2007-08-03 05:51:43 · 12 answers · asked by Anonymous in Social Science ➔ Economics
Uh yes. Chevron said they had record profits last quarter... and the quarter before... and the quarter before that... It's getting really old. They obviously have more money than they know what to do with, why can't they stop being greedy bastards and let the prices fall back to where they used to be? I don't fall for this "price of oil" crap. If the price of oil was so high they wouldn't be making record profits by charging more!
2007-08-03 06:00:07 · answer #1 · answered by waterskater 3 · 0⤊ 2⤋
I'll get excited about that when the oil companies profits reach 1/2 what taxes on fuel are. Why aren't you concerned that the taxes on a gallon of gas are several times the oil companies profit. Why doesn't your government which cares about you so much reduce the taxes on fuel to reduce your bills.
2007-08-03 15:24:37 · answer #2 · answered by Roadkill 6 · 0⤊ 0⤋
So many good answers. Here are some other thoughts:
1. Why are you not flippin mad that pro NFL and NBA players make $10-20 million/yr?
2. What about Jay Leno making $30 million, and Oprah more than $100 million/yr?
When Detroit's automakers were going under in the 80's, the gov't backed Chrysler's loans and put large import taxes on imported cars to protect the automakers. But when oil prices were $12/barrel in the 1980's and oil companies were going under and laying off 50-60% of their employees to stay afloat, nobody came to help.
2007-08-03 15:00:04 · answer #3 · answered by Richard of Fort Bend 5 · 0⤊ 0⤋
No. That high profit is the lure towards more investment, exploration, and capacity expansion. And the high fuel bill guarantees that consumers economize on energy consumption, ensuring that petroleum will be around longer. In short: I would be far worse off in the long run without those high profits and high prices.
2007-08-03 07:39:23 · answer #4 · answered by Econblogger 3 · 1⤊ 0⤋
Nope. I don't see people complaining about the massive sums that hedge funds and brokers pull in annually. It infuriates me that people keep asking this question and indicating their inability to understand supply and demand. If people get unhappy enough they will use less... oil companies will have more and they will put it on sale (reduce the price) to sell the extra.
2007-08-03 06:32:33 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Not at all. 10% is a fair profit margin. Look at the pharmacuetical companies making 25% on the dollar for something even more vital than oil, or even the government who makes 20% off the oil - twice as much as the 'evil corporations.'
2007-08-03 06:49:56 · answer #6 · answered by freedom first 5 · 1⤊ 1⤋
They could refuse to sell in the US at a reduced price. The world market would use all the surplus at higher prices.
Remember that they buy foreign oil at world market prices.
Britain pays US$7.35 at the pump.
Profits must be calculated on % of volumne.
Research the %.
If you owned an oil well, what would "you" do?
2007-08-03 06:03:50 · answer #7 · answered by ed 7 · 2⤊ 0⤋
No, not at all. It's called capitalism. They are in business to make money. Why are so many people against companies making money? Our country was founded in large part for business and commerce.
2007-08-03 06:35:03 · answer #8 · answered by Mr G 5 · 1⤊ 1⤋
Of course it does. But we just keep consuming and lining their pockets with our cash, so in a sense, we deserve the rip-off. And we will continue to deserve it until we force ourselves to find and use alternative energy sources, sources that don't overtax the environment and are plentiful naturally.
2007-08-03 06:01:26 · answer #9 · answered by holzer_marie 2 · 0⤊ 1⤋
YES IT FLIPPIN DOES!!!!!!!!!!!!!!!!!!!!!!I saw the news , in fact for the last few mornings, saying how lots of different companies have made billions in profit and it has really pi**ed me off
2007-08-03 05:57:54 · answer #10 · answered by Anonymous · 1⤊ 1⤋