Have you looked at the 10Ks and 10Qs, or earnings reports, or are you just listening to the political hack of the day?

Do you have an answer to the question?

Quote:

No salary for the 535 until the budget is balanced.

...so that they become more dependent on bribes?

How about this. Pay them quadruple their current salaries FOR LIFE.

Set up a strict set of rules stating that they CANNOT go into lobbying or any industry connected to the government when they exit office and limiting what type of gifts or contributions they can receive both in AND out of office (practically none) and to make sure they play by the rules, have the IRS audit them EVERY YEAR for the rest of their lives.

What revolving door?

http://www.marketwatch.com/news/story/ge....

General Dynamics Corp. has tapped a former U.S. Navy admiral to replace chief executive Nick Chabraja next year, a move that highlights the growing importance of the company's ship-building business.

From 10Q for XOM: (Not that I trust their accounting anyway).

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Record high crude oil and natural gas realizations increased earnings approximately $4.4 billion" (in the 3 months ending 3/31/2008).
Net income was 12.4 billion.

That is an astounding 50% increase YOY!

The idea that the skyward price of oil does not dramatically increase their margins is ridiculous.

Then again they are making a killing on exchange rates too. They spent over 9 billion buying back shares while their investment in exploration and drilling was a paltry 389 million! Here are some facts I bet you didn’t know: the international oil companies are determined to LIMIT supply which is significantly responsible for the high prices we have now (not that high prices is a bad thing if it leads to alternatives). However, “Peak oil” is a sham. If it weren’t, why would we go to Iraq to defend the “no drill” policy that has been in effect since 1927 but was starting to be disregarded by Saddam?

I hate to be in the position of playing devil's advocate for American oil companies, but according to the state of California (not generally seen as a fan of big oil), as of May 5, out of the $3.90 average California retail branded gasoline price, 13 cents was from "Distribution Costs, Marketing Costs AND PROFITS". 13 cents.

"Refinery cost and profits" was 24 cents.

Combined those are 37 cents a gallon, or 9.5% of the total gas price.

TAXES total 65 cents per gallon, or 16.7%.

$2.86 came from "Crude Oil Cost". 73.3%.

Exxon and Chevron are also small-time players on a worldwide scale (compared to the state-owned oil companies).

If you want to blame someone (besides supply and demand) for high gas prices, blame our supposed allies (and prime Al Qaeda funders) the Saudis.

The reason Exxon and others make so much in profit is because their gross sales are so huge! Their margins pale compared to many other industries that we don't see as gouging us.

I would completely agree that "big-oil" doesn't need any tax breaks like the ones they currently enjoy, but to think that profit-gouging by Exxon is the reason for high gas prices is not supported by the facts.

http://www.energy.ca.gov/gasoline/margin....

Mango:

Yahoo Finance, Profit margin: 10.82%

It fluctuates a bit, of course, but 10.82% is hardly "wonderful."

Intel, same source, profit margin: 17.32%

Are you being "raped" on the price of processors?

Well, if so, please do not look at Microsoft.

See, their profit margin is 28.33%.

Let me know when you're ready to hang Gates and Ballmer, and I'm interested.

Oh, and stop listening to the Democratic whine parade. 10% net profit margin is, in fact, less than you can earn via passive investment.

Oil exploration, production, and distribution have many more dangerous risks compared to the software industry. Carpal tunnel syndrome is maybe the worse injury you can get in the software industry. Oil only has to deal with rebel armies, huricanes, terror attacks, explosions, and other accidents that can occur around heavy equipment and flamable liquids to name a few. Considering this and how necessary oil is for our existence I have no problems with oil companies.

Like KD points out blame the banker pigmen for oil prices.

I believe margins were much higher when gas was much cheaper.

I also think KD is right on about McCain. His more of the same ain't going to cut it. I know several folks who know him personally and he is a very honorable man, but he needs to have some new ideas and distance himself from the status quo. Don't think that is going to happen because they are so dam worried about pandering to the republican "base".

Poll in LA Times this weekend showed McCain behind as much as he was ahead back in February poll. Attributed main reason to the economy according to responses....

http://www.latimes.com/news/nationworld/....

Take some deep digit percentages off the margins for adding the $2 trillion subsidy they get for the Iraq war of "oil suppression" and the untold health and environmental costs associated with petrol-pollution.

If this is such unprofitable business perhaps it shouldn't be subsidized at all and the alternatives be promoted in it's place. I wonder what solar would look like with a $2 trillion + subsidy?

Mango, you made an assertion, were proved false, and now are coming back with excuses.

This is not Yahoo.

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This is not Yahoo.

Yep !

You IMPLY that the price of oil makes no difference to their margins. So go on the record and actually say it then. And then please explain how?

You know who makes a lot of money, and should be Windfall Profit taxed?

Big movie stars. Especially the ones who complain about the oil companies.

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You IMPLY that the price of oil makes no difference to their margins. So go on the record and actually say it then. And then please explain how?

I am not implying any such thing - I am stating it.

The facts are what they are. Profit margins have not moved materially out of the 8-12% range for any of these firms with oil moving over a range of more than 3:1.

Why not? Because the price of oil is largely related to the difficulty of recovering the last barrel that goes into the refinery on a given day.

If the price is $120 but I spend $110 to get it, then my maximum gross margin is $10. If the price is $40 but I spend $36 to get it, my gross margin on a percentage basis is about the same.

My revenue and profit expressed in dollars is much higher in the second case, but I haven't made a "windfall" profit.

We have plenty of oil that is recoverable at a lower cost than the current market spot. We have spent 30 years prohibiting oil companies from going to get it, whether that oil is in ANWR, near Prudhoe Bay, off the coasts of California and Florida or in shale out west.

We have $120 oil precisely because we are intentionally suppressing supply within our borders that can be recovered for less than the current market price.

The oil companies are not "gouging" anyone; their financial statements are audited and are what they are.

That you're made uncomfortable with the truth doesn't change it.