by soulforge]

Yep... I just saw that one on googlenews. It's incredible, and ridiculous.

Great... now they have even more money to spread confusion about pollution.

Im going to puke....



There needs to be a congressional investigation. There won’t be, but there needs to be one. Of course, half those dweebs are probably getting kickbacks from these oil companies...

I really am considering speaking to an attorney about this, there must be a legal course of action we can take.

This is what happens when companies are allowed to merge to the point where there is basically no competition left and companies are not heavily monitored for price fixing. Price fixing here in Indiana is huge. And they are so obvious about it. You'll go out on a tuesday for example and the price of gas is $2.25. The price between stations varies maybe 2 or 3 cents per gallon. Doesn't matter if its Speedway gas or Shell. Next morning you head out to work and everone is around $2.45 a gallon. Again basically no difference in price among all the stations. Only one way that happens. Collusion.

One day this will be revealed as the biggest theft ever to occur in the United States.

This whole thing should boggle the mind. I remember hearing talk at work about how it's disgusting the way gas stations raped the American consumer in the wake of the hurricanse.

It occured to me that something was wrong... When Katrina hit gas suddenly ballooned from the low $2 range to $3. Now, correct me if I'm wrong but we were being forced to pay more money for CURRENT inventory based on worries that FUTURE inventory would be more expensive, which of course would blow up the price of the FUTURE inventory too. Talk about double dipping.

I'm not surprised to see Exxon with that mega profit because the billions that they raped us of went straight to their pockets. Oh yeah... boohoo the refineries were devastated, right? I'll believe that when I see numbers on the other side of the spectrum. Not in the 10 billion profit area.

What a farce.

I'm telling you... I get the feeling that this fleecing of the consumer will be the subject of textbooks in the not so distant future...

Big Oil took so much advantage of things like Katrina and they have record breaking profits to show for it

Oh, but I thought the reason gas prices were so high was because of the oil prices? If that was the case, they'd be posting record earnings sure, but not PROFIT...!!!

So, since the big increase is in PROFIT, surely there was some very unethical gouging going on.... An investigation seems only the LEAST action to take...but then again, most of Congress and the Administration is bought and paid for by big oil, so I wouldn't hold my breath....

OPEC get villified ona regular basis, but alot of the oil that gets pumped out of the ground is at a fixed barrel price. In otherwords if the futures market goes nuts, the companies that have pre-purchased oil at say 12 a barrel, make a killing this is what we are seeing.

Yes the profits should be looked at closely, but given the track record on the government doing anything about it I doubt it will come to anything

hmmmm.....

Frist orders oil price probe

WASHINGTON - Amid record-high earnings from oil companies, Senate Majority Leader Bill Frist on Thursday ordered a Senate hearing with testimony from major oil company executives on why energy prices are high. The unexpected announcement by the chamber's top Republican showed the growing political pressure as American consumers brace for higher winter heating costs at the same time energy companies are reporting fat profits.

news.yahoo.com...


looks like some of you are getting your wish...

Did I forget to mention I am Bill Frist?



This is indeed good news, at the very least important people are noticing this doesnt add up as well.

? Bill Frist? I thought he was under investigation for insider trading? Maybe he is trying to do a deal, he stops being evil, they don't send him to *@# ramming jail for a few months. I figured a democrat would have jumped all over this, but a republican? Bet Bill Frist will become the next John McCain.(Republicans hate John McCain since he isn't evil)

Originally posted by Gazrok
So, since the big increase is in PROFIT, surely there was some very unethical gouging going on.... An investigation seems only the LEAST action to take...but then again, most of Congress and the Administration is bought and paid for by big oil, so I wouldn't hold my breath....

Exactly. While I don't think OPEC is a bunch of angels looking out for my economic well being, it's the Oil Companies HERE that are stealing from us. If you think about it in the terms set forth by myself and a few others here, they are literally stealing from the pockets of the consumers and reaping 10 BILLION in profits while some people are struggling to pay the bills because it suddenly costs them double to drive to work.

I don't hear anyone complaining of the sky-rocketing price of orange juice after Wilma hits Florida

SAN FRANCISCO (MarketWatch) -- Frozen concentrated orange-juice futures closed at their highest level in seven years Tuesday with traders growing increasingly wary about damage to Florida's orange crops in the wake of Hurricane Wilma.

Link

Sound familiar?

[edit on 28-10-2005 by Thatoneguy]

Originally posted by Djarums

Originally posted by Gazrok
So, since the big increase is in PROFIT, surely there was some very unethical gouging going on.... An investigation seems only the LEAST action to take...but then again, most of Congress and the Administration is bought and paid for by big oil, so I wouldn't hold my breath....

Exactly. While I don't think OPEC is a bunch of angels looking out for my economic well being, it's the Oil Companies HERE that are stealing from us. If you think about it in the terms set forth by myself and a few others here, they are literally stealing from the pockets of the consumers and reaping 10 BILLION in profits while some people are struggling to pay the bills because it suddenly costs them double to drive to work.

The strange thing is that cheap American imports is based on the fact that people keep accepting dollars as payment and that those dollars do not lose value very fast. High oil prices ensures that there is great demand for dollar on market and thus people will keep accepting it as payment wether they want to or not. It is best for clarity's sake to consider the high oil price a well crafted and constructed subsidy of the American economy in general. In other words the current high oil price is the only thing floating the American economy and is the reason the American government will never do anything to stop the racket and why they may be forced to encourge and sponsor it if they have not allready done so for decades.

Stellar

What the oil companies want us to think is that after the gas was at $3.30 after hurricane katrina, $2.80 for gas is not that bad. Gas was around $2.80 before hurricane katrina hit, and everyone was complaining about it, then the price raised, and now compared to $3.30, the current price doesnt seem that bad to regular people. These gas companies are trying to play mind games with us, cant you guys see? they are raising the price to rediculous heights, then when they lower it a little people think the price improved. I know thats what theyre doing, Ive seen everyone fall for it.

Ooo, so we are in a time of crisis? They post huge profits because that is what the government (senators) want. You pay us a dividend and we enact the legislation or prevent the legislation you want.

I'm not sure if I'm reading this right. My economic understanding is limited to a basic macroeconomic class. From what I'm reading though it sounds like the overall profits/revenue still fell way short of what it should be.

CNN Article

While Exxon's quarterly profit was up 75 percent from a year earlier, and revenue rose 32 percent to more than $100 billion, the results fell short of Wall Street forecasts due to production outages caused by the hurricanes and sharply lower profit at the company's chemicals division.

"They were a bit disappointing, but this a temporary phenomenon," said Paul Kuklinski, an analyst with Boston Energy Research/Soleil Securities. "This is largely attributable to hurricane effects."

So barring the Hurricanes Exxon was supposed to make more than they finished with?

Originally posted by silentlonewolf
I'm not sure if I'm reading this right. My economic understanding is limited to a basic macroeconomic class. From what I'm reading though it sounds like the overall profits/revenue still fell way short of what it should be.

CNN Article

While Exxon's quarterly profit was up 75 percent from a year earlier, and revenue rose 32 percent to more than $100 billion, the results fell short of Wall Street forecasts due to production outages caused by the hurricanes and sharply lower profit at the company's chemicals division.

"They were a bit disappointing, but this a temporary phenomenon," said Paul Kuklinski, an analyst with Boston Energy Research/Soleil Securities. "This is largely attributable to hurricane effects."

So barring the Hurricanes Exxon was supposed to make more than they finished with?

Wall street analyst pounding desk with fist; "WHAT, they did not rip them off MORE?" Why is that image so clear in my mind....

Stellar