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Exxon and Shell profits surge on higher oil prices

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posted on Apr, 28 2011 @ 09:49 PM
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news.yahoo.com...


LONDON/NEW YORK (Reuters) – Exxon Mobil Corp and Royal Dutch Shell Plc reported significantly bigger first-quarter profits and beat analysts' forecasts, helped by high oil prices and strong refining margins.



Those profits come as U.S. oil companies face growing criticism for tax breaks they receive for pumping oil, even as the retail gasoline prices continue to spiral higher, reaching an average of $3.886 per gallon, up 35 percent a year ago, according to travel group AAA.



Exxon, the world's most valuable publicly listed company, posted a 69 percent increase in earnings to $10.65 billion, its biggest profit since the third-quarter of 2008, when oil prices last traded above $100 per barrel.
Shell's earnings rose 22 percent to $6.9 billion, although asset sales pressured its oil and gas output down 3 percent to 3.50 million boepd


I think this article is pretty self-explanitory.

In my area, the lowest is 3.88

The highest Ive seen around here was 4.09 today




posted on Apr, 28 2011 @ 09:56 PM
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Wait til summer and those companies will be even richer.

Sure is getting harder to get to work with these rising prices.



posted on Apr, 28 2011 @ 09:57 PM
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This happens every time they raise the oil prices to RIDICULOUS levels. They reap RIDICULOUS profits. I'm shocked there isn't more of an uproar about oil prices, especially given the state of the economy. People are effing broke. Now gas is far above the level we all started freaking out about a few years ago and all i hear is crickets.



posted on Apr, 28 2011 @ 10:00 PM
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Dont forget the value of the dollar isnt really too high at the moment either. Its been going down slowly for awhile now.



posted on Apr, 28 2011 @ 10:05 PM
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reply to post by nunya13
 





I'm shocked there isn't more of an uproar about oil prices,


I'm sure someone will release an email chain letter calling for a boycott on such and such day. And I'm sure politicians will start attacking the oil companies profits and swear they are doing everything in their power to fix the situation.


either way, the outcome is the same, we're screwed.



posted on Apr, 28 2011 @ 10:07 PM
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Big Oil will continue to prosper for the forseeable future.

If tax breaks for these companies are rescinded, they will simply pass on their increased costs to the consumer. Thus, while withdrawing the tax breaks may benefit government revenue, it will ultimately lead to higher prices to the consumer. In a way it is a kind of back door "carbon tax". And, the government will simply use any additional revenue to expand - not to save taxpayers any money.

This just another example of this administration looking for easy targets rather than squarely facing the greed, waste and corruption that are at the heart of our financial troubles. Cnn sure made a point of reporting these profits today. Just another target (other than our current "leadership") to get peeved at.
edit on 28-4-2011 by robyn because: math error



posted on Apr, 28 2011 @ 10:07 PM
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Great, my dad has another excuse to prolong the purchase of my mustang gt.


Just so no one says, "contribute!":
'Exxon and Shell profits surge on higher oil prices'

DUH! That's how it works.
edit on 28-4-2011 by iSeeKEnlightenment8o5 because: am i doing okay? i feel like i have a lot to say but then i feel like i'll just get shut down or something




posted on Apr, 28 2011 @ 10:20 PM
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Well its not like the stuff grows on trees or comes out of the ground or something...

This means the profits will make their way down to us, which will provide more jobs and prosperity for ALL.

This is great news!!!



posted on Apr, 28 2011 @ 10:23 PM
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Originally posted by robyn
Big Oil will continue to prosper for the forseeable future.

If tax breaks for these companies are rescinded, they will simply pass on their increased costs to the consumer. Thus, while withdrawing the tax breaks may benefit government revenue, it will ultimately lead to higher prices to the consumer. In a way it is a kind of back door "carbon tax". And, the government will simply use any additional revenue to expand - not to save taxpayers any money.

This just another example of this administration looking for easy targets rather than squarely facing the greed, waste and corruption that are at the heart of our financial troubles. Cnn sure made a point of reporting these profits today. Just another target (other than our current "leadership") to get peeved at.
edit on 28-4-2011 by robyn because: math error


The world market prices have nothing to do with the corporate tax rates in the US

it is like pissing on an inferno



posted on Apr, 28 2011 @ 10:26 PM
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When you spend $147 million in a year via lobbyists, you get to do what you please.

The gov't won't do anything about it as long as they are receiving this kind of money. Tax cuts for big oil will cost about $9 Billion in the next ten years. That $147 Million is money well spent.

The decisions made in Washington DC have nothing at all to do with the will of the people. All decisions are made at the will, and the check book of the lobbyists and those the lobbyists represent.

Your vote simply enabled your favorite politician access to this kind of lobbying, and the 'campaign funds' that the oil companies dish out. Your vote didn't do anything for you. It never will. I hope you have a warm, fuzzy feeling knowing that the government is looking out for its friends and not you. You are nothing.

Obama said that he'd like to repeal the tax cuts for the oil companies. Everyone laughed. Not at his joke that they "were doing just fine" but at the sheer silliness of even thinking that it would happen. $9 Billion worth over the next ten years..... Guess where that money will go. Straight into the pockets of Big Oil.
So when you pump your gas, feel good knowing that a very few people are making a massive amount of money, and it was rubber stamped by the government. They want the money out of your wallet and into the wallets of their friends. You only voted for them, but Big Oil gave them $147 Million last year. Big oil wins.

Gas prices are high because they can be. Nothing to do with supply. Nothing to do with demand. Nothing to do with wars. Nothing to do with anything but "let's make even more profits! People are used to the prices going up!"

You may be thinking, "Well, profits are a good thing. It's all about free enterprise." and similar. But how does this affect you? It makes you less wealthy. It makes them more wealthy. They win. You get nothing but a dream. However, if you think you'll ever have that kind of opportunity to be wealthy you are mistaken. The lobbyists for Big Oil etc. are making sure you never get there. Vote for the ideal, get the reality.

"It creates jobs when the wealthy get wealthier!" No it doesn't. Never has. Never will. Again, vote for the ideal.
The reality is, you are less wealthy.
They have the best government money can buy.
You have the a government that treats you with contempt, and the lobbyists and their employers with puppy eyes.

Same for big pharma, the banks, the insurance companies, and the other big businesses.
YOU don't matter at all. Not one bit. Give your favorite politicians $147 Million and you can do what you like. If you cannot afford to join this exclusive club, you are just an annoyance.



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