Hum Posted October 27, 2005 Share Posted October 27, 2005 NEW YORK (Reuters) - Exxon Mobil Corp. posted a quarterly profit of $9.9 billion Thursday, the largest in U.S. corporate history, as it raked in a bonanza from soaring oil and gas prices. Record profits for Big Oil at a time when consumers are paying sky-high prices for gasoline have brought calls for a windfall profits tax or other penalties on oil companies. The companies have been enjoying an unusually rosy environment for months. In the third quarter, oil prices and refining margins rose sharply after hurricanes Katrina and Rita ripped through the Gulf of Mexico, disrupting energy operations in the region. The record earnings topped the $9 billion net profit reported Thursday by Royal Dutch Shell PLC. In addition to calls for a windfall profits tax or other penalties, lawmakers and consumer advocates have been urging oil companies to expand refining capacity and take other steps to help bring down gasoline prices. Energy Secretary Sam Bodman said Thursday that oil firms have a responsibility to boost refining capacity in times of record profits. Marathon Oil said it would do just that, announcing a $2.2 billion expansion of its Garyville, La., refinery. "We're already seeing some companies yielding to pressure," said Oppenheimer & Co. analyst Fadel Gheit. "But everybody is waiting for the big lady to sing, which is Exxon." Exxon said it did not see the point of a windfall profits tax. full story Link to comment Share on other sites More sharing options...
christracy Posted October 27, 2005 Share Posted October 27, 2005 although i can see factors that would lead to a smaller operating cost, the fact that they still did record 100bil in revenue makes me feel that they were still jacking up the price for profit taking. Link to comment Share on other sites More sharing options...
Hum Posted October 27, 2005 Author Share Posted October 27, 2005 ;) I think it would be a good idea to at least force Oil companies to spend some of that profit on new refineries. Link to comment Share on other sites More sharing options...
rumbleph1$h Posted October 27, 2005 Share Posted October 27, 2005 Exxon said it did not see the point of a windfall profits tax. 586733917[/snapback] Who can? That's one of the worst idea's I've ever heard of. Do we really want to cripple our own oil industry even more? That's beating an already near-dead horse. Sounds real smart. Link to comment Share on other sites More sharing options...
Whiffle Posted October 28, 2005 Share Posted October 28, 2005 ;) I think it would be a good idea to at least force Oil companies to spend some of that profit on new refineries. 586734026[/snapback] I don't think that'll happen, and it isn't because they don't have the money. Nobody will let them... "not in my backyard!" Link to comment Share on other sites More sharing options...
R-Flex Posted October 28, 2005 Share Posted October 28, 2005 *insert executive raise here* Link to comment Share on other sites More sharing options...
seethru Posted October 29, 2005 Share Posted October 29, 2005 pretty tired of hearing about oil companies record profits while we the consumer get the shaft. Something needs to be done, I don't care what it is, but something needs to be done. Here in ontario tax makes up 40% of the price, and with current prices, thats a large amount. If the oil companies aren't willing to budge, I'd love to see the government do SOMETHING to help us out. Because of gas prices, the cost to ride the bus is increasing, so riding the bus isn't the solution because that price rises with the gas prices. Link to comment Share on other sites More sharing options...
Jesse Carlton Posted October 29, 2005 Share Posted October 29, 2005 in ontario gas taxes are issued at a flat rate per litre, change in price at the pumps doesn't change how much the gvmnt makes off the gas. ...at least I think...somebody wanna prove me wrong? Link to comment Share on other sites More sharing options...
seethru Posted October 29, 2005 Share Posted October 29, 2005 (edited) in ontario gas taxes are issued at a flat rate per litre, change in price at the pumps doesn't change how much the gvmnt makes off the gas....at least I think...somebody wanna prove me wrong? 586738581[/snapback] yes, it's ~14.7c a litre as far as the provincial excise tax goes, plus theres a 10c a litre federal excise tax, and then there is also GST. The government is making ~40% of what you're paying. http://www.fin.gc.ca/toce/2005/gas_tax-e.html Has a diagram which explains the breakdown in gas prices, and as you can see taxes do make up ~40% of the price. edit: we don't pay PST on gas here in Ontario, so going by that diagram it isn't 40%, but for those that live in a province that do, ouch. http://www.caa.ca/mini%20sites/gasprice/pricing.html A small FAQ regarding pricing at Canadian pumps. Edited October 29, 2005 by seethru Link to comment Share on other sites More sharing options...
3beanlimit Posted October 29, 2005 Share Posted October 29, 2005 Who can? That's one of the worst idea's I've ever heard of. Do we really want to cripple our own oil industry even more? That's beating an already near-dead horse. Sounds real smart. 586734003[/snapback] Cripple? LOL Link to comment Share on other sites More sharing options...
Shibby Posted October 29, 2005 Share Posted October 29, 2005 wow lots of oils companies some how getting rich, All countries of the world should get together and then apply a tax on all oil companies that make vast huge sums of money should get tax %60 !!! so exxon is 5bill enough for you? http://www.manchesteronline.co.uk/men/busi..._for_shell.html ?1.5m profits an hour for Shell Surging oil prices helped to generate profits of ?9.86bn for Shell between January and September - compared with ?9.88bn in the whole of 2004. http://www.yorkshiretoday.co.uk/ViewArticl...ticleID=1232378 http://www.thisismoney.co.uk/news/article...._page_id=2&ct=5 ?30m a day in profits for BP Rocketing oil prices between June and September, when motorists saw pump prices for unleaded petrol climb above ?1 per litre, mean that BP's profits for this year are already up by a quarter on 2004 at ?8.44bn. Profits for the first nine months of the year stand at ?8.5bn - a rise of 25% - which puts the company on course to make a record of more than ?11bn this year Link to comment Share on other sites More sharing options...
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