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Oil Companies Hanging themselves or is something up their sleeve?

Posted by keelynet on July 1, 2008

Larry King had an interesting show dealing with why oil costs are so high. I only found Part 6 of the show on youtube where David O’reilly, the Chairman and CEO of Chevron spoke for his company. Chevron made over 18.6 billion dollars profit in 2007.

It seems to me the oil companies are hanging themselves foot by allowing fuel prices to become so costly that no one can afford to drive or ship anything.

The oil companies also invest a tiny fraction of their profits in alternative fuel and energy sources that will inevitably replace them, it is only a matter of time. Eventually with ever escalating gas and diesel prices, other methods will no doubt be put into practical use as a matter of not only economics but also of necessity.

Big Oil’s Alternative Energy Ads Scrutinized – Audio – “As oil and gas prices surge, oil companies are highlighting their investments in alternative energy sources with new ad campaigns. Exxon-Mobil, Chevron and BP are among the companies promoting their million-dollar investments. But one journalist says that’s not much compared with the billions of dollars that the oil companies make.”

The main thing going for oil companies is that the government is so bought and paid for with anything that has to do with oil, that they receive not only subsidies and tax incentives but can escalate prices and blame any of a number of related causes.

Oil execs at Congress today: Defending tax breaks, explaining oil prices – “U.S. lawmakers are going to get their chance today to ask executives from five of the world’s largest oil companies what their take is on current gasoline prices. Gasoline prices are not the only scheduled topic today. The executives will discuss their positions on moving towards alternative fuel sources as well. Congress has been looking to reduce tax breaks on big oil by $18 billion, which could then be used to explore alternative energy. But oil companies have naturally been very vocal in their opposition to such a move. According to Markey, “These companies are defending billions in federal subsidies needed for renewable fuels and clean energy while reaping over a hundred billion dollars in profits in just the last year alone.” It is definitely going to be tough for big oil to dispute that claim. Consider that Exxon Mobil alone earned a record of $40.6 billion in 2007.”

Top Five U.S. companies saw $123 billion in profits in 2007 – “The U.S. government currently gives $18 billion in tax breaks to companies, which the Big Oil companies claim are necessary to invest in exploration, and also they added that they need to make maximum profits during “good times” to help support them during the down cycles.”

If our elected representatives did the job we sent them to do, the subsidies and tax incentives for oil companies making such excessive profits would be cut.

In a way, I’m in favor of punishing utility and energy companies whose faulty/crooked management allow and encourage excess profits by nationalizing key public services that could cripple the nation as we are seeing.

If they can’t control their behavior and keep their services available at fair and equitable prices without excessive profits like the oil companies report, then we need some method of control.

The problem is corporations whose sole goal is to make money for their investors, so we need to take it out of the hands of corporations.

With the government failing to do their job by policing these crooks, then it will be the people who will shift away from petroleum based fuels by switching to plug-in electric cars, propane, CNG, compressed air or water cars as with the GenePax water fuel cell car which is electric.

The same for housing markets and anywhere people are ripped off in a big way from criminal management and practices which are a threat to the well-being of the nation.

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One Response to “Oil Companies Hanging themselves or is something up their sleeve?”

  1. jonolan said

    What you’re not aware of or are forgetting is that the oil companies run at a sub 10% profit margin. It’s a lot of absolute dollars but a small percentage of profit compare to many other industries. This is what causes problems with taxing the oil companies more than they are already taxed.

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