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Just read in the local paper here...............

BP Profits surge to record $7.3 BILLION on soaring oil, gas prices​

BP reported a 7.3 billion 2nd quarter profit. A 30% increase from last year, DESPITE reduced output and rising costs.

"BP's record performance EXCEEDED the expectations of Wall Street analysis who anticipated 2nd quarter profits from the worlds 6th largest publicly traded oil company to surpass 36 BILLION in profits." (I think they meant 36 million, not billion)

Conoco Phillips is set to release their 2nd quarter profits today...

Get this >>> BP Chief Executive John Browne announced Tuesday higher tax rates are cutting into the company's profitability.. NO SH$T.:rolleyes:

The gov't restructures their tax rates hoping to slow down the rising costs of gas prices and these BAS$$$S raise the price to counter it.

Imangine that........ 7.3 BILLION in 2nd quarter profits......

I am glad I have a part in their gross gluttony.



Can't wait to hear what Exxon, etc is going to report..........
 

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Discussion Starter · #3 ·
This was reported after I posted the first one.......

EXXON reports only a 10 BILLION profit for the 2nd quarter.....Highest profits on record ever reported anywhere.(according to CNN)

GOD BLESS THEM
 

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The_Goat said:
I wish our goats ran on Ethanol...


Ya know.... IMO.... Ethanol will NOT take off.... we went through this in the 70's during the oil embargos...Ethanol was the answer, it didn't pan out. Now all this hysteria and rushing to build Ethanol refineries is surfacing again. The oil companies know this won't happen, and they will proceed with their game plan and rake in obscene profits. Already there is opposition to building ethanol plants in people's back yards.... In PA where there is a proposed site, people are banding together to fight it, reminiscent of the fight people are putting up against Wall-Mart.

Our dependence on oil will never cease. Although Ethanol will be around it will not replace oil or even put a dent in the demand. When all this hysteria dies down people will all resign themselves to the fact that we are all powerless to do anything about it. If we all conserve, then the oil companies will decrease output and raise the price, if we use as we have been they will raise the price anyway.

There is one E-85 filling station in my area and people are using it for a few cents a gallon cheaper than gas... A FEW cents cheaper. A few cents a gallon cheaper than gas IS NOT the answer......

Long term effects on the internal parts of engines as a result of using Ethanol is not fully known. Putting Ethanol in your engine now and running it may end up damaging the internal works. Corrosion will eat it up the insides. We're screwed no matter how you look at it... The only recourse we have is to make the best of it

The only way in my opinion to neutralize the Oil Companies is to regulate them. I don't think that will ever happen because Oil Companies are a Special Interest Group. When you have politicians in your back pocket you can do anything you want. .
 

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GTO judge said:
The only way in my opinion to neutralize the Oil Companies is to regulate them. I don't think that will ever happen because Oil Companies are a Special Interest Group. When you have politicians in your back pocket you can do anything you want. .

:agree
 

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What pisses me off nearly as much as spending $50 to fill up a car, is the Towel Heads over in the MidEast read this crap, and it justifies them gouging us as well!

Hell, if our own companies can screw us over, how can we expect our enemies not to as well?
 

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noz34me said:
What pisses me off nearly as much as spending $50 to fill up a car, is the Towel Heads over in the MidEast read this crap, and it justifies them gouging us as well!

Hell, if our own companies can screw us over, how can we expect our enemies not to as well?
The run up in oil prices has the middle east scared. With prices at the level they are people start to make lifestyle changes. Those changes involve long term reductions in the amount of oil consumption. The high price of oil also acts like a tax and causes recessions and economic slowdowns. The two combined causes a massive price freefall. In addition oil exploration is on the rise again which means there will be more sources for oil which again reduces their control of the oil market.
 

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If people had any idea how much oil is around -- they'd really get P.O.'d.

For example, stated OPEC reserves are for light crude only. They don't even bother projecting heavy crude -- or even looked at pumping any of it yet -- and that's pretty much all that has been pumped in the United States for 20 years. The Saudis just granted Chevron the right to test steam injection just to see how much of the stuff they can draw out of the ground. And Venezuela has more heavy oil in its Orinoco Belt that's ever been pumped in history. Think about that.

Sooner or later, hopefully sooner, these B.S. prices will collapse. I remember people running around in the 70's like idiots saying we were about to run out of oil. Yeah, right.
 

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Free market baby. Take the 50 cents of tax off every gallon and the price wouldn't be so bad. The only problem with gas is there is no competing product, they won't let us drill anywhere, we have 60 different EPA grades and building a new refinery is impossible due to government and environmental demands. What did you think that was going to do to the price of gas?

Thanx,
Russ
 

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It is not like we are not helping them along every time we mash the go pedel.
I ride my bicycle to work fairly often which save me about $10.00 a week plus helps keep me in my current size cloths. If you don't like how much you are paying for fuel do something to change your consumption habits.
 

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Russ Schaeffer said:
Free market baby.
BS alert! BS alert! BS alert!

Taxes: Remove U.S. taxes from gasoline -- and we pay more at the pump than the Europeans do after their huge taxes are removed. Yet countries like France import 100% of their oil -- while we still provide about half of our oil needs domestically. BS. BS. BS.

They Won't Let Us Drill Anywhere: Tracts just sold off the Louisiana and Texas coasts. True, the oil companies can't drill EVERYWHERE -- but they're getting rights. Besides, Alberta has Saudi-like tar sands reserves -- and no American oil companies are buying any oil from them. BS. BS. BS.

60 Different Grades of Gas: Yep -- and one or two formulations can cover all of them -- if the oil companies just wanted to adopt an all-encompassing standard. But they don't. As a result, they can gouge Californians because of their "special" grade of gasoline -- yet all they have to do is sell the cleaner California grade of gas in Washington, Oregon, Nevada as well. Then again, if they were to do that -- they couldn't overcharge us. BS. BS. BS.

Building a New Refinery is Impossible: Actually, they could build as many refineries as they want -- on Indian reservations. In fact, a Utah tribe just decided to have nuclear waste stored on their land -- and the State of Utah and Federal Government can not stop them. If Indian tribes can do that -- they can do ANYTHING. Refineries aren't being built because the oil companies don't want to build them. In fact, oil companies have funded anti-refinery campaign when outside investors file plans to build them. BS. BS. BS.

Free markets can be manipulated -- just like California's market for spot power was manipulted by Enron, Mirant and Duke a few years ago. The oil companies are doing it now. "Oops, a bird crapped on this refinery -- gotta close it for a week." Price of gas and oil futures goes up.

And why have one-half of U.S. refineries been closed since the 1980's? Those nice people at the oil companies couldn't have closed them all to reduce capacity and create a bottleneck now, could they?

That's OK. OPEC has decided enough's enough -- and is going to build additional refining capacity -- effectively cutting the throats of the multinational oil companies. I hope they go even farther and establish their own chains of branded service stations -- thereby cutting BP and ExxonMobil off from the distribution chain altogether. I would love it.

You should send your resume to the Bush Administration -- because you sound just like all the energy industry apologists that work for it.
 

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Don said:
It is not like we are not helping them along every time we mash the go pedel.
I ride my bicycle to work fairly often which save me about $10.00 a week plus helps keep me in my current size cloths. If you don't like how much you are paying for fuel do something to change your consumption habits.
Funny you should suggest riding a bike. In the middle of May I bought a bike with plans to start riding a little. I was getting the bulk of my exercise riding an exercise bike. I started riding the 10.5 miles each way twice a week. In 2 1/2months of riding I've paid for the bike and lost an inch off my waist. It takes me about 35 minutes instead of 20-25 minutes and I have made it in 25 minutes once. ( I almost posted it in the racing kill section. My Trek combo moutain/road bike beat another guy on a dedicated road bike. Pissed him off). I'm now riding 3-4 days a week. I also hop on it to go to the post office bank and a bunch of other short trips. My fuel bill is less than half what it was 3 months ago.
 

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betterperson,

Quote: "You should send your resume to the Bush Administration -- because you sound just like all the energy industry apologists that work for it."

The personal attacks are a weak argument, lets talk about the issue, instead. If you want to see the oil companies as a big evil menace, knock yourself out. If you think they are making too much money, why don't you share in the wealth? Go out and buy all the oil company stock you can afford and get rich. But let me give you some investment advice, oil company stocks don't return much revenue, traditionally. Maybe that will change but I'd bet on Starbucks before that. Let's see, brew a cup of coffee and sell it for three bucks a half pint and you don't have to drill for coffee beans. I think I see a profit center.............

Thanx,
Russ
 

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Be a better P,

The price of gas is what it is. It's the current market price. For prices to get lower a few things will have to happen. Less demand, more supply, less regulation and more competition. It's the same for any business. Restrict trade through agressive regulation and prices soar. I don't see any of change in demand anytime soon. Blame the "Robber Barons" if you wish but if one oil company could gain a market advantage by cutting gas prices, they would. The Free Market rules and sets the current price, believe it or not.

Thanx,
Russ
 

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No to get involved because it is really pretty pointless, but I am in favor of commerce and letting your dollar do the talking. Supply and demand and all the jazz... Let the price and availability speak for itself. Oh well...
 
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