Exxon earns $1,318 a second in 2nd quarter

[wrightme43]

Cheap oil is gone. The easy to get oil has been used. It cant be unused. More wells are drilled for less oil today than 20 years ago. The technology to get the oil is much more advanced, and is still wrong more often. If someone builds a 300-500 million dollar oil platform, with stock holder money, the stock holders expect a profit, and have every right to recieve one. I know I dont risk dollars for no chance of profit. If they dont make a profit they have no reason to stay in business. I am all for them. Tax is the real problem.
Lets see
20-45% of all your profit
30-70 cents on every gallon of gas
5-9% of the value of your car every year
5-9% of every single freaking thing you buy
Plus state tax
plus school tax
plus county tax
plus city tax
plus tax on insurance
plus tax on your cell phone
plus tax on this, and that, and that, and that and that and that.
Add it up
Gas is cheap.
If you had half the money you pay in taxes, gas would be the least of your problems.
Think about it. Exactly how much do you spend on gas. What percentage of your budget is it. Its 11% of mine. I drive a 93 F-150 and get avg of 12.5 miles to the gallon. I drive about 400 miles a week. The difference between 2 dollar gas and 3 dollar gas is about 30$ a week for me. No I dont like spending the extra 30$, but its a WHOLE lot less than I spend on taxes.
Just my opinions.
Steve

 

[Meche]

Your right Steve. I don't like it but...
Risk may sometimes lead to reward. Extreme risk will sometimes lead to extreme reward. Furthermore (haha I love using that word, it makes me sound like I know what I'm talking about ), these guys only have a finite time to extract oil from the ground. They aren't oil companies, they are chemists and energy providers. Oil just happens to be the flavor of the century. They aren't being irresponsible (I hope), they are making money while they can and (should be) investing in R&D. Who knows what will be the flavor in the years to come.:idea: You think these guys are kicking back like GM did in the 80's? they will be dead in 10 years if they are and they know it.

 

[wrightme43]

Here is another just wonderful thing to know.
Iran
Iran burns off enough natural gas every single day, to power every single electrical product in the whole entire county running at once. Every SINGLE day!!!!
Now think about that for a second.

OK

So exactly why are they building nuclear reactors? They do NOT need the energy. They will not need the energy for at least 100 years, more than likely 200 years.
Peaceful purposes?
It really is that simple.

 

[sryder]

when you look at oil it is not only gas but as someone said when refined plastics,kerosenes, diesels, solvents, asphalt, bubble gum bases, butanes and alot of other stuff. everything is relative as oil prices rise or raw materials for refineries then so does the cost of what they make. sometimes costs come back down and the big companies buy low just as you would a stock. as prices raise they still have some of the old stock where they can make money but they also have to look at there future prices not knowing what the market will dictate to them. say they buy barrels of oil for 1.00 and they have 10 of them. to make salaries equipment costs, utilities, taxes and so on they charge 2.00 a barrel. after those 10 are used the price of oil barrels has risen to 2.00 a barrel. now they are charging 2.00 and paying 2.00 what would be the sense of being in buisness.you have to make room for market fluctuations. this is what they have analysts for. so this point in time they are making money on what they have. later on the profit margins will decline as prices drop per barrel. also when you look at exxon remember that they not only make gas but all kinds of different things.

 

[wrightme43]

They also patented hydrocracking if I rember correctly. Its the most effcient way to make gas, oil, and all the other stuff.

 

[Krish]

Send some technology this way...Gas is over $4.50 per gal now and that's not even 92 octane!!!

 

[coralsplus]

Send some technology this way...Gas is over $4.50 per gal now and that's not even 92 octane!!!

wow i guess gas was cheap when i was there this spring at $3.92, i think, i had to take a picture of that, i agree that gas is too expensive, but we do pay a ton in taxes

 

[Krish]

wow i guess gas was cheap when i was there this spring at $3.92, i think, i had to take a picture of that, i agree that gas is too expensive, but we do pay a ton in taxes

LOL...We pay taxes as well, but in different forms like customs duty etc. For example, imagine having 75-100% tagged on the cost of a motorcycle coming into the country. A $15,000 motorcycle will end up costing you around $30,000!

 

[coralsplus]

$30,000 motorcycle, WOW, thats all i can say, i had trouble deciding to spend $1400 for my used bike, thought it was a lot, i loved it when i went down there and expected stuff to be expensive but the thing that caught me off guard was that the market sliced turkey was cheaper in the Bahamas than at home in Michigan

 

[Krish]

LOL! Which island did you go to? Jewelry is supposed to be cheaper here as well...Are you sure it was sliced turkey or was it rat because they mix the two up sometimes? Yeah, that's expensive for a motorcycle for sure, but just think about buying one here...After the company pays their 75-100% duty on it, they then tag their profit on top of that before they sell it!!! Everything imported has different duty rates, like clothing is 42%, a car under $20,000 is 57%, a car over $20,000 is 75%, electronics is about 45% etc, but they give us anything to do with computers free of duty, however you pay a 7% stamp tax on it! Crooks!!!!(LOL) So, things are a bit costly here, but atleast we don't pay income tax...What you make, you take home

 

[coralsplus]

LOL! Which island did you go to? Jewelry is supposed to be cheaper here as well...Are you sure it was sliced turkey or was it rat because they mix the two up sometimes? Yeah, that's expensive for a motorcycle for sure, but just think about buying one here...After the company pays their 75-100% duty on it, they then tag their profit on top of that before they sell it!!! Everything imported has different duty rates, like clothing is 42%, a car under $20,000 is 57%, a car over $20,000 is 75%, electronics is about 45% etc, but they give us anything to do with computers free of duty, however you pay a 7% stamp tax on it! Crooks!!!!(LOL) So, things are a bit costly here, but atleast we don't pay income tax...What you make, you take home

i was on grand bahama island, took the discovery cruise over and stayed in the flamigo bay hotel/resort, it was very nice, snorkeled off the beach and saw a lot of cool stuff, went to dead mans reef, that was pretty nice, and you can't beat the swim up bar. I hope it wasn't rat, lol, i didn't eat it my friends did atleast if that is what it was. You guys do pay a lot of dutys but like you said you keep what you make as far as your job which you can't beat

 

[Krish]

Cool...I was born on Grand Bahama, but moved to the capital (Nassau, New Providence) and love it here! Here's a thread of mine of photos from here in Nassau I took. The link to it is always in my signature titled (Krish's Bahamian Photo Log) but check it out and let me know if you think Grand Bahama has anything on this island http://www.reeffrontiers.com/forums/showthread.php?t=15653

 

[Meche]

Waaaaah , I have a 3.7 Giggaton aquarium in my back yard and all I can do is complain about $30K motorcycles and gas!

Haha:lol: J/K Krish.

But seriously, if they don't income tax you then I guess its not thaaaat bad. I'm not in that 45% bracket yet but (hopefully im not too far away) if you were in it with sales tax, you wouldn't be too far off.

 

[Krish]

ROFL! Yeah..It's not too bad. It almost works out the same I guess, but the US has much better benefits for their people etc than our government gives us. Just think about this one...I would think with the rising prices of gas, the government will do something for it's people and give them a break on it, but they don't. The gas companies here themselves only make I think it is 7 cents per gal...That's it! Can you imagine how much gas they have to sell to amount to anything if they only make 7 cents per gal! The government makes all of the rest! Not sure if that how things are over there or everywhere else, but that's how things operate here...

 

[Meche]

I used to work at 2 different Shells in OH. One made .02 per gallon and price was controled by a Shell DM. The only way the owner made money was on pop, candy, carwash, and the shop. The other, Shell would sell him the gas and he could sell it for what ever he wanted no restrictions. This arrangement however was granfathered in and is not common at all, probably only a handfull left in US. Keep in mind that this is the retail level, I cannot speak for corprate profit.

 

[Krish]

Boy! That would suck to own a gas station, but not make anything on gas!