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Thread: Energy Part 2

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    Energy Part 2

    In response to the article appearing in most major newspapers across the country concerning the $8.4 billion profit reported by Exxon. Concern over profits by this oil company has brought about accusations of gouging the American consumer. According to the article, "CEOs from Exxon and its industry peers have already appeared twice at Senate hearings and were asked to justify their profits shortly after reporting them to shareholders." This has to be an American first. I have never heard of a company being called to justify it's profits. One wonders if an extension of this idea could be made to other companies in other industries as well.

    Per the article, "Lawmakers believe the profits are made on the backs of consumers who are paying a national average of $2.91 a gallon - 68 cents more than last year. Exxon says a strong commodities market combined with fortuitous planning and prudent management are producing record numbers." This should make Americans ask the fundamental question: what is the difference between what a public non-profit utility company provides and what a private for-profit oil company provides? Afterall, they both sell energy to all United States citizens. The difference is that natural gas and electricity are sold in the form of a public good whereas oil is sold in the form of a private good. Accordingly, on the grounds of promoting national security, the United States Congress should convert all oil companies to utility companies. This would eliminate the windfall profits and force the oil industry to earn just enough income to cover operating expenses just as natural gas and electric utility companies are required to do. The resulting drop in gasoline prices would further stimulate the economy and lighten the energy stranglehold upon the United States by the Middle East. It would also eliminate the influence of the oil lobby. In this case, desperate times call for deliberate measures.

  2. #2
    Big science. Hallelujah. noddin0ff's Avatar
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    lunatic.

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    Suspended markw's Avatar
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    He's noodling with his pants down again and not using his fingers.

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    M.P.S.E /AES/SMPTE member Sir Terrence the Terrible's Avatar
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    The best thing I think that can be done about the price of gas is purchase more energy efficient cars, and pressure the auto companies and our government to stop fricken around and push America to alternate fuel sources. This will not happen in this administration because of its close ties to big business, and specifically to the oil industry. Aside from that, pay it and don't complain. We seem to love to drive gas guzzlers, so we shouldn't complain about the cost of doing so.
    Sir Terrence

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    Suspended markw's Avatar
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    It's not so much the government. It's (the editorial) us.

    Quote Originally Posted by Sir Terrence the Terrible
    ... pay it and don't complain. We seem to love to drive gas guzzlers, so we shouldn't complain about the cost of doing so.
    Sales of those big honkin' SUV's arent hurting, at least here. It seems the smaller the driver, the bigger the SUV they seem to drive. ...and in most cases they are alone in it!

    Me? I got rid of my Grand Marquis and bought a Hyundai two years ago and doubled my gas mileage.

  6. #6
    Loving This kexodusc's Avatar
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    Reporting profit in absolute terms (ie: 8.4 billion) instead of earnings per share (ie: 5.6%) is a good way of ticking off the public. But 5.6% was the EPS for their 12 months at Dec 31,2005. Truth is, the Oil Companies are just too easy, and too common a target these days, to the point I almost feel sorry for them....until I put $60 in my Accord.
    I don't trust the big oil companies, but let's be fair here, 5.6% is pretty mediocre at best. I'm sure many of you own Exxon stock in your portfolios - pretty much any balanced fund would have some Exxon....You wouldn't plan for retirement hoping to get 5.6%. Geez, that's not much better than some bonds.

    We just need to put things into perspective sometimes.

    We should be flaming the media for playing to our prejudices by deliberately publishing stories "we want to see", as opposed to making sure we see the whole picture.

    FWIW, I agree, we need to get off our oil-addiction, but pointing the finger at Exxon isn't going to accomplish that.

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    good points

    good points

  8. #8
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    I wonder...

    ...if Lyndon LaRouche would like Joebialek's idea??

    Laz

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