When are we as American citizens going to do something about record profits for Oil Companies?

Question

If you have read Yahoo!News this morning, you may have seen Exxon Mobil Corp.'s recent release of its 36% jump in profit earnings from a year ago. Furthermore ConocoPhillips report of $5 billion in earnings. Something has got to be done, when gas here in Florida is running almost $3 a gallon, and in many states its much worse.
How long are we going to allow Washington and the Oil Companies to take advantage of the American people and push us all into the Poor House?!! As oil prices rise the prices on EVERYTHING go up.
Anybody got any ideas what we can do collectively, as a country?
Any suggestions from other countries is welcome.

Who pulled your chain Turbo&%&&%7 What?
Though everyone is not educated in economics, I am very educated in recognizing a55holes, and you are it. I also have a Matser's in Criminology, not Economics, you peabrain.

Answer 1

We need to force the oil companies to build new refineries using their own profits.

I think that they might be using the limited refinery capacity to artificially create a crisis.

I have no problem with them making money, but make it based on market driven supply and demand, not by artificially limiting supply.

Of course, in the long term, we need to look at alternative fuels and a hydrogen based economy with greater use of nuclear energy.

Note to author: I saw that you couldn't resist responding to the person who questioned your expertise in economics. I used to respond to these people like you did but finally realized that they only want to get a rise out of me. To me, if I respond to their put downs, they have won. I've found that the best tactic is to not respond at all. That leaves them hanging because they are expecting you to strike back. If you are confident in your own intelligence and abilities, those words don't sting at all.

However, if you enjoy the combat, go for it. Your counter was creative.

Answer 2

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Answer 3

i used to blame the oil companies, but realized it's not their fault prices are so high. if legislators from your homestate and others weren't constantly blocking attempts to drill in more locations and build more refineries (last was built in the 70's!), our supplies would be much higher and therefore, prices would be lower. this is a simple economic principal called supply/demand.

aside from all that though, their profits in terms of shear dollars is high, yes, but i believe percentage wise it's relatively low (something like 10%). the gov't taxes us 30-40% so the oil companies themselves aren't the biggest problem. plus remember, as a company they are OBLIGATED to increase profits whenever possible. they are beholden to their investors. MILLIONS of americans are invested in these companies via pension plans, 401 k's and as such, regulating profits intentionally would be wrong and in fact ILLEGAL to do so!

besides, nobody complains about other companies that have high profits.........it would be hypocritical to single someone out.

Answer 4

Do you really want the government to cap your pay? Its not only US companies, it is oil companies all over the world. You want oil to go down, quit buying all the Chinese crap. Their economy is the fast growing in the world. Their demand is what is raising these prices. Think about that when you head off in you SUV to go and buy yet more junk at walmart.

Answer 5

We already are. Are you contributing?

The government already provides significant investment in the research and development of alternative fuel sources. Corn growers across the country are already switching from food crop to crops grown for ethanol. Technical schools like Virginia Tech have lengths of highway and labs dedicated to testing new ideas and alternatives.

Each of the alternative fuel ideas has problems, though. Some problems with Ethanol include difficulty producing enough corn for the incredible demand for fuel in the U.S. as well as the huge cost and undertaking of converting vehicle manufacturing and fueling stations for the new fuel. Americans may be fed up with gasoline, but as a whole, we are hesitant to fork over the funding for an alternative fuel source we aren't entirely certain about.

Many automakers in the U.S. already introduced entirely electric vehicles that required no gas at all. Plug-in stations were constructed in the areas where the cars were originally sold, but they didn't catch on and there wasn't demand enough to continue their production. Hybrids are catching on better, but still require gasoline to run.

The Discovery channel recently aired a show detailing many of the alternatives currently in testing and some problems with those already available. I believe it was the show entitled "Addicted to Oil". Check my sources below for air dates for that show.

What are you doing as an individual to help? Do you drive an electric or hybrid vehicle? Do you organize your outings in such a way as to get everything done in one trip instead of venturing out multiple times each week? Are ensuring that you are not taking unecessary trips out in your car? Do you ride a bike instead of drive your car for local outings? Do you make use of public transportation instead of driving your own car around? Are you financially supporting those testing and producing alternative fuels? Are you part of the solution finding process? These are all things you can do to help out. Research the options and offer support.

Answer 6

As long as Americans keep using all the gas, they can charge the high rates.

If you don't want to pay it, don't use so much gas.

Also, it should be noted that historically, this is still not the highest gas prices we have seen, given inflation.

Stop complaining.

Answer 7

when gas prices become $5 a gallon. We have obviously accepted the $3 dollars a gallon now.

Answer 8

I think gas taxes are highe than oil profits

Answer 9

Do you realize how painfully and egregiously economically ignorant you are?

Take an economics course. Your economic illiteracy is painful to educated observers.

Answer 10

one thing we can do is boycott the companies that are making the most profit... other than that we need to impeach Bush...Bush and Cheney are going to stand by and let it happen cause they have interest in the oil