Pelosi blocks offshore drilling

[Nashwan]

Your equation leaves out many parts and facets of Exxon's business.  In addition to producing their own oil, Exxon also *buys* more oil on the open market than they produce, so your calculated profit/gallon is at *least* 50% too high.  Also, Exxon is made up of many multi-billion dollar companies that do *zero* oil production/refining/delivery.  Businesses like natural gas, real estate, etc.  The profit from these other business should be removed from your calculation.

Last quarter Exxon made $10 billion profit on their upstream operations (production), about $1.5 billion on everything else. Production averaged 3.8 million barrels of oil equivalent a day.

That's closer to $29 a barrel.

You could try to separate out gas and other operations, but I suspect they are a bit less profitable than oil at the moment, and that would push oil profits higher per barrel. (eg if oil made up half the 3.8 million barrels, and 60% of the $10 billion profit, then the profit per barrel of oil climbs to getting on for $35 a barrel.) That's just guessing, though, but I think it's safe to assume that the oil side of the business is not much less profitable than natural gas.

[JoeA]

Last quarter Exxon made $10 billion profit on their upstream operations (production), about $1.5 billion on everything else. Production averaged 3.8 million barrels of oil equivalent a day.

That's closer to $29 a barrel.

Thanks for the education on upstream/downstream.  I see you are correct there is much less profit coming from downstream refining of their purchased oil. 

[BTW]

It doesn't really matter if we let them drill offshore or not. We don't (not can't) refine what we have now. We don't because when you're making record profits, there's no reason to go to the huge expense of offshore drilling, just to make some whining consumers' happy. Especially when your lobbyists' are cheaper to keep congress off your back. In turn, Congress keeps' the American people off of the Oil company's back. Of course, the American people are the whining consumers. You see, even if congress ok's things like offshore drilling, or more refinery's, It's still up to the Oil company's to build/drill there. And even if they do, they are the one's to determine whether or not to produce the new assets'. I imagine they will, in time...but only when their other fields' run dry, and they absolutely have to. They like the prices' where they are.

Do a fact check before you post utter nonsense. Or do it like Dimocrats and spew utter nonsense LOUDLY and often.
from http://auto.howstuffworks.com/gas-price1.htm

Here's the breakdown on a gallon of gas
73% of the price is oil cost
11% of the price is taxes
10% is refining
6% is distribution and marketing


Gas is not $4 a gallon because of refining problems despite what nonsense Dimocrats spew LOUDLY and  often.
Gas is $4 a gallon because of oil supply and anticipated oil supply.
A shift in US policy regarding drilling would drop oil prices immediately because anticipated supply would increase.

But when Dimocrats are short on facts, as they often are, they just shut people up, they take away peoples voice, they don't allow them to vote.

[BTW]

People need to give their congress representatives hell for going on vacation without voting on drilling. Call and write them often. In my case, I don't think it would do much good. He's a Dimocrat under indictment for taking bribes and having $90,0000 in his freezer. Guess who?
I really don't think a stern email from a constituent would affect him. Lord knows laws don't.

One of the joys of living in a gerrymandered congressional district.

[Toad]

Easy way to write your reps:

House:  https://forms.house.gov/wyr/welcome.shtml

Senate: http://www.senate.gov/general/contact_information/senators_cfm.cfm

You can send a message to all your reps in a very short time.

[john9001]

you can send a better message in november.

<donald trump voice> "pelosi your fired".

[BTW]

you can send a better message in november.

<donald trump voice> "pelosi your fired".

She's from Kalifonia - they'll elect her God.

[LePaul]

Last I knew she wanted San Fransico to suceede...and pay for everyone to have sex changes if they wished it.

Whacked area that lady is from.

[Donzo]

Looks like the Republicans will keep the issue alive by returning to the House floor on Monday to keep the discussion going:

http://www.politico.com/blogs/thecrypt/0808/House_Republicans_to_go_back_on_the_floor_Monday_to_talk_gas_prices.html

She just does not get it:

Pelosi was grilled by host George Stephanopolous on ABC's "This Week" over her refusal to allow an offshore oil drilling vote on the floor before the House adjourned for the five-week August recess, but Pelosi was having none of it.

"What you saw in the Congress this week was the war dance of the hand maidens of the oil companies," Pelosi said. That's what you saw on the Republican side of the aisle."

She will not allow a vote simply because she knows the vote would be in favor of allowing drilling...even with dems in the majority.



edit:
Wow, I never really listened to this woman speak before.  She really is retarded:
http://abcnews.go.com/Video/playerIndex?id=5504708

[AKIron]

She doesn't get it but her office is secure, well not as Speaker. Unlike Obama I give her a thumbs up for sticking to her beliefs, sorely misguided as they are.

<added>

She gets my thumbs up only because I believe this could destroy the democratic party.

[Getback]

Nancy Pelosi is whacky, Obama is whacky and there are tons of Congressman that are out of touch. But I heard some things about McCain today about him flip flopping on Social Security tax increases and he seems whacky too. Good grief can we not get some intelligent thoughtful people to our elected positions? In the end we are the ones to blame.

[FrodeMk3]

Do a fact check before you post utter nonsense. Or do it like Dimocrats and spew utter nonsense LOUDLY and often.
from http://auto.howstuffworks.com/gas-price1.htm

Here's the breakdown on a gallon of gas
73% of the price is oil cost
11% of the price is taxes
10% is refining
6% is distribution and marketing


Gas is not $4 a gallon because of refining problems despite what nonsense Dimocrats spew LOUDLY and  often.
Gas is $4 a gallon because of oil supply and anticipated oil supply.
A shift in US policy regarding drilling would drop oil prices immediately because anticipated supply would increase.

But when Dimocrats are short on facts, as they often are, they just shut people up, they take away peoples voice, they don't allow them to vote.

I wish what you've said is true. I wish that the link you quoted could be trusted, and I wish what I said were utter nonsense. The reason I've said this, Is because I've spent the better part of a decade working in the oil industry. In that time, I've gotten around and have been able to talk to people inside of it. Plant operators of all types, refinery men, shippers, you name it. They used to laugh when they told me all of the funny money schemes' that actually happen when oil starts to move from the well to the gas station.

Let's take Chevron/Texaco for example. You might not know this, but on paper, it's actually quite a few smaller companies' bundled together. What they do, is buy and sell their product back and forth to themselves' all the way down the chain. It gets' sold from the field production unit to the shipping branch; The shipping branch's then sell it back into their refining division. Their refining division, once their done with it, finally sells' it to their various retail outlets. All of these branches are divided up regionally, so there are quite a few of them scattered around. This allows' the large oil companies in essence, to report their operating costs' with the addition of the repeated buying/selling tacked on as a way to get a larger write-off. However, all of the profits' eventually end up in corporate central HQ when all's said and done. Those percentage numbers' you've got up there? I would'nt trust those any more than GWB would believe that Obama would make a better GOP disciple than McCain.

[Nashwan]

The two largest cost components are easy to determine.

The crude oil component is simply the price of oil divided by the amount of gasoline you get out of it. A barrel of crude contains 42 gallons. Obviously it makes different products, but gasoline is one of the more valuable. Simply divide the cost of oil, say $125 a barrel, by 42. That's $2.98 a gallon. That's about 74% of $4.00

Taxes are actually understated because it includes only fixed price taxes. If a state taxes a percentage of the price, it's not included. Federal gasoline tax is 18c a gallon, which works out at 4.5%. Independent sources average total state and federal taxes at close to 50c a gallon, which would be about 12% of the total cost at $4 a gallon.

That leaves about 14% for the oil companies to play with to cover refining, distribution and retail.

[JoeA]

All of these branches are divided up regionally, so there are quite a few of them scattered around. This allows' the large oil companies in essence, to report their operating costs' with the addition of the repeated buying/selling tacked on as a way to get a larger write-off. However, all of the profits' eventually end up in corporate central HQ when all's said and done. Those percentage numbers' you've got up there? I would'nt trust those any more than GWB would believe that Obama would make a better GOP disciple than McCain.

In the US, consolidated accounting doesn't work the way you think.  If Company X bought something for 1 cent and then simply did paperwork transactions to sell it back and forth to themselves and/or various subsidiaries and eventually sold it to the public for $1.00, Company X would have consolidated income of 99 cents and they would pay tax on that 99 cents.  There's no hiding from the tax man.  Take an accounting class or take a CPA to lunch and ask how the tax system really works.

[RedTop]

Looks like the Republicans will keep the issue alive by returning to the House floor on Monday to keep the discussion going:

http://www.politico.com/blogs/thecrypt/0808/House_Republicans_to_go_back_on_the_floor_Monday_to_talk_gas_prices.html

She just does not get it:
She will not allow a vote simply because she knows the vote would be in favor of allowing drilling...even with dems in the majority.



edit:
Wow, I never really listened to this woman speak before.  She really is retarded:
http://abcnews.go.com/Video/playerIndex?id=5504708

Yep...she is...and the first thing she said was...."It's a failed policy of this Bush/Cheney Admin. , Big oil men". 

"They (repubs) will have to get imaginative" to get in drilling in a bill SHE wants. Who in the F does she think she is?

Guns people....guns...full tanks of gas...and a staright highway to the capital steps....and REMOVE all these people from office.

Just sipmply point...and tell em...your FIRED.