Exxon record profits again

[Casey1]

We get our oil from other places besides the middle east.

There is a lot of hanky panky going on. The record profits are high enough and you know they are hiding all the profits they dare now. No telling how much they are really making.

There is little we can do about in the short run but for goodness sakes we don't have to like it and just accept it as "supply and demand". They are still pumping crude in Saudi at a cost of less than twenty dollars per barrel yet the price is over seventy dollars a barrel? Too few entities controlling a for now irreplaceable resource artificially raises the cost to the consumer and allows record profits for the supplier. Not really a free market. If you don't believe me take a gander at the pump price next time you fill up.

I usually avoid these things like the plague but some of you are just too happy and accepting of the whipping at the pump we are taking. The longer people feel that way the longer we will have to take it.

 

[rickmacheske]

They're not making the same for each gallon. They're roughly making a percentage of their material cost. Just like any other business is set up. The profit as a percentage of material cost has not increased. You're falling into the trap from the democrats. Boy do they think we're stupid.

 

[MadReferee]

There is a lot of hanky panky going on. The record profits are high enough and you know they are hiding all the profits they dare now. No telling how much they are really making.

I hope not. If they were hiding something why would they be reporting record profits when they know that public opinion would be against them?

They are publically traded companies and if they are hiding something I am sure it would have come out by now or the SEC would be investigating them. One thing they do have is expert accountants and outside auditors who take advantage of every tax loophole and benefit that they can. With all the corporate scandals that have been exposed lately, I am sure they are very careful that they report everything by the book.

 

[SkyPup]

You have information that all the oil companies are hiding their profits from their shareholders?

As a stock holder of many of these public corporations, please post you information here so that I can file a complaint with the SEC regarding this federal crime.

 

[MadReferee]

You have information that all the oil companies are hiding their profits from their shareholders?

As a stock holder of many of these public corporations, please post you information here so that I can file a complaint with the SEC regarding this federal crime.

Ditto here too.

 

[slowrev]

I believe speculators control the cost of oil more than OPEC. Plus right now we have about a 25% fright premium on top of the real price.

 

[Casey1]

Naw. An oil company or any other corporation hide their profits? That couldn't happen could it? I am absolutely sure that they have all those expert accountants on the payroll just to make sure they don't slip and do anything that is not on the up and up (or get caught if it is not). In the history of mankind profits have never been fudged right?

Prices double or triple in a couple of years it is just natural. Just plain old honest economics right? Hmmm....

 

[Bob_Skurka]

rickmacheske - if the oil companies price is based on crude price and they are making the same for each gallon then why record profits?

There are 2 reasons for that. First is that they make the same % profit so as the price rises, then the number of pennies profit goes up. The other reason is that they are selling more gas, diesel and oil. Our consumption is UP not down. We are buying more so it is logical that they should be making more. After their 'fixed costs' are met, then any additional sales yield additional profit.

 

[SkyPup]

So Casey, you are saying we should BUY more shares now since all the billions of illegal profits you are referring to will soon be posted and all the oil company stocks will skyrocket in price!

Do you have anymore insider information that you could share with us?

 

[ByronBob]

I just did a run from NY to TN this weekend. Gas was....

NY $3.05
PA $2.79
OH $2.65
KY $2.59
TN $2.78

Am I paying the difference in taxes??