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Oil Companies Post Record Profits Again

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posted on Apr, 26 2006 @ 10:18 PM
Today Oil Companies like Exxon release Record Profits for the first quater of the 2006. The profits were totalled at 16 billion dollars, a 19% increase from last year. An immediate Investigation is being demanded. The amount of profit is not justifiable some are saying. The Senate will launch an investigation into the countries oil companies.
KUTV / AP) A U.S. Senate committee will launch an investigation into the country's main oil companies, at a time when executives are reporting new record profits that are even higher than they were last year.

Exxon-Mobil, Chevron and ConocoPhillips are expected to report a combined first-quarter profits in excess of $16 billion, a 19 percent surge from last year that is sure to complicate life for the industry in Washington, where elected officials are scrambling for ways to assuage angry consumers and businesses.

The combined earnings of the oil companies will be 14 times greater than the combined first-quarter profits of Google Inc., Apple Computer Inc. and Oracle Corp.
"That level of profit is not justifiable," said Tyson Slocum, a consumer advocate and energy expert at Public Citizen.

Please visit the link provided for the complete story.

wow i cant believe this. No wait I can. This is simply outragous though. More new record profits, 16 billion. This cannot go on, something needs to be done immediately. I dont think people will stand for this gouging much longer. its sickening and disgraceful to be attacked like this as an american citizen.

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posted on Apr, 27 2006 @ 03:28 PM
i posted this last night, but apparently SO made a thread about this today and mostly everyone has replied to that thread so i will just direct you in that direction.

posted on Apr, 27 2006 @ 07:48 PM

THE oil companies, have in the course of time
exacted consessions from the Fed. to count some costs
as accounting exempt, some internal payments to their execs.
as tax advantaged expenses...and all sorts of tom-foolery accounting...

it happens each & every year....

ITs just that now, with the size & scale of the cash flow,
the oil (cartel) corporations cannot hide their normally outrageous profits !
- which now have achieved the level of being regarded as obscene profits -

wake up & smell the coffee, as they say.

i think that 75% of all the oil used in the USA is extracted in US fields.
that means only 25% is bought/paid for from OPEC producers at the high rate of $60-75 in the recent Financial Quarters.

The US oil production is extracted at way less than the OPEC price
lets say $15. per barrel, but the arrangement the oil barrons have with the Fed & the Tax Man is that the oil profiteers sell that profitable $15. pbbl oil to us US citizen consumers at the OPEC price of $60-75 pbbl...they keep the profits
and the margin is whisked away into the oil Execs pensions/annual compensation

and a pittance is deemed as exploratory $, alternate fuel promotion, or other tax-advantaged.............. (accounting tricks).

Just last week one CEO dude got $400,000,000.00 severance along with perks,
not because of an ethical job performance or anything like that...he got the huge
severance because he helped spearhead a batallion of lawyers that eventually befuddled the Fed & the taxing authority and kept alive the loopholes in the oil production processes that will allow the obscene profits to continue to flow and trickle immediately into the pockets of the Elite Execs at the Oil Corps. cartel.

enuff said

posted on Apr, 28 2006 @ 04:50 PM
Well, we can forget about seeing drops in prices for fuel.

Our society is set up to break previous records. The last quarter of 2005 saw a recording breaking $10 billion profit. The first quarter is seeing a $18 billion profit.

Now that summer has arrived and families are planning their yearly vacations, we can expect a rise in demand for fuel and with it a rise in prices at the fuel pump.

My guesstimate is that this record will be broken again at the end of June with a $25 billion profit and of course the reason will be that "We're still recovering from losses caused by Katrina."

Yachts that have helipads on their decks aren't getting cheaper you know. That's probably where all the oil executives are. On their yachts somewhere at sea, out of the public eye.

Poor bastards!

[edit on 28/4/06 by Intelearthling]

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