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Fuel Profits



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Old 04-01-2008, 04:36 PM   #1
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Fuel Profits

I know I'm not college UDUCATED but I thought I had a grasp on this whole "profit" ideal. I mean I am self employeed and I guess I missed something.

Today the CEO's of Shell, Exxon, Chevron and a few other oil companies were in front of Congress today and stated " Even though we have had years of RECORD PROFITS, it's not our fault the gas prices are so high". $123,000,000,000,000 $123 BILLION

I guess this is where I'm lost. Isn't the term PROFIT defined as any money made on top of your cost in materials, labor, shipping and etc.. Any money left over after your bills are paid? Wouldn't that mean that there Record profits are in exact relation to high prices? I mean without the extreme cost they would not clear as much of a profit margin. What am I missing and why won't they be indidated for lying to Congress as Rodger Clemens?

And finally, the truckers are complaining about the high cost of diesel. At least that's what is being reported.
Sorry guys, just a rant.
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Old 04-01-2008, 04:58 PM   #2
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yes thats a whole lot of money... but it is a huge business in dollars as a whole... in percentages they only made 9% profit which is on par with any industry or business... just so happenes that pretty much everyone buys fuel... lowering gas prices 9% (what would that be right now... right at 30 cents) and then they would make zero dollars.... 9 % pfofit is not unreasonable... the biggest problem isn't a shortage of crude, or fuel companies gouging us... it's lack of refined fuel because of how impossible it is to build a NEW refinery in the us... too many greenie laws are a huge part of the equation... it's now no longer profitable to build and maintain a new refinery and expect to recoup your $$ because of the regulations... so here we sit refining at a capacity that was enough a few years ago but we have not increased the supply to meet the demand
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Old 04-01-2008, 05:08 PM   #3
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I agree with most of what you say but 9% 2 years ago does not equate to Record profits for the last few years also at 9%. If the rate is the same then and now, how is it Record earnings? with more 30-40mpg vehicles, the number of gallons has not increased that much to provide billions in profits.
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Old 04-01-2008, 05:49 PM   #4
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no one cared about their profits when gas was 2.00... they have made about near the same amount of profit over the last few years (meaning they were making more than 9% before)... if you look at this chart that means that they were making the roughly the same abount of profits when fuel was lower... so obviously things are more expensive on there side now too... yes something is wrong with fuel being this much... but you can't just simply say it's that oil companies are gouging us and are greedy... and our fuel consumption has definately gone up as well as fighting with china for refined fuel... they are using way more now than ever
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Old 04-01-2008, 06:40 PM   #5
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I dont know where I read it but I seen a report that said they are at about a 75-85% profit margin. I know what it takes to run a business and 9% is not near enough I think they are making MUCH more than that. In my company we have record sales every year and sales are about 200 million a quarter just in my region alone, and I know our margin. I can tell you this we never made anywhere close to the billions.
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Old 04-01-2008, 07:24 PM   #6
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Anything people forget is that the Oil Company's do not set the price. The stock market futures speculators are the guys that set the price. So every time they heard about some storm headed for the coast, or about some war they start bidding the price up higher. This is the guy that the oil companies sell to. This is what the free market has done to the gas price. Oil and gas are listed as commodities and are sold and bought at the whim of the gas speculators. Even if the oil companies are way over 9% they are just doing what you or I would do, and really it is out of there hands. I also agree with the above statements. Lack of plants to make gas and such make the speculators bid it all up.
Most other countries have a gov. run gas plants and there people pay way more than we do.
One last thing we are paying more for oil right now because our dollar is a little weak at the moment.
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Old 04-01-2008, 07:29 PM   #7
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Originally Posted by pwood114 View Post
I dont know where I read it but I seen a report that said they are at about a 75-85% profit margin. I know what it takes to run a business and 9% is not near enough I think they are making MUCH more than that. In my company we have record sales every year and sales are about 200 million a quarter just in my region alone, and I know our margin. I can tell you this we never made anywhere close to the billions.

think again... and read again... i posted accurate info

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Originally Posted by Washington Post
Even so, many companies smaller than Exxon Mobil "earn" more, depending on what measure is used.
Most financial institutions, such as commercial banks, are routinely more profitable than Exxon Mobil was in its third quarter. For example, Exxon Mobil's gross margin of 9.8 cents of profit for every dollar of revenue pales in comparison to Citigroup Inc.'s 15.7 cents in 2004. By percentage of total revenue, banking is consistently the most profitable industry in America, followed closely by the drug industry.
Altria Group, the maker of Marlboro and other cigarettes, made 22 cents for every dollar of revenue in 2004, and pharmaceutical company Merck made 25.3 cents for every dollar of revenue in 2004.
By other measures, such as profit per employee, return on invested capital and free cash flow, Exxon Mobil is nowhere near a standout.
Oil industry analysts yesterday also pointed out that while times are good for oil companies, one of the reasons is the huge American demand for gas at a time when supply is constrained. And the cost of extracting and refining oil in the coming years is only going to increase, requiring hundreds of billions of dollars of investment. Energy research firm John S. Herold Inc. last month predicted that despite short-term increases in profits, higher costs will probably make many U.S. oil companies less profitable in the next five years, even as their revenue grows rapidly.
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Old 04-01-2008, 08:09 PM   #8
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What is gas prices now....I have not had to pay for any for three weeks now....
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Old 04-01-2008, 08:12 PM   #9
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it will come out of your profit sharings and bonus at the end of the year just like mine.... i filled the company vehicle up at a place selling diesel for 4.10 the other week... didn't have much of a choice
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Old 04-01-2008, 08:54 PM   #10
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Everyone blames the high oil prices. Why is it when oil goes up gas goes up but when oil goes down prices stay the same? I'm not blaming it all on the oil companys the weak dollar combined with the oil prices are all a huge part of it but its getting out of control. I dont have a solution for the problem or I would not have the 30k job a yr that I have. but there has to be a solution. how much a gal. are we paying in taxes????
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Old 04-02-2008, 12:51 AM   #11
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http://www.texasgasprices.com/tax_info.aspx

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Texas - 38.4 gas 44.4 diesel
which isn't out of range of other states... go figure ... cali is on the highestside and alaska is on the lowest
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Old 04-02-2008, 12:58 AM   #12
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that I have. but there has to be a solution.
relax greenie laws and taxes on fefining... forget finding the stuff we have more than enough reserves to get to my grandkids... doesn't matter how much $ you make a year... it's figuring out how to persuade people that want to save the world from every little thing and their lobbyist groups... even though lobbyist are usually in the minority they have strong enough convictions to get a group out and get laws passed
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Old 04-02-2008, 09:41 PM   #13
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How about the TAXES on the fuel ????
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Old 04-03-2008, 08:23 AM   #14
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How about the TAXES on the fuel ????
http://www.texas4x4.org/showpost.php...9&postcount=11
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