Wow..... A $100.00 Dollars

[Skitterpop]

April 28, 2006
Profits soar at Exxon
FROM WIRE REPORTS
WASHINGTON - Exxon Mobil Corp. said yesterday it made $8.4 billion in profits during the January-March period, continuing a highly profitable run that has fired up consumers and made the oil giant a top political target.
The 7 percent jump in earnings, a record first-quarter take for the Irving, Texas-based company, comes as the oil industry faces increasing congressional scrutiny and election-year attacks.
Soaring oil and gasoline prices, along with a strong jump in oil production during the first quarter, sent Exxon Mobil's revenue up 8 percent to $89 billion - meaning the company brought in nearly $1 billion a day.
Congress considered billions of dollars in new taxes on oil companies yesterday, looking for ways to soothe growing anger over high gasoline prices.
Senate Republicans also proposed a $100 fuel-cost rebate for millions of taxpayers, and Democrats talked of suspending the federal gasoline tax for two months to ease Americans' pain at the pump.
But even as lawmakers jockeyed for political advantage on the volatile issue, there was widespread agreement among economists and energy experts that the government has few if any weapons to quickly drive down gasoline prices that have rushed past $3 a gallon across much of the country.
''Unfortunately there's nothing, really, that can be done that's going to affect energy prices or gasoline prices in the very short run,'' Federal Reserve Chairman Ben Bernanke told a congressional hearing.
Still, lawmakers scrambled yesterday to put together legislative packages they hoped would - if at times only symbolically - demonstrate their sympathy for the nation's motorists and their willingness to stand up to Big Oil.
Congressional anxiety in this election year is increasing as major oil companies begin announcing huge first-quarter profits.
Ex-CEO gets $400 million
Exxon-Mobil Corp. last year earned $36.1 billion, the most ever for any corporation, including a record $10.7 billion in the fourth quarter, and nearly $10 billion in the third quarter.
Its former chairman and CEO, Lee Raymond, left the company at the end of the year with a $400 million retirement package, a figure that has drawn even more scrutiny from lawmakers in both parties.
''Gasoline prices are touching a raw nerve, and the politicians are milking it shamelessly,'' said Fadel Gheit, an analyst at Oppenheimer & Co.
''While ExxonMobil executives are popping champagne and celebrating their record profits, American families are popping antacids under the strain of searing gas prices,'' said Sen. Bob Menendez, D-N.J.
Menendez proposed a 60-day suspension of the 18.4-cent federal tax on gasoline and 24-cent-a-gallon diesel tax. Revenue lost to the government, as much as $6 billion, would be made up by removing some oil-company tax breaks, he said.
Among the tax provisions targeted by both Republicans and Democrats was a measure that has allowed oil companies to save tens of millions of dollars through rules for oil inventories.
A House-Senate negotiating committee appeared close yesterday to changing the accounting rules, imposing $4.3 billion in additional taxes on the oil companies over the next five years. Only recently House Republicans and the White House had strongly opposed the change.
The oil industry said it amounted to a windfall profit tax, which oil company executives have said would reduce the money available for oil exploration and development.
Presumably, oil companies also could pass an additional tax burden onto consumers.
Senate Republicans, meanwhile, unveiled a 10-point response to high fuel costs including a proposal to give millions of taxpayers $100 checks. They also proposed for the first time a federal law against price gouging.
''It's a bold package to help consumers ... to help ease the pain,'' said Majority Leader Bill Frist.
But Democrats criticized the GOP proposal because it linked attempts at short-term relief with oil drilling in the Arctic National Wildlife Refuge in Alaska, an issue that has divided the Senate for decades.
''It's designed to protect Big Oil while mistakenly believing that drilling in the Arctic National Wildlife Refuge will solve America's energy problems,'' said Jim Manley, a spokesman for Democratic leader Harry Reid of Nevada.
(Published: April 28, 2006)



M F .................................................. ...........ers

[spence]

It's perhaps one of the most contrived and pathetic things I've ever heard from Congress...

Sure we'll investigate manipulation of gas supply by the corporations, but first here's a little tax money so you can continue to afford potentially inflated prices until it's all sorted out

-spence

[Skitterpop]

Catch 22


$100.00 = on average 3 tanks of gas? Absurd!

Lets investigate the people who will power our reelection

Its like asking organized crime to help you stop crime.

Wait a minute; It is a form of organized crime.

[bluzjamer]

3 tanks? Wot you drivin....1 tank for me....suks big time.

[Steve K]

Hush money. It is the most ridiculous thing that I have ever heard.

[Skip N]

The biggest shocker in that entire article was not the profits of Exxon/Mobil, it was the fact that Democrats want to roll back the gas taxes! Holy crap!! A democrat cutting taxes!?! Someone please tell me its true! I'll believe it when i see it though

["uffah!!"]

Originally Posted by Skip N

The biggest shocker in that entire article was not the profits of Exxon/Mobil, it was the fact that Democrats want to roll back the gas taxes! Holy crap!! A democrat cutting taxes!?! Someone please tell me its true! I'll believe it when i see it though

BOY!< Those Dumy-crats will try ANYTHING to get back in office,even roll back gasoline tax! That just goes to show you just how DESPRATE the Dumy-crats are!!!!!!

[jbuck]

Instead of $100.00 why the hell don't they DROP the price of gas?

[spence]

Originally Posted by uffah!!

BOY!< Those Dumy-crats will try ANYTHING to get back in office,even roll back gasoline tax! That just goes to show you just how DESPRATE the Dumy-crats are!!!!!!

This is a clear example of what a federally sponsored higher education system could do to benefit all Americans.

It's spelled DumMy-crat

-spence

[Skip N]

Originally Posted by bluzjamer

3 tanks? Wot you drivin....1 tank for me....suks big time.

$100 a tank? What you driving a hummer? I thought $45 for my Xterra was steep

[MAC]

It's pretty close to a C note to fill my truck if it is below a 1/4 tank A 100 back from the government is a joke. How about we zip the lips of the future commodity guys (and gals) bidding it up on Wall St.


If they are bidding on oil still in the ground , why is the price at the pump rising daily? Why isn't it (pump price) raised when the oil actually comes out of the ground and is refined? Supposedly we are sitting on a reserve with an 8 year high. Execs watch the prices of Futures and raise the price from there. To me this is gouging as the fuel at the pumps is already paid for.

[PaulS]

so by the time the $100 is paid back it will eventually cost my grandchildren $200 (& I don't even have any)

[Skip N]

I see most of you guys don't want that $100 and tax roll backs, Just mail me your $100 if you dont want it.

[stripersnipr]

Maybe we should all invest in Exxon/Mobil stock and then we can smile when gas prices hit $5.00 a gallon.

[gone fishin]

Just think $100 = drilling the sh.. out of Alaska and poisoning more of our open land. Lame excuse by the repubs to claim they are helping us out with the gas crisis!!!
I wonder if Cheney's long range plan for energy includes this episode of screw the little guy again?

[Skip N]

Originally Posted by gone fishin

Just think $100 = drilling the sh.. out of Alaska and poisoning more of our open land. Lame excuse by the repubs to claim they are helping us out with the gas crisis!!!
I wonder if Cheney's long range plan for energy includes this episode of screw the little guy again?

And would you care to tell us what the Dems big plan is? Oh wait, they have none. But what else is new

Accually i stand corrected, they do have a plan, its called blame it on Bush, becuase thats all they ever do. Play the blame game and dont come up with anything. When they shoot off a few good ideas let me know ok?

[Skitterpop]

I agree with Skip

[bluzjamer]

Ford Exp. 30 + gallon tank. One free tank, you know where you can put the nozzle Mr. Bush.