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Exxon's record $11.6 B 3 months

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Re: Exxon's record $11.6 B 3 months

Postby Madison » Fri Aug 01, 2008 12:00 am

Snakes Gould wrote:i dont really know why anyone can be mad at this. this is a business and if you ran the business you'd want the highest profits possible. sure it sucks for us, but if it was me, i wouldnt want anyone telling me i made too much money.


Agreed about the profits, but the whole thing is dirty to me. It's not like gas is a luxury. If prices were absurdly high for a luxury item or thing that really isn't needed and people continued to pay those crazy prices (Starbucks anyone?), then more power to them. But for something people don't have a choice on buying? Meh, just not right in my opinion to rob everyone simply because "they can" and there's no one to stop them. :-t

It's exactly why people gripe and moan about the gas prices. I'm one of them. I gripe all the time that gas prices are artifically inflated, and when someone like Exxon is banking record profits (not record net income, record profits!) quarter after quarter after quarter, it only proves the point. I'd push my car if my only choices were to fill up at Exxon or push the car home. :-t
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Re: Exxon's record $11.6 B 3 months

Postby NZ Eff » Fri Aug 01, 2008 2:45 am

Inukchuk wrote:Not sure how related this is, but I just watched a show on the Travel Channel about Saudi Arabia. The cost for gas over there is less than a dollar a gallon... :-C


When gas was 91 cents a gallon in Saudi Arabia it was 78 cents a gallon in Kuwait, 65 cents a gallon in Egypt, 38 cents in Nigeria and just 12 cents a gallon in Venezuela 8-o
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Re: Exxon's record $11.6 B 3 months

Postby ChipaDub » Fri Aug 01, 2008 3:00 am

If there is a minimum wage, there should be a max % profit. This type of activity is bad for America as a whole.
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Re: Exxon's record $11.6 B 3 months

Postby mbuser » Fri Aug 01, 2008 8:37 am

from what i understand, their profit margin isn't all that high, it's that the company has the highest revenue in the world, up $40B just since same quarter of last year
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Re: Exxon's record $11.6 B 3 months

Postby RugbyD » Fri Aug 01, 2008 9:11 am

mbuser wrote:from what i understand, their profit margin isn't all that high, it's that the company has the highest revenue in the world, up $40B just since same quarter of last year

You're right, the margin isn't that high. It's the massive volume that's the key to the record numbers.
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Re: Exxon's record $11.6 B 3 months

Postby RugbyD » Fri Aug 01, 2008 9:17 am

ChipaDub wrote:If there is a minimum wage, there should be a max % profit. This type of activity is bad for America as a whole.

So what genius should we appoint to "know" out what the correct profit margin is for all businesses everywhere? Have you considered the massive amount of incentive, and therefore business and employment, you would destroy with such a policy?
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Re: Exxon's record $11.6 B 3 months

Postby StlSluggers » Fri Aug 01, 2008 9:36 am

ChipaDub wrote:If there is a minimum wage, there should be a max % profit. This type of activity is bad for America as a whole.

Their margin (% profit) is ~7%. I worked at a publishing company that sold to college kids. We cut books from printing if their margin was projected to come in below 40%. Your anger is misplaced, and your idea would never touch an oil company. They are very lean by most standards.

And of course gas is more here than in places where they actually take it out of the ground. Shipping isn't free! If you have anyone to be angry with about that, be angry at the politicians (from which ever party) that stood in the way of domestic drilling 10+ years ago. That's how long it takes to get a new field up and running.
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Re: Exxon's record $11.6 B 3 months

Postby Dan Lambskin » Fri Aug 01, 2008 10:01 am

we need Daniel Plainview
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Re: Exxon's record $11.6 B 3 months

Postby StlSluggers » Fri Aug 01, 2008 10:11 am

Dan Lambskin wrote:we need Daniel Plainview

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Re: Exxon's record $11.6 B 3 months

Postby Mookie4ever » Fri Aug 01, 2008 11:39 am

I may be the last person who should talk since I jumped on board early and bought up Imperial Oil and Talisman a few years ago but the talk about margins is not relevant when we are talking about the greatest profits in history. The economy is suffering and yet Exxon is profiting to the tune of $11.6 billion for 3 months. The rich get richer and the poor get poorer.

It's not their fault. They're running a very efficient company. Sitting here watching my portfolio grow I love it. But I do feel bad for the people who can't afford to fill up their tanks to drive to work. At least they can always join the army to go overseas to fight to keep the profits flowing. Maybe the system does work.

So don't get angry at the pumps. Don't think about the $45 Billion a year in profits. The system is working, you were just stupid to not buy $100,000 worth of Exxon stock a few years ago.
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