LAT: Money Gushes In for U.S. Oil Companies (earnings "staggering")

[DeepModem Mom]

Money Gushes In for U.S. Oil Companies
By Tom Petruno, Times Staff Writer


Even for Big Oil, the numbers have never been as big as this.

When major U.S. energy companies including Exxon Mobil Corp. and Chevron Corp. announce their third-quarter earnings in the next few days, the results are certain to be staggering.

Pumped up by soaring oil, natural gas and gasoline prices in August and September, Exxon Mobil alone is expected to report quarterly profit of about $8.7 billion. That would be more than such titans as Coca-Cola Co., Intel Corp. and Time Warner Inc. earn in an entire year.

For the energy companies, the record results amount to an embarrassment of riches -- an invitation for attack by foes and even some traditional allies.

"The question increasingly is going to be, what is the industry going to do with this money?" said Amy Jaffe, head of the James A. Baker Institute Energy Forum at Rice University in Houston....


http://www.latimes.com/business/la-fi-oilmoney26oct26,0,586400.story?coll=la-tot-promo&track=morenews

[robertarctor]

1. Obviously, government isn't going to address this problem

When your former democratic government has been taken over by oil companies and their pimps, what can you do?

[truthisfreedom]

2. own the world. what else?

[No Exit]

3. They should be nationalized, and the money should

be seized and used to pay off the huge national debt--which they have helped to enlarge.

[Union Thug]

5. I vote for nationalization, too... When they just can't play nicely...

and share, you take their toys away.

[ladjf]

8. Exactly. Eventually it will have to happen. Why not now?

[glitch]

4. despicable. looting, war profiteering, gouging. despicable.

enjoy your profits in hell war-mongers.

[Rex]

6. This is like the Gold Rush but less ethical.

nt

[JDPriestly]

7. They are amassing a war chest

because Bush is their man, and the are going to have to defend him against the entire world. Nobody likes him. Absolutely nobody likes them. Them and Walmart.

[Spinzonner]

9. The question is why are they allowed to remain vertically integrated

with them controlling both the retail and wholesale markets.

The Hollywood studios were forced to divest their theatres around 1950 because of market control and abuses.

How is this different and how can their be a competitive market for petroleum products when they have that kind of price and distribution control, and the ability to conceal and control the market forces.

[Jose Diablo]

18. Yep, merchant monopoly, controlling the distribution channel. n/t

[gulfcoastliberal]

10. This makes me ill.

Where is all that cash going? I sure hope they're spending something on R&D that doesn't involve dino juice. Or hydrogen, either.

[ninkasi]

11. And the idiot

and his thugs want to give them more and more tax breaks? Please...in the meantime, they try to cut the budget by targeting the poor, the elderly, the disabled, and children. Leave the weakest to die, enrich the mega-rich even more. I hope they choke on their greed.

[superconnected]

12. oh surprise surprise. Isn't the Bush family invested in oil.

What a coincidence.

[aquart]

13. These people are insufficiently taxed.

[Jose Diablo]

14. Why should anybody be surprised

This is merchant monopoly, at it's core. All this crap about competition being the 'best' way is just propaganda from the RW corporate echo chambers to bring back the glory days from the pre-FDR times.

The RW think tanks, crooked politicians, marketeers rigging the price of commodities, stock market price manipulation, corporate store clerks acting like 'industrial big shots', unregulated national banks, corporate control of the media, anti-union propaganda it all leads to this; the gouging of the consumers and the working stiffs.

Remember back in the 80's, Reagan. Well that road he started leading us down with tyeing the government regulators and busting unions comes here. The economic model of populist economy that FDR's administration created started to be dismantled beginning with Reagan and here we are; on the threshold of the next Great Depression.

Why is anybody surprised? This is what conservatives have done for thousands of years. They let workers build a nest egg, then steal it by manipulating the market, goods or money. The priests have done it, the kings have done it, the barons and landowners have done it, the merchants have done it, the bankers have done it, dictators have done it. This is what "free markets and trade" is all about. This is nothing new.

It's how the wealthy stay wealthy and keep the poor in their place. Class warfare, the wealthy have used this way forever. Survival of the fittest mindset, at it's core. Even many Democrats are confused about this, that's how effective the propaganda is.

Choose your side Bubba.


Uh, spelling

[Occulus]

23. Nice rant.

Well said.

[booksenkatz]

15. Some of the $ should go to the families of dead soldiers

After all, those young men and women are dying to increase the profits of these companies.

[DoYouEverWonder]

16. It seem their greed

no longer knows any limits.

I'd love to know how the Bushbots at FR are trying to rationalize this?

[JNelson6563]

17. Even Repubs are calling for "windfall tax"

Congressional Rs are scared for their seats. Bushie doesn't have to run again so he doesn't really care. This is the second quarter in a row Exxon has broken the $8 billion mark BTW.

Julie

[goforit]

19. And where is the share of their wealth?

[Javaman]

20. What we are watching is what happened in California...

only on a national scale. They were watching and perhaps even helping kenny-boy in his fuck over of California and taking notes.
Note to self: don't leave paper trail.

It's all bullshit.

[Yavin4]

21. For Progressives, This Is Great News

Nothing speaks louder than numbers. While Americans are spending more and more at the pump, they're seeing these obscene profits from the oil companies. Soon, they will make the connections between Iraq, gas prices, cronyism, corruption, and the need for regulation.

We tried to tell them in 2000, 2002, and 2004, but they would not listen. Now, as they struggle to keep up, they will see exactly where all of their money is going.

Unfortunately, pain is the only teacher for some people.

[HeeBGBz]

22. Give it back!

Oil pigs.

[Sabriel]

24. Shouldn't they kick back to the Big Three automakers?

If they don't prop up Ford, Chevy, and GM, the gas-guzzlers will vanish. Tsk.

(spelledit)

[madmark]

25. Looks like the energy bill worked

[anotherdrew]

26. wind-fall profits tax NOW!