RE: http://www.newsandtribune.com/...story_002132353.html

here we go!!!!!!

As if gas prices weren't high enough

High fuel prices have harmed the U.S. economy and just about killed the American auto workers. When fuel costs began to increase the demand and purchase of new vehicles began to fall. Up until this point in time the Big Three made vehicles the buyers in the US and Canada demanded. At $4.00 a gallon sales came to a screeching halt. Sure we used less, we couldn't afford to buy more. This act of greed by the oil companies has put fear in every American, fear of losing their jobs, fear in spending money, fear of foreclosure on their homes. A long period of affordable gas will do more to spure the economy than anything. The big three have sought bailouts from the government just to stay in business. Now the government wants to increase the tax on gasoline. This will do more harm to the US economy and make for a slower recovery. What are those guys in Washington thinking?

whats the difference between the drug cartel, and the oil cartel???? the governments make money on the oil...

This is being promoted as a way to pay for the stimulus package. Another non sustainable tax that won't go away when things get better. This tax will out live us all.

NOT SUPER BUT HONEST MIKE
The fact is that a couple of years ago, the CEO stated publicly that the cost of oil was no longer being caused by supply and demand. He said that the price of oil was being caused by speculation. He said that if supply and demand decided the price of a barrel of oil, it would be about $55. It was much higher than that at that time. He was completely ignored. In the spring of 2008 an executive of Exxon said the same thing while testifying under oath before Congress. He also was ignored. I don't think that we can blame Exxon for being greedy because they made it clear when the price of oil was skyrocketing that it was not justified. They would not have done that if they had been the ones who had caused it to happen.
I do think that OPEC is greedy. I can recall during the Clinton administration that they had stated that they would be content if the cost of a barrel of oil was $25 (it was much less at that time). Now they don't like it if it would be $55 a barrel even though the demand is much less than it was before. They want it to be much higher.

details matter, I could agree with you IF Exxon had not posted the high quarterly profits last year. I don't know how Exxon figures the cost to refine crude oil, but if demand for gas fell last year like they say, then the refineries should have been refining less crude oil, causing their profits to fall. That is not the case. The third quarter profit for Exxon broke all records for quarterly profits for ANY Corporation. That sir, in my books, is greed.

Super Mike, I really don't understand what you are stating. First of all their large profit was made before the demand for gasoline went down. They made that profit because they have been smart enough to buy oil when the price was very low. They store it and then they sell it at the same price that everyone else is selling oil. I know that when I bought a house many years ago the price of the house was very low. Then the price of that house went up enormously when I was selling it. Naturally I sold it for the same price that other people with similar homes were selling theirs.
More importantly, do you think that it would have been better if Exxon would have refined less oil so that the supply of refined oil would have gone down. If the supply had gone down. the cost of gasoline would have been even higher than it was.

/Yoda on

And so begins the Tax Wars...


/Yoda off

You must remember that we are the stockholders. The board of directors sets policy and demands a certain margin.

These companies pay market price, as a result had to invest much more as the cost of crude went skyward. The bigger the investment the bigger the bottom line. Many corporations made much more by percentage. Business 101.

If you would like someone to "blame" how about....

OPEC ( They are laughing all the way to the bank)

Environmentalists ( They would prefer that gas was $10 a gallon)

Democrats ( They are so far up the environmentalists collective behinds the even exploration was halted 16 years ago)

The Big Three and the general public for producing and buying inefficient vehicles.

The rest of the planet has been paying higher prices and driving more efficient vehicles for thirty years. See anything wrong with that picture?