Exxon--"Largest profit ever in the history of the world"

[Atman]

Over $10bil for the last three months. Just announced on CNN. But the high prices aren't profiteering. Nope. No way. Honest.

[bryant69]

1. What is profiteering?

Or what does the phrase mean?

Making too much profit?

Or making profit in disreputable ways?

Bryant
Check it out --> http://politicalcomment.blogspot.com

[bowens43]

3. Definition

Main Entry: prof·i·teer
Pronunciation: "prä-f&-'tir
Function: noun
: one who makes what is considered an unreasonable profit especially on the sale of essential goods during times of emergency

[ProfessorGAC]

7. This Is The Prime Example

No sacrifice in time of "war" for these folks, is there?
The Professor

[PA Democrat]

16. Yes and Exxon has also underfunded their employees' pension plan

to the tune of $11.5 billion.
http://moneycentral.msn.com/content/P119362.asp

They don't even meet their obligation to employees, let alone practice good corporate citizenship.

[Atman]

9. In this case, perhaps a combination of both

Katrina and the war have been trotted out as reasons for such ridiculously high gas prices at the pump. Yet, apparently the oil companies were still able to mark up the price of their product to literally historic levels. Not to cover costs or make up for shortfalls, as it is clear that we've experienced no shortage of product. Hey, I waited in six-block long gas lines in the seventies; then, could only buy gas on alternate days, depending upon license plate number, and then was limited to 8 gallons. Now, there is obviously tons of oil available (please note: subtle semi-sarcasm in use), and all we have to do is pay for it. It works for diamonds...very plentiful, cheaply mined under horrendous slave-labor conditions, yet exhorbitantly priced based upon a manufactured sense of rarity.

You make a good point (I think you're making this point!), about "what is too much," inasmuch as that Exxon is merely charging what the free market will bear. But this is not any ordinary free market comodity. Oil is unique in its strategic value, and he who controls it controls our very economy to a large degree. So, is Exxon merely exercising its capitalistic right to make as much money as possible? I believe no. I believe Exxon's profits are well above and beyond what is necessary for the company to return a respectable -- even fantastic -- return for the investors. THAT is what a company is about. But Exxon's is draining massive amounts of cash from the economy and keeping it. There is no indication anyone but the investors and the corporations themselves are benefiting. Fine, again, I suppose, as a corporation has no obligation to be a good citizen, its only chartered obligation is to make profits for the shareholders.

But again, this is so much deeper than that. Exxon's "profiteering," largely generated through tax give-aways from BushCo, is keeping money out of other aspects of the economy, and thus they are doing harm. Not just "making a healthy profit," but profiteering. Using a bad situation -- fear and panic and natural disasters -- to jack up prices. The numbers speak for themselves...the largest profit ever recorded in the history of the world.

[kahleefornia]

11. not only unique in strategic value

when the government is so involved in a product - such as sending our military to protect access to the product - we are in effect subsidizing it with tax dollars. So it rubs people the wrong way when the company just goes crazy raking in profit, at the expense of those who have already paid dearly for it. You pay for gas, even when you don't buy any of it!

Good post - i find it hard to explain this clearly - but you did an excellent job of it.

[wtbymark]

2. corperate deregulation/ global corperate dominance

I feel like sending my heat bill to cheney's office and saying "you fucking pay it"

[wakeme2008]

4. And tell me again why Exxon has NOT

been able to pay for the Alaska spill :grr: :grr: :grr:

[Sven77]

5. monopoly is good for the consumer

the more countries we take over, the more oil production is taken offline. the higher the profits.

[Double T]

6. aka Greatest money grab ever in the history of the world......

endorsed and supported by your friends in the WH. Next time bushco tells you how much he wants to 'protect' the American people from 'terrorists', don't forget it is politicians that allow this financial terrorism to be committed by greedy, corrupt corporations.

[HereSince1628]

8. Didn't they recently ask for a reduction of the Valdez settlement?

[rodeodance]

13. yes, they did

[ComerPerro]

10. Isn't this exactly the sort of thing that the magical "Free Market"

is supposed to prevent and correct?

[madokie]

12. Where is the pitch forks I ask

[Squatch]

14. What was the previous record?

[Atman]

15. Exxon-Mobile, previous quarter, over $8 bil

That's billion, with a b. Hoo-boy.

[Squatch]

17. What was the previous non-oil related profit record?

Just trying to get a sense of scale.

[JohnnyRingo]

18. In the 60s America hosted hundreds of oil companies.

Gas was $.35 per gal.

Now there are 5 large oil companies.

[Imagevision]

19. Does this mean we can expect $3.00 at the pumps this summer??

$2.44 in Ft. Myers Florida now!

[Jim Warren]

22. Mmmmm, that'd be a good bet

http://www.registerguard.com/news/2006/01/29/f1.bz.goodquestion.0129.p1.php?section=business

[gulliver]

20. It's not the people's money. It's the oil companies' money. n/t

[rman]

21. supply and demand

The increase in price due to supply falling short of demand, can out-pace the increase in price due to higher extraction and refinery cost.

We can have peakoil and price gouging at the same time.

[SeattleRob]

23. it's good old fashioned price gouging

It just goes to show that Dubya and Uncle Dick are being kind to their buddies - letting them price gouge the hell out of of.

This should be a campaign issues for the Dems. I know in Washington State, Maria Cantwell is using it. I wish there would be a national voice against this theft.

[earth mom]

24. Gawd, I am SO sick of this crap!

Meanwhile the rest of us are scrambling for a few bucks to put in the gas tank just to get to work! :grr:

[spanone]

25. Price Gouging????? Nawwww

I'm sure that Exxon CEO and folks are suffering right along with the 'common folk' :sarcasm: