First, it was hurricane Ike, not Ivan. Second, the reason they has record profit, is because of record sales. Third, do you think you deserve a rebate check from every company that has record profits?
Just as I predicted in my letter to the editor last month: Exxon-Mobil posted the highest profits of any company in world history, once again, for the third or fourth fiscal quarter in a row.
Can you imagine how much higher its profit would've been if they hadn't cut off gas the last two weeks of September to Southern consumers because their refineries were "hit with such inconceivable damage from Hurricane Ivan"?
Wow, all that hurricane damage, the economy is in flames, and Exxon-Mobil still manages to post record profits. Wonder how they do it?
I know, I know, poor Exxon-Mobil has no control over how high the price of its product is. It's the Wall Street speculators who make oil and gas prices so high via their bidding on it. If Exxon-Mobil had any say in the matter, it would lower its gas prices to a reasonable level. But those evil speculatorsÂand their evil bidding just won't let them!
Notwithstanding poor Exxon-Mobil's multibillion-dollar powerlessness to stop the evil oil speculators, or set its own prices at a level everyone can easily afford while still making a paltry profit of only, say, three or four billion dollars every three months, I realize I'm part of a tiny minority in this area, but I'm still gonna keep relentlessly badgering both my senators, my representative, and the president to do all they can to help Exxon-Mobil make oil-speculation illegal, and to effect a profit cap so that every dollar over four billion in profit any oil company makes in a three-month period goes right back to all consumers in the form of a lovely rebate check.
Nathan Kirby, Augusta
Comments
First, it was hurricane Ike, not Ivan. Second, the reason they has record profit, is because of record sales. Third, do you think you deserve a rebate check from every company that has record profits?
Not gonna happen by your own admission. You will definitely get new regulation on speculation, but a rebate check...keep wishing...
The problem here comes from the low margin collateral requirements for trading oil. There is a 4 % collateral to get a loan to trade a massive amount of oil, where the same trade for a normal security would require 50-75 % of the loan up front. This 4% is in place for businesses so they can lock in operating costs for the next year. These traders that bid up the price of oil never had any intention of taking delivery of the black gold.
Btw, we don't deserve penny from a private company's profits, unless you are an investor.
Nathan Kirby, I can't imagine any Dem writing a more ignorant letter, though I'm sure it will happen. Your lack of knowledge is surpassed only by your willingness to parrot the silliest of left wing tripe. Didn't you go to high school? Did you drop out before things like net profit and gross income were explained to you? A few of the little facts you seemed to have missed can be found by asking questions like, how much did Exxon invest to achieve these profits? How many years were investments made without profit before a high profit year was reached? How much tax did Exxon pay on these sinful profits? What is wealth envy? The elections over, time for thinking to begin again.
Actually PT, it's even simpler than that. What does the common sensed challenged LTE composer think would happen with this additional cost of doing business?? Think maybe it would be passed onto the consumer through higher prices.......See what happens when the Democrats feel they are in charge and should espouse these great ideas. My only fear is that between Obama, Pelosi & Reid, the Axis of Ignorance, this may be considered a viable option.
Now it starts...one day after the election and Nathan has his hand out to get somebody elses money. BOHICA working America! Get used to it for the next four years.
Nathan, why would big oil stay in America if we tax them to death? There are countries all over the world that would like to have big oil hanging out. Big Oil will pack up and leave the US for economically sunny climates. This happened to the luxury yacht industry in New England. Surely the rich folks could afford a sales tax on those big yachts. Well guess what. The Rich quite buying yachts made in the US and started buying over seas and the taxes destroyed a small thriving industry and destroyed lots of US jobs. Dimlier-Chrysler went to Germany because of a better tax structure in Germany. We have one of the worst corporate tax structures in the world.
Come to the party Nathan. Companies are in business to make money for their shareholders. Don't show your ignorance just to get attention.
Have you seen the gas prices lately? If you hate big oil so much stop buying their products! I guess you don't like your retirment plan or any mutual funds you own either. God forbid a company make money providing a product that we need. They need to make economics a core class in high schools and colleges. Everyone is effected by the economy and everyone seems to like to talk about it but it doesn't seem like many people know anything about it. I think we should demand that economics be taught as a core class in GA high schools. Anyone know how to get that done? Write the school board and our elected officials?
Actually oil on the market is going down, yet profits are still up, so we cannot just blame speculators (though that is part of the equiation) or OPEC. Gas companies are not going to build new refineries or seriously look for more oil, because they do not want to drive down profits any further.
You tell'em Nathan! Who do they think they are making a profit! The government should tax their profits at 100% and show those evil Dick Cheney's who's boss.
If you invest in mutual funds, have a pension, have a 401K you are probably receiving some of those evil profits already. But you are probably to stupid to be gainfully employed anywhere. I hope to goodness you didn't vote.
Of course he voted ribbs! He just wants to get an early start on the redistribution of wealth. After all, that's what the great Obama promised him.
Nathan must be running for governor of Alaska. Isn't that little Sarahs way to "share the wealth"? And most of you folks were just hurraying that plan only 3 days ago. What happened, did you just forget? The next thing you know, Nathan will be suggesting regulating the price of gas during shortages or some other laws. And as evidenced by the wall street crash and the recent fuel shortage, we don't need any more government oversight to watch out for the american worker, big business will take care of us like always!!
"to effect a profit cap so that every dollar over four billion in profit any oil company makes in a three-month period goes right back to all consumers in the form of a lovely rebate check." Gosh...$4Bn in profit seems like a lot. Since we have the power, the authority and the moral right to do so, let's cap their profits at $4 MILLION per quarter. Think how cheap gas would be, then!!
Little Sarah charged the companies more for the oil they took out of Alaska (you know, sorta like the oil companies chargeing you more for the gas you take) and gave the excess back to the people. Big differance than a wind fall profit tax!!!
Why don't you go drill your own oil and refine it yourself? Idiot.
Don't worry Nathan, your check is in the mail.
Gee Whizz!
Carcraft, Bread is Bread, no matter how you slice it or what you want to call it. And I agree with Pantherpride, that oil isn't high enough! The idiot in his rust bucket boom boom boom machine has plenty of gas to run up and down the street! Lord what I wouldn't give for a little police support in getting these scabs on society stopped, and you would think that with a fine of $450.00 perinstance the police would do something. Oh well I guess the punks making fun of the law isn't important!!
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