Exxon's Profits... $110 million A Day! - The Orange Mane

Bronco_Beerslug · 09-09-2005, 05:05 AM

Or more than 10 billion a quarter. Now there's evidence that big oil as conspired to REDUCE refining capacity in the U.S. to inflate fuel prices, criminal acts IMO.
What should be done with these people?

---------------------------------------------------
Exxon's $10B fill-up: Cashing in on crunch
By Brett Arends
Wednesday, September 7, 2005 - Updated: 04:27 PM EST

Oil companies came under new fire yesterday when it emerged that ExxonMobil's profits are likely to soar above $10 billion this quarter on the back of the fuel crisis.
That's $110 million a day, and more net income than any company has ever made in a quarter. It's also a stunning 69 percent increase over the same period a year ago and a 34 percent jump from the $7.6 billion Exxon made just last quarter.
``Do you realize President Bush has just given a tax break to ExxonMobil?'' thundered Rep. Ed Markey (D-Malden). ``Of all the companies in the history of the world that needed a tax break, this month, ExxonMobil should be at the bottom of the list.''
The law gives incentives to producers such as Exxon to expand production, such as for drilling for new wells in deeper waters in the Gulf of Mexico.
``It makes me angry,'' agreed Rep. Marty Meehan (D- Lowell), noting rising fuel prices ``are going to have a negative ripple effect throughout the economy.''
http://tinyurl.com/brtmd

-----------------------------------------
September 7, 2005

CONTACT: Jamie Court (310) 392-0522 ext 327 or Tim Hamilton (360) 495-4941
Internal Memos Show Oil Companies Intentionally Limited Refining Capacity To Drive Up Gasoline Prices

Santa Monica, CA -- The Foundation for Taxpayer and Consumer Rights (FTCR) today exposed internal oil company memos that show how the industry intentionally reduced domestic refining capacity to drive up profits. The exposure comes in the wake of Hurricane Katrina as the oil industry blames environmental regulation for limiting number of U.S. refineries.

The three internal memos from Mobil, Chevron, and Texaco (Click here to read the memos.) show different ways the oil giants closed down refining capacity and drove independent refiners out of business. The confidential memos demonstrate a nationwide effort by American Petroleum Institute, the lobbying and research arm of the oil industry, to encourage the major refiners to close their refineries in the mid-1990s in order to raise the price at the pump.

"Large oil companies have for a decade artificially shorted the gasoline market to drive up prices," said FTCR president Jamie Court, who successfully fought" to keep Shell Oil from needlessly closing its Bakersfield, California refinery this year. Oil companies know they can make more money by making less gasoline. Katrina should be a wakeup call to America that the refiners profit widely when they keep the system running on empty."

"It's now obvious to most Americans that we have a refinery shortage," said petroleum consultant Tim Hamilton, who authored a recent report about oil company price gouging for FTCR. (Click here to read the report.) "To point to the environmental laws as the cause simply misses the fact that it was the major oil companies, not the environmental groups, that used the regulatory process to create artificial shortages and limit competition."

The memos from Mobil, Chevron and Texaco show the following:

* An internal 1996 memorandum from Mobil demonstrates the oil company's successful strategies to keep smaller refiner Powerine from reopening its California refinery. The document makes it clear that much of the hardships created by California's regulations governing refineries came at the urging of the major oil companies and not the environmental organizations blamed by the industry. The other alternative plan discussed in the event Powerine did open the refinery was "... buying all their avails and marketing it ourselves" to insure the lower price fuel didn't get into the market. Click here to read the Mobil memo.

* An internal Chevron memo states; "A senior energy analyst at the recent API convention warned that if the US petroleum industry doesn't reduce its refining capacity it will never see any substantial increase in refinery margins." It then discussed how major refiners were closing down their refineries. Click here to read the Chevron memo.

* The Texaco memo disclosed how the industry believed in the mid-1990s that "the most critical factor facing the refining industry on the West Coast is the surplus of refining capacity, and the surplus gasoline production capacity. (The same situation exists for the entire U.S. refining industry.) Supply significantly exceeds demand year-round. This results in very poor refinery margins and very poor refinery financial results. Significant events need to occur to assist in reducing supplies and/or increasing the demand for gasoline. One example of a significant event would be the elimination of mandates for oxygenate addition to gasoline. Given a choice, oxygenate usage would go down, and gasoline supplies would go down accordingly. (Much effort is being exerted to see this happen in the Pacific Northwest.)" As a result of such pressure, Washington State eliminated the ethanol mandate -- requiring greater quantities of refined supply to fill the gasoline volume occupied by ethanol. Click here to read the Texaco memo.

FTCR is nonprofit, nonpartisan consumer group. For more information visit: http://www.consumerwatchdog.org/ener...t+Profiteering

Mile High Shack · 09-09-2005, 06:20 AM

man that is a lot of money

RaiderH8r · 09-09-2005, 07:53 AM

Buy stock.

bendog · 09-09-2005, 08:02 AM

Quote:

Originally Posted by RaiderH8r

Buy stock.

Got a little, but I had ford too.

I'm of many conflicts on this. The windfall taxes strike me as just unsavory. I mean I could go for it if the proceeds were tied directly to something like the cost of rebuilding, but still ......

Anti-trust. Nobody ever lost money when Standard Oil and ATT were busted up. In fact, the ATT guys got stock in the baby bells, and made a lot of cash. Msft conversely is pretty stuck. I did buy some stock in hope it would be busted up, but sold it.

But, higher prices are also a way to conserve and get people to want more efficient cars.

Mile High Shack · 09-09-2005, 09:27 AM

Quote:

Originally Posted by bendog

Got a little, but I had ford too.

I'm of many conflicts on this. The windfall taxes strike me as just unsavory. I mean I could go for it if the proceeds were tied directly to something like the cost of rebuilding, but still ......

Anti-trust. Nobody ever lost money when Standard Oil and ATT were busted up. In fact, the ATT guys got stock in the baby bells, and made a lot of cash. Msft conversely is pretty stuck. I did buy some stock in hope it would be busted up, but sold it.

But, higher prices are also a way to conserve and get people to want more efficient cars.

at this point

that is the only way to fight back against the oil companies

bendog · 09-09-2005, 10:02 AM

Quote:

Originally Posted by Mile High Shack

at this point

that is the only way to fight back against the oil companies

Couldn't people buy all the F-150s ford has rusting on lots, and hep me out a little

RaiderH8r · 09-09-2005, 10:22 AM

Quote:

Originally Posted by Mile High Shack

at this point

that is the only way to fight back against the oil companies

I don't know why the enviros are crying about high prices, it's precisely what they want.

bendog · 09-09-2005, 10:26 AM

exactly, cheney finally gives these elitist rich whiny nader wanna be hippies the energy policy they wanted, and he still get's pilloried !!! (-:

ak1971 · 09-09-2005, 12:17 PM

Quote:

Originally Posted by RaiderH8r

Buy stock.

exactly!

BKK · 09-09-2005, 01:18 PM

Quote:

Originally Posted by RaiderH8r

I don't know why the enviros are crying about high prices, it's precisely what they want.

The enviro hippies love to make rules which affect the rest of us, but when something affects them they are the first to cry about it. They want their cake and eat it too. Hypocrites is what they are. I dont want to here a sound from anyone who stood in the way of building oil refineries and oil exploration in Alaska or wherever, when the price of gas goes up. Sure the oil companies are making a killing, thats why they are in buisiness and Im glad to see it, because the more power they got, the more they can fight the enviro hippies and make them crawl. Did I mention I really dont like the enviro hippies.

enjolras · 09-09-2005, 01:38 PM

Quote:

I don't know why the enviros are crying about high prices, it's precisely what they want.

I'm actually in this camp... I HATE what it does to guys like Spide, but if it convinces everyone to trade in their hummers and excursions for reasonable and useful cars, i'm all for it.

More importantly, maybe this will finally get the funding and focus needed to get our best and brightest on to making next generation cars (like hydrodgen fuel cells) a reality

bronco_diesel · 09-09-2005, 01:50 PM

good article on gas prices and gouging.

http://moneycentral.msn.com/content/P116177.asp

Bronco_Beerslug · 09-09-2005, 03:47 PM

Quote:

Originally Posted by BKK

The enviro hippies love to make rules which affect the rest of us, but when something affects them they are the first to cry about it. They want their cake and eat it too. Hypocrites is what they are. I dont want to here a sound from anyone who stood in the way of building oil refineries and oil exploration in Alaska or wherever, when the price of gas goes up. Sure the oil companies are making a killing, thats why they are in buisiness and Im glad to see it, because the more power they got, the more they can fight the enviro hippies and make them crawl. Did I mention I really dont like the enviro hippies.

Of course you couldn't actually address the topic of big oil conspiring to gouge America but that's OK I don't really expect any constructive debate from some of Bush's high school cronies that visit here.

BKK · 09-09-2005, 04:21 PM

Quote:

Originally Posted by Bronco_Beerslug

Of course you couldn't actually address the topic of big oil conspiring to gouge America but that's OK I don't really expect any constructive debate from some of Bush's high school cronies that visit here.

Yes I did sonny. I clearly stated that I was glad that they are making a killing, because frankly we deserve it. I am all for it because this is what it is going to take to open up Alaska and all other venues of new oil exploration. and to start building a whole new series of oil refineries. So, I hope they squeeze until we can get some laws amended.

L.A. BRONCOS FAN · 09-09-2005, 04:26 PM

Quote:

Originally Posted by Bronco_Beerslug

Of course you couldn't actually address the topic of big oil conspiring to gouge America but that's OK I don't really expect any constructive debate from some of Bush's high school cronies that visit here.

Notice how he distorts the facts, e.g., implies that environmentalists are to blame when it's been established that deliberate attempts to limit refining capacity are actually to blame?

Bronco_Beerslug · 09-09-2005, 04:43 PM

Quote:

Originally Posted by BKK

Yes I did sonny. I clearly stated that I was glad that they are making a killing, because frankly we deserve it. I am all for it because this is what it is going to take to open up Alaska and all other venues of new oil exploration. and to start building a whole new series of oil refineries. So, I hope they squeeze until we can get some laws amended.

Of Course, in your infinite wisdom you did know that the U.S. sits on a whopping 2% of the world's reserves. 101 on oil. We don't have the it the bad guys of the world do.

Could you post the timeline and benefits for what opening the Artic refuge would do for America?

09-09-2005, 05:05 AM	#1
Bronco_Beerslug Angling in the Deep Join Date: Oct 2003 Location: Texas Riviera, Southern Mountains Posts: 24,281	Exxon's Profits... $110 million A Day! Or more than 10 billion a quarter. Now there's evidence that big oil as conspired to REDUCE refining capacity in the U.S. to inflate fuel prices, criminal acts IMO. What should be done with these people? --------------------------------------------------- Exxon's $10B fill-up: Cashing in on crunch By Brett Arends Wednesday, September 7, 2005 - Updated: 04:27 PM EST Oil companies came under new fire yesterday when it emerged that ExxonMobil's profits are likely to soar above $10 billion this quarter on the back of the fuel crisis. That's $110 million a day, and more net income than any company has ever made in a quarter. It's also a stunning 69 percent increase over the same period a year ago and a 34 percent jump from the $7.6 billion Exxon made just last quarter. ``Do you realize President Bush has just given a tax break to ExxonMobil?'' thundered Rep. Ed Markey (D-Malden). ``Of all the companies in the history of the world that needed a tax break, this month, ExxonMobil should be at the bottom of the list.'' The law gives incentives to producers such as Exxon to expand production, such as for drilling for new wells in deeper waters in the Gulf of Mexico. ``It makes me angry,'' agreed Rep. Marty Meehan (D- Lowell), noting rising fuel prices ``are going to have a negative ripple effect throughout the economy.'' http://tinyurl.com/brtmd ----------------------------------------- September 7, 2005 CONTACT: Jamie Court (310) 392-0522 ext 327 or Tim Hamilton (360) 495-4941 Internal Memos Show Oil Companies Intentionally Limited Refining Capacity To Drive Up Gasoline Prices Santa Monica, CA -- The Foundation for Taxpayer and Consumer Rights (FTCR) today exposed internal oil company memos that show how the industry intentionally reduced domestic refining capacity to drive up profits. The exposure comes in the wake of Hurricane Katrina as the oil industry blames environmental regulation for limiting number of U.S. refineries. The three internal memos from Mobil, Chevron, and Texaco (Click here to read the memos.) show different ways the oil giants closed down refining capacity and drove independent refiners out of business. The confidential memos demonstrate a nationwide effort by American Petroleum Institute, the lobbying and research arm of the oil industry, to encourage the major refiners to close their refineries in the mid-1990s in order to raise the price at the pump. "Large oil companies have for a decade artificially shorted the gasoline market to drive up prices," said FTCR president Jamie Court, who successfully fought" to keep Shell Oil from needlessly closing its Bakersfield, California refinery this year. Oil companies know they can make more money by making less gasoline. Katrina should be a wakeup call to America that the refiners profit widely when they keep the system running on empty." "It's now obvious to most Americans that we have a refinery shortage," said petroleum consultant Tim Hamilton, who authored a recent report about oil company price gouging for FTCR. (Click here to read the report.) "To point to the environmental laws as the cause simply misses the fact that it was the major oil companies, not the environmental groups, that used the regulatory process to create artificial shortages and limit competition." The memos from Mobil, Chevron and Texaco show the following: * An internal 1996 memorandum from Mobil demonstrates the oil company's successful strategies to keep smaller refiner Powerine from reopening its California refinery. The document makes it clear that much of the hardships created by California's regulations governing refineries came at the urging of the major oil companies and not the environmental organizations blamed by the industry. The other alternative plan discussed in the event Powerine did open the refinery was "... buying all their avails and marketing it ourselves" to insure the lower price fuel didn't get into the market. Click here to read the Mobil memo. * An internal Chevron memo states; "A senior energy analyst at the recent API convention warned that if the US petroleum industry doesn't reduce its refining capacity it will never see any substantial increase in refinery margins." It then discussed how major refiners were closing down their refineries. Click here to read the Chevron memo. * The Texaco memo disclosed how the industry believed in the mid-1990s that "the most critical factor facing the refining industry on the West Coast is the surplus of refining capacity, and the surplus gasoline production capacity. (The same situation exists for the entire U.S. refining industry.) Supply significantly exceeds demand year-round. This results in very poor refinery margins and very poor refinery financial results. Significant events need to occur to assist in reducing supplies and/or increasing the demand for gasoline. One example of a significant event would be the elimination of mandates for oxygenate addition to gasoline. Given a choice, oxygenate usage would go down, and gasoline supplies would go down accordingly. (Much effort is being exerted to see this happen in the Pacific Northwest.)" As a result of such pressure, Washington State eliminated the ethanol mandate -- requiring greater quantities of refined supply to fill the gasoline volume occupied by ethanol. Click here to read the Texaco memo. FTCR is nonprofit, nonpartisan consumer group. For more information visit: http://www.consumerwatchdog.org/ener...t+Profiteering Last edited by Bronco_Beerslug; 09-09-2005 at 05:11 AM..

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09-09-2005, 06:20 AM	#2
Mile High Shack Ring of Famer Cock-a-doodle-do Join Date: May 2001 Location: Somewhere Posts: 17,010	man that is a lot of money

09-09-2005, 07:53 AM	#3
RaiderH8r In The Bag Don't worry. Nobody's listening. Join Date: Mar 2004 Location: Meth Alley Posts: 9,953 Adopt-a-Bronco: MethWolfe	Buy stock.

09-09-2005, 10:26 AM	#8
bendog Marginally Continent David Bowens, he'd be an upgrade Join Date: Jun 2001 Location: Folsom Prison Posts: 19,935 Adopt-a-Bronco: David Bowens	exactly, cheney finally gives these elitist rich whiny nader wanna be hippies the energy policy they wanted, and he still get's pilloried !!! (-:

09-09-2005, 01:50 PM	#12
bronco_diesel giddy-up Join Date: Oct 2004 Location: denver Posts: 1,251	good article on gas prices and gouging. http://moneycentral.msn.com/content/P116177.asp