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Topic: Exxon profits at $1,300 per second
| Author | Message |
| UGoGirl | Posted – 2/1/2008 10:21:55 AM | show profile Exxon's production (on an oil equivalent basis) was 1% lower in 2007 than 2006, but this did not stop them from setting an annual profit record by earning $40.61 billion last year. Shell's oil production declined about 5% last year (and indicated it was set to fall again next year for a sixth consecutive year). Chevron's production is also down. So is BPs. How long can you continue on as a company you produce a few percent less of your product each year? |
| keltoi2 | Posted – 2/1/2008 11:34:06 AM | show profile Thank God Bush and the Republican Congress a few years back gave the oil companies $18 billion in "incentives". Those poor oil companies were barely squeezing by. |
| UGoGirl | Posted – 2/1/2008 12:43:26 PM | show profile Well they sure don't need tax breaks right now. |
| keltoi2 | Posted – 2/1/2008 2:52:53 PM | show profile And they sure didn't need them then. But they certainly bought a fine bunch of politicians with their oil profits. |
| UGoGirl | Posted – 2/1/2008 11:33:32 PM | show profile Yes they did. And here I'll answer my own question. An oil company can stay in business, despite declining oil production, as long as the price of oil keeps rising. But of course the money made by oil companies is nothing compared to what oil exporting countries are making (and afterall, national oil companies -- government-owned and operated that is -- control 75% of all oil reserves). They have their own domestic economic goals. Given that oil is a finite resource, they will support their own economies by stretching out their oil production for as long as possible and at as high a price as possible. This isn't rocket science here. |
| UGoGirl | Posted – 2/3/2008 10:37:50 AM | show profile Keltoi, you'll like this, it shows who big oil is giving money to. Surprisingly, big oil money did not help Giuliani. Also surprising, a lot of Exxon money going to Obama! http://oilmoney.priceofoil.org/federalRaceGraph.php |
