[WP] Exxon Mobil posts record profits (again and again)

Quoted for truth.

 

true.
it's the price we pay to accept capitalism.

though, my pocketbook would appreciate it if somebody would build a new one.

 

But then when they do drill for oil in today's pricing environment, find it, and develop it, will you then complain that they are profiting?

Do you expect oil companies, or any company, to not make a profit? Is this nirvana for you? Capitalism rewards companies that provide a good or service that is desperately needed with large profits. This in turn stimulates more investment in the space, which should boost supply and lower prices. Economics 101. When you remove the profit incentive with a windfall tax or something equally ignorant, the system breaks down. Not smart.

 

yeah we would be better off if XOM didn't exist....

 

It's been one very slow, thick, sooty bubble.

 

ugh, you're the one advocating government involvement in capitalism. and for the record, I didn't complain, as a matter of fact my first post was a justification of their profits.

GAME SET MATCH

little man

 

There is a lot of work going on in upgrading existing refineries so that they can process sour crudes that come from places like the Alberta oil sands. But you probably won't see any new refineries for awhile.

 

No, actually quite the opposite. I want less government involvement in capitalism. If we treat XOM as an extension of foreign policy, which by the way it already is, on a de facto basis, then we allow them to drill our own resources, we lift restrictions on permitting and environmental hassles, we lift high royalty rates and taxes, then we enable them to allow Americans to produce their own oil and benefit economically from that endeavor.

Want a short term economic stimulus? Enable Americans to drill on American soil for oil in places like ANWR and parts of the Gulf. All the jobs and capital spending that would accompany that would be a boon for the economy. And long term we would benefit from the increased oil & gas supply. It's just plain old common sense.

 

this isnt my argument, but that was...

 

I'm not going to debate you on oil prices again. my argument for government intervention would be to investigate are the high oil prices justified. Oil is trading almost three dollars down today. A commodity shouldn't swing that much, ten percent in month on no substantial news or developments.

 

i think you misunderstood his point on govt. i dont think he was really meaning that the govt control the oil company , imo

 

I have no idea what this means, but no where did I complain about their profits. but thanks for the pretty picture.

 

would the fact that the weaker dollar have anything to do with it?

and i would have thought prices would have risen after the iraq attack today.

 

Wow.
You just simply don't understand the market, which is something I suspected long ago. Commodities are volatile, not sure what would lead you to believe otherwise. Keep it coming though, this education that I'm giving you is helpful for other readers.

 

You bet -> the weaker dollar has a lot to do with it. The other cause is simply speculative WTI and Brent spot trading on the NYMEX.

 

Volatility Index (VIX) closed at 24 today, which is more than double what it was a year ago, hence the swings in commodity prices on a regular basis.

 

Do you just like tossing out concepts and topics without having a clue about what you're discussing? That's the sense I get when reading your posts.

 

edited for clarity.

 

What's the matter texxy? Did you start your period today?

 

Not at all. I'm flush with cash after another superb day in the market (for me). Once you get out of school you'll understand