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Oil prices have risen 60% since last year.

How can Exxon keep making record profits? There is obviously no need for them to raise prices.

Will these prices affect your holiday travels this year?

www.msnbc.com

2007-11-13 03:47:18 · 8 answers · asked by MadLibs 6 in Politics & Government Politics

8 answers

The global market sets the price of crude oil. The oil companies buy now at the current price, and then when they sell, they sell at what the current price is at that time.

I don't see anyone complaining that their 401k has just made a lot of money when the funds they bought goes up. It's the same principle. You buy at one price and sell at another, depending on what the market sets. If the price you sell is higher than the price you bought, you made a profit.

2007-11-13 04:05:02 · answer #1 · answered by Mutt 7 · 1 2

How can they keep making record profits?

They're selling more gas at higher prices, so even at reasonable profit margins, they make a lot of profit.

Good for them! And good for all the people, all the retirement accounts, all the 401ks, all the mutual funds, retirees, etc that benefit from this profit.

Isn't free-market economics good?

2007-11-13 03:57:09 · answer #2 · answered by Anonymous · 2 2

Exxon claimed $90 Billion in profits in the last Quarter

thats $1Billion per day

yeah right they dont mark it up!

Thats $300 for every man, woman and child in the US, even if you didnt buy a gallon there.

2007-11-13 04:22:43 · answer #3 · answered by Anonymous · 1 3

it ought to come as a ask your self to a pair however the 1st element that money is taken far flung from is the nutrition bill to pay for gasoline. a kin on a good cost selection ought to pay the lease, electric, telephone, heating oil, and so on. those are all a necessity, yet they could purchase fairly much less nutrition to pay for gasoline. its a shame that many people are eating much less because of greed of huge oil companies.

2016-10-16 09:09:12 · answer #4 · answered by kosmoski 4 · 0 0

OPEC raises prices and Exxon (and the others) pass it on to you. Your local corner grocery store very likely has a higher profit margin than does Exxon.

2007-11-13 03:51:44 · answer #5 · answered by davidmi711 7 · 2 3

Oil man prez = record oil profits

2007-11-13 03:50:33 · answer #6 · answered by The President 3 · 2 3

You vote for a Republicon, you have to expect Republicon policies.

If you don't like it, vote for someone else.

2007-11-13 05:53:55 · answer #7 · answered by buffytou 6 · 0 3

there is no election this year. Thats why it was so low last fall.

2007-11-13 04:05:56 · answer #8 · answered by ningis n 1 · 2 2

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