Bush to US on high oil costs ....Tough Sh*t

[RIJIMMY]

Not a defense, but just some clarification. the market drives oil prices, not the oil companies. Oil companies keep huge supplies of oil barrels. The cost to produce them remains the same. If the price to produce them is $10 and a barrel is selling for $25, they have a profit of $15. If it is selling at $65, then profit is $55. hence the record profit. They basically do nothing, and make a ton more profit. Oil is a limited resource that scientists have been saying for decades is running down, world oil consumption has increased 10 fold in the past 5 years. A dramatic rise in price is to be expected.
The key is to find alernate fuels. Oil will be expensive for as long as we are around. It is not some profit drive conspiracy, as much as it is hurting the common man, it is hurting other businesses. Do you think CEOs of major corparations would be sitting back if they beleived the oil companies were shafting them?

[cheferson]

I cant even imagine what oil is gonna go for when china/india are fully industrialized!

[The Dad Fisherman]

Originally Posted by RIJIMMY

Not a defense, but just some clarification. the market drives oil prices, not the oil companies. Oil companies keep huge supplies of oil barrels. The cost to produce them remains the same. If the price to produce them is $10 and a barrel is selling for $25, they have a profit of $15. If it is selling at $65, then profit is $55. hence the record profit. They basically do nothing, and make a ton more profit. Oil is a limited resource that scientists have been saying for decades is running down, world oil consumption has increased 10 fold in the past 5 years. A dramatic rise in price is to be expected.
The key is to find alernate fuels. Oil will be expensive for as long as we are around. It is not some profit drive conspiracy, as much as it is hurting the common man, it is hurting other businesses. Do you think CEOs of major corparations would be sitting back if they beleived the oil companies were shafting them?

I think that more explains the Profit that the OPEC nations are getting from selling to the Exxons of the world. its the fact that the Exxons of the world are reporting "Record Profits" and not just for the company but EVER....No company has ever made that much profit in a quarter.

If Exxon buys a barrel of crude at $40 a barrell (which equals 42 Gallons) and they are charging us so much for a gallon of gas. Then the price of a Barrel goes up to $60 a barrel you would think that a gallon of gas should only go up by about .47 cents, I mean, under the same logic, it doesn't cost any more to refine it.....so why does it increase by almost twice that or more at the pumps.....and then oil Companies are Bragging about "Record Profits"

I'm no economics major so I'm just offering up my observations as I see them...but something just doesn't smell right.

[FishHawk]

Global warming is here in my opinion. We can bury our heads in the sand and hope it goes away but it won't . What made Katrina so dangerous was that the ocean temperature was two degrees above normal. This should have been a wake up call. FishHawk

[Back Beach]

Free market capitalism, gotta love it. If someone has a problem with a company's profits being too high the solution is simple: Become part owner of the company and buy some common. Computers in the 90's, now its housing and oil. If anyone figures out what's next, let me know.

[Duke41]

nothing effects so many people in a negative way than food and oil. People are deciding which are they going to have. This bull%$%$%$%$ to let whores like exxon and shell rape us and do nothing. Can you imagine living on 8/hr trying to fill you %$%$%$%$ box with 30 bucks of gas that take you 5 hours to earn. WTF people are being serously hurt buy this.