Lower oil prices, demand hit profit at Exxon Mobil

Aw, the poor things. Maybe we need to take up a collection and send it to them.

Dont wish for anything, price may go up to 4 bucks a gallon again

Oh, my heart bleeds for them... Especially since we know they've struggled so much in the past!(sarcasm)

gimme a break wrote:

Aw, the poor things. Maybe we need to take up a collection and send it to them.

Hahaha... You made me laugh.:) Great minds think alike.

gimme a break wrote:

Aw, the poor things. Maybe we need to take up a collection and send it to them.

LOL I'll send you the address!

Oh, boo-freakin-hoo. They are partially responsible for getting the country in the mess we're in anyway. It's their turn to feel the crunch now.

Really, do not let the numbers fool you, they make money at $30 a barrel. This is what happened when you kill the goose laying the golden eggs.

They can always fall back on the $476 Billions they (oil companies) in net profit over the last 6 years to get them by.

Casual observer wrote:

Oh, boo-freakin-hoo. They are partially responsible for getting the country in the mess we're in anyway. It's their turn to feel the crunch now.

Just out of idle curiousity, how so?

How much of that did they distribute to shareholders i.e. retirement mutual funds and the like?

Terry wrote:

They can always fall back on the $476 Billions they (oil companies) in net profit over the last 6 years to get them by.

I hope they go broke. we need an alternative badly.

X Republican wrote:

I hope they go broke. we need an alternative badly.

An alternative - go back to being Amish. Maybe they have the right idea all along!

BTW - EM is the biggest customer to APCI. If EM goes broke, little companies along the supply chain like ACPI will be long gone.

A better question is how much $$$$ did they invest in the hedge funding market.

Terry wrote:

Really, do not let the numbers fool you, they make money at $30 a barrel. This is what happened when you kill the goose laying the golden eggs.

Terry knows what he's talking about. The go no-go price is even less than that. Cruisin" at $60/bbl is just fine. The price of gas comes down and the downstream makes more profit, too. This headline comparing this Q to last Q during the windfall is just sensationalism.

Oil and the Seduction of the World
Lets try this from a different angle, if I have something that everyone in the world wants I am in a good position no doubt. Now lets start at the beginning, say around 1999, and close 26 refineries between 1999 and 2001 on the west coast alone. At that time frame crude was relatively dirt-cheap, now lets do some merging over the next 5-6 years in which we end up with 5 major oil firms. Even today, oil is pumped out of the ground in Saudi Arabia for around .25 a barrel, so it was real cheap in 1999. Then in 2001 Phil Graham re-writes the futures commodity legislation and opened the door for hedge funds and future buying in the speculated market in energy. Which led to the Enron mess, traders do not answer to anyone here in the US and purchase fees are cheap enough that the can purchase large shares in the crude oil market with out any intention of using the oil, just sit on the contract until the three month period is up and then sell at a profit if possible. No one can deny the huge net profits of these companies over the last 6 years or the balance sheet they are caring today. Not to mention the fact that all 5 of the major oil companies are currently buying their stocks back at record levels today. It is reminisce of the Hunt brothers and the cornering of the silver market, ah, but they got caught. Energy companies are currently giving millions to the lobbyist in Congress right now to kill green energy programs. And they are giving so much that they will spend millions more this year then last year.(www.opensecrets.com )
A de-facto tax cut for American motorists. Each $1 per barrel drop in oil increases U.S. GDP by $100 billion per year and every 1 cent decline in gasoline increases U.S. consumer disposable income by $600 million per year.
Just a little FYI:
The last 20 years have been characterized by rising U.S. oil consumption, but now
"http://www.eia.doe.gov/oiaf/aeo/index.html&qu... ;
the U.S. Energy Information Agency
, incorporating the most-recent changes in U.S. consumer behavior, says there will be no appreciable growth in U.S. oil consumption between now and 2030, with biofuels accounting for all of the growth in liquid fuels. So, if you’re the average American family, working two jobs and commuting 30 miles both ways, the cost of a gallon of gas is very important to them. If this trend continues, there will be just two class of Americans, the have’s and the have nots. People with out working income become desperate, they lose their hope and their dreams. Not to mention the rising cost in utilities, food, or basically every single thing made, shipped, barter, sold or bought in America cost more when fuel goes up.
So, what benefits the whole world if oil costs go through the roof? It has already cause the current economic down turn, which will never turn around if the energy market continues to operate the way they have been allow to do. At some point there will be a depression of huge impacts that the world may never recover from.
Oh, and Peak Oil is still just a theory, remember the power of propaganda.
Further, the only reason the oil industry is paying tankers for storage is because they have their hands on the valves. It is a mathematical equation as to how long the current surplus will last. Also, they did not see the bottom falling out in Aug 08, and it did take them by surprise. They already had the oil out of the ground when the market went south. I am sure they will continue to cut back production until demand is artificially running ahead of the current supply.

This is how you lower prices. reduce demand.

That crap about not buying gas on wednesday with those stupid internet messages only makes them laugh.