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Why gas is $5.00/gal
On Sun, 24 Apr 2011 22:12:38 -0400, Gene
wrote: On Sun, 24 Apr 2011 21:05:44 -0400, Wayne B wrote: On Sun, 24 Apr 2011 20:39:41 -0400, Gene wrote: On Sun, 24 Apr 2011 18:25:30 -0400, Wayne B wrote: On Sun, 24 Apr 2011 12:41:35 -0400, Gene wrote: Holding a big inventory of oil in your tank farm is not without risk and it takes massive investments in time and money to build the infrastructure. Not surprisingly, the people who make those investments expect to earn a profit once in a while. "A profit once in a while.....?" http://www.nytimes.com/2011/02/01/business/01oil.html http://www.grist.org/article/2010-04...ution-while-am http://money.cnn.com/2010/07/29/news...xxon/index.htm http://money.cnn.com/magazines/fortu...anies/profits/ The oil companies and speculators are almost single-handedly preventing an economic recovery.... and they are being paid handsomely to do so..... and you are DEFENDING that? Incredible..... It's a very cyclical business and no one feels sorry for Exxon when they have stagnant growth, or even worse, when they fail to discover enough new oil to replace what they sold. Unfortunately that is what is happening. It is probably reasonable to assume that as their exploration and acquisition costs go up, and as their reserves go down, they will want a higher price for the product. In the interest of full disclosure, I own stock in both Exxon and Chevron-Texaco. Their annual reports make interesting reading and the future for energy prices is not good. Somehow, you are missing the reality that when Exxon loses money, the stockholders are ****ed..... when Exxon continues to make record profits in an otherwise miserable economy, they are sticking it to all of the users of gasoline.... one way or the other, the entire American population.... and to the entire American economy.... Let's not forget that they are entitled to make a profit no matter how miserable the economy might be. Their costs are going up, way up. Our cost will go up also. The dollar continues to depreciate. That's a result of our fiscal policies and upside down balance of payments. A strong dollar would result in cheaper oil, and that is what we've been used to in the past. Corporations are not, like any individual, entitled to commit treason with impunity.... no matter how important profit is, to some self centered investors... Strong words Gene. I always believed you were more thoughtful than that (unless you are being spoofed of course, in which case I apologize). Someone has to explore for this oil, pump it, refine it and deliver it to us. There has to be a profit in that to provide the incentive to find and pump more of it, just like any other business or any other product. What about the farmers? They also supply an essential product wouldn't you agree? Right now they are reaping sky high profits on corn because our government thought it was a good idea to burn ethanol as fuel. Should we accuse the farmers of treason for making increased profits on an essential product? |
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