Exxon On Way To 32 Billion $$ Profit This Year

[john9001]

the captain was off duty at the time and in his cabin, but it dosn't matter , he did not have 4.5 billion either.

[oboe]

Originally posted by Skuzzy
There is no impetus for any U.S. oil company to do anything.  They are making more money than ever (read net profits are at an all time high).

Our system works as long as corporations do the right thing (whatever that may be), but when greed supplants doing the right thing, the fundamental flaw in our system is revealed.
How many times in the last decade have large corporations laid off thousands of employees and then turn around and pay huge bonuses to the board of directors?

It is all about greed, and this is where our system breaks down.

Agreed.   Too many times to count.   My own former company did it, and they were a Christian not-for-profit fraternal benefit society.    Greed know no boundaries I guess, though people really ought to know better.

[oboe]

john9001,

The company was well aware of the captain being an alcohol abuser, yet they left him in command of the vessel anyway.   To me that shows a certain amount of culpability on Exxon's part.

[2bighorn]

Originally posted by MrLars
Was the shooting an accident or done on purpose?

Accident caused by?

National Transportation Safety Board is pretty clear about cause.

If airlines would be allowed the same, we would see those giant birds falling off the sky every freakin day.

And they don't have the profit margins as oil industry does.

[Fishu]

Originally posted by oboe
btw re Bush's energy plan, how does building more refineries reduce our dependence on foreign oil?   Wouldn't we have to import more oil to keep the new refineries supplied?

It would reduce the amount of imported *refined* oil, aka the end product of oil.
I hear theres a big lack of refining capability in California and refined fuel is imported even from Finland.

[Charon]

So perhaps Bush's intention is to make refining less risky and more profitable for the majors by giving them land (military bases) and tax incentives and outright subsidies?

That may be the angle. It would fit with the rest of the energy bill Still, I think the assumptions about current demand and current prices continuing into the future would have to be fairly well established to make long-term sense. ChevroTexaco is basically trying to buy Unocal's oil reserves through their proposed merger based upon the assumption that at least the price part of the equation will stay significant. It's all a balance though, and the ChevronTexaco move is likely safer than new refinery construction given current crude prices.

I'll have to ask around a bit and check the details, since it doesn't make much sense otherwise except as a feel good "doing somthing" throwaway measure, IMO.

Charon

[Holden McGroin]

Originally posted by SirLoin
Makes you think...

Price of Oil before first Gulf War..$14 a barrell

After two Bush administrations(and 2 wars).....$50+(and climbing)

http://www.imf.org/external/pubs/ft/weo/2003/02/chp1pdf/Fig1_22.pdf

According to the link in constant 2002 dollars, oil is less expensive (even at $55) than it was in 1979 - '85 and better than most experts' predictions.

[Charon]

It would reduce the amount of imported *refined* oil, aka the end product of oil.

It would do that in the near term, but again, demand drops or prices drop or both and it represents overcapacity.  The industry could add capacity today, if it really wanted to, without the govt. support and regardless of the "tree huggers."

Charon

[Charon]

Anyone else think the high barrel price is why we got invade Iraq without a huge middle eastern uprising? Maybe a little behind closed doors discussion? Or is it in retaliation? Sorry but I am not buying the rise in demand in china has caused it.

I think an argument can be presented that we were nervous about Saudi Arabia after 9/11 and the potential of an "Iran" happening -- at least according to the good folks over at "The Project for a New American Century." Good chance to stick it to the lukewarm allies the Saudies as well. It is helpful to have the 2nd largest oil reserves under your control if the largest is disrupted. Similarly, there is a lot of money being made, and potentially to be made, getting those oil fields back online and producing. However, IMO that wouldn't be the core reason (again, see PNAC) but a fringe benefit. Iraq really represented a "win/win" for a variety of special interests (with a strong influence in the current administration) even if you accept the WMD talking point as gosple.

[Eagler]

Originally posted by Skuzzy
It is all about greed, and this is where our system breaks down.

and so it goes back to morals .. or the decay of them ...

[GREENTENERAL]

Originally posted by SirLoin
Makes you think...

Price of Oil before first Gulf War..$14 a barrell

After two Bush administrations(and 2 wars).....$50+(and climbing)

The sad part is that there is no economic relation to increased price..well...unless you consider greed as a factor.

On a related sad note, at some point we will need that crude oil to control desert spread.  It is the only thing we know of that can promote flora in the desert.

[Torque]

Originally posted by Charon
I think an argument can be presented that we were nervous about Saudi Arabia after 9/11 and the potential of an "Iran" happening -- at least according to the good folks over at "The Project for a New American Century." Good chance to stick it to the lukewarm allies the Saudies as well. It is helpful to have the 2nd largest oil reserves under your control if the largest is disrupted. Similarly, there is a lot of money being made, and potentially to be made, getting those oil fields back online and producing. However, IMO that wouldn't be the core reason (again, see PNAC) but a fringe benefit. Iraq really represented a "win/win" for a variety of special interests (with a strong influence in the current administration) even if you accept the WMD talking point as gosple.

the obvious and sad truth, packing a helluva fringe benefit

[Holden McGroin]

Originally posted by Skuzzy
It is all about greed, and this is where our system breaks down.

Greed is good.  Greed works. - Gordon Gecko

[Nilsen]

Capitalism would never work without a fair bit of greed. Neither would communism or alcoholism.

[mora]

Originally posted by Skuzzy
Our system works as long as corporations do the right thing (whatever that may be), but when greed supplants doing the right thing, the fundamental flaw in our system is revealed.
How many times in the last decade have large corporations laid off thousands of employees and then turn around and pay huge bonuses to the board of directors?

Well said. My country has the worst of the both worlds; We have high taxes and in many cases the markets are goverment controlled. Most of the markets are free however, but they are full of price cartels. The law enforcing is a joke too; If they manage to crack a cartel the companies are only given relatively small fines, the management is not held responsible at all.