sarettah
10-28-2005, 12:18 AM
No, oil prices were up because oil companies took advantage of the situation to create for themselves what in the past have often been labeled as "obscene profits".
http://apnews.myway.com/article/20051027/D8DGL2502.html
DALLAS (AP) - Exxon Mobil Corp. (XOM) rewrote the corporate record books Thursday as the oil company's third-quarter earnings soared to almost $10 billion and it became the first public company ever with quarterly sales topping $100 billion. Anglo-Dutch competitor Royal Dutch Shell PLC (RDSA) wasn't far behind, posting a profit of $9 billion for the quarter.
.................................
Henry Hubble, Exxon's vice president of investor relations, did note on a conference call the company's record profit, which rose 75 percent in the quarter to $9.92 billion from $5.68 billion a year ago.
.................................
The previous oil-industry earnings record was Exxon's 2004 fourth-quarter profit of $8.42 billion. Third-quarter revenue jumped to $100.72 billion from $76.38 billion in the prior-year period.
To put its performance into perspective, Exxon's revenue for the three-month period was greater than the annual gross domestic product of some of the largest oil producing nations, including the United Arab Emirates and Kuwait - even though it lost considerable production because of a string of hurricanes that battered the U.S. Gulf coast.
Robert Kaufmann, a professor at Boston University's Center for Energy and Environmental Studies, says production will return to pre-hurricane levels and hurricane-related losses will disappear in future earnings reports, but profits will remain high.
..............................................
"Exxon is a good corporate citizen but it does not work for the welfare of the country," said oil analyst Fadel Gheit at Oppenheimer & Co. in New York.
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So, let's see. The average U.S. citizen and business will have to make sacrifices in order to pay for all the recent catastrophes but our corporate citizens don't give up a dime and make record windfall profits off of the same catastrophes.
Good corporate citizens, My Ass !! More like pirates and not the nice ones that go aaargh aaargh, more the ones that slit your throats at the first chance they get.
:mad:
And before all you right wing nazi motherfuckers start calling me a bleeding heart liberal, read this:
http://abcnews.go.com/Business/story?id=1256620&CMP=OTC-RSSFeeds0312
The oil giants' windfall is a stark contrast to the ugly scenes around U.S. gas stations in September — hours-long lines of drivers desperate to fill up, despite prices that often topped $3 per gallon. Some politicians are questioning why oil companies profited so much while consumers struggled to fill their tanks.
Even Republican lawmakers, who have historically counted on support from the oil industry, have asked for answers.
Senate Majority Leader Bill Frist today called for Senate hearings to examine the reasons for high energy prices. Noting the contradiction between the soaring profits and squeezed consumer budgets, Frist requested that executives from the country's major oil companies attend the hearings.
*******************************
You know that when republicans start questioning an industries profits then it is really fucking evil :yowsa:
http://apnews.myway.com/article/20051027/D8DGL2502.html
DALLAS (AP) - Exxon Mobil Corp. (XOM) rewrote the corporate record books Thursday as the oil company's third-quarter earnings soared to almost $10 billion and it became the first public company ever with quarterly sales topping $100 billion. Anglo-Dutch competitor Royal Dutch Shell PLC (RDSA) wasn't far behind, posting a profit of $9 billion for the quarter.
.................................
Henry Hubble, Exxon's vice president of investor relations, did note on a conference call the company's record profit, which rose 75 percent in the quarter to $9.92 billion from $5.68 billion a year ago.
.................................
The previous oil-industry earnings record was Exxon's 2004 fourth-quarter profit of $8.42 billion. Third-quarter revenue jumped to $100.72 billion from $76.38 billion in the prior-year period.
To put its performance into perspective, Exxon's revenue for the three-month period was greater than the annual gross domestic product of some of the largest oil producing nations, including the United Arab Emirates and Kuwait - even though it lost considerable production because of a string of hurricanes that battered the U.S. Gulf coast.
Robert Kaufmann, a professor at Boston University's Center for Energy and Environmental Studies, says production will return to pre-hurricane levels and hurricane-related losses will disappear in future earnings reports, but profits will remain high.
..............................................
"Exxon is a good corporate citizen but it does not work for the welfare of the country," said oil analyst Fadel Gheit at Oppenheimer & Co. in New York.
***************************
So, let's see. The average U.S. citizen and business will have to make sacrifices in order to pay for all the recent catastrophes but our corporate citizens don't give up a dime and make record windfall profits off of the same catastrophes.
Good corporate citizens, My Ass !! More like pirates and not the nice ones that go aaargh aaargh, more the ones that slit your throats at the first chance they get.
:mad:
And before all you right wing nazi motherfuckers start calling me a bleeding heart liberal, read this:
http://abcnews.go.com/Business/story?id=1256620&CMP=OTC-RSSFeeds0312
The oil giants' windfall is a stark contrast to the ugly scenes around U.S. gas stations in September — hours-long lines of drivers desperate to fill up, despite prices that often topped $3 per gallon. Some politicians are questioning why oil companies profited so much while consumers struggled to fill their tanks.
Even Republican lawmakers, who have historically counted on support from the oil industry, have asked for answers.
Senate Majority Leader Bill Frist today called for Senate hearings to examine the reasons for high energy prices. Noting the contradiction between the soaring profits and squeezed consumer budgets, Frist requested that executives from the country's major oil companies attend the hearings.
*******************************
You know that when republicans start questioning an industries profits then it is really fucking evil :yowsa: