High oil profits not so bad

[spinbaby]

I just saw an amazing bit of rationalization from ABC news. According to what'shername, high oil company profits are not so bad because oil-producing countries are making even more money than that and, besides, we all have oil-company stocks in our retirement accounts so we're really benefiting from the high prices.

My head is spinning.

[magellan]

1. What retirement accounts?

And the old "If you think they're making big profits, look at what those fellas over there are making" argument is no better than telling consumers "Hey, at least a gallon of gas isn't as expensive as a gallon of milk!"

Apples, oranges...The corporate news whores drone on as Americans ready their torches and pitchforks....

[flobee1]

2. Uh...no

Retirement accounts are useless if you cant afford to retire



and I have oil stocks because investing in alt fuels with this administration is a guaranteed loss

[Turbineguy]

3. At the risk of getting flamed..

Oil exploration costs are going through the roof. All the cheap oil has been found. Once the new oil has been found, pumping from the ground costs will rise. The so-called refinery margin is a myth. The price of the oil does not include delivery to the refinery. Oil companies are looking at enormous investment requirements going forward. Record oil company profits are not all that high in terms of percentage.

That said, oil company execs don't seem to have a problem looting their companies. Also, most of the price problem is political and created by U.S. Republicans. Americans who vote for republicans should not complain. They are getting what they voted for.