$55,000 a minute PROFIT. "Why is this okay?"

[enough]

A diary at Daily Kos reacting to the New York Times article stating that BP has been raking in the equivalent of $55,000 per minute PROFIT.


http://www.dailykos.com/story/2006/7/25/14461/7814

Why is this okay? $55,000 a minute!
by concernedamerican
Tue Jul 25, 2006 at 11:46:01 AM PDT

Why is it okay for oil and gas to be at the highest levels in years, the highest EVER-- and yet for BP to be making $55,000 a minute profit for the past year?

Why would our President think it is okay for oil companies like BP to make 30% HIGHER profits than they did last year-- about 1000% the cost of living adjustment your average American gets in his or her wages if they rise. 30% higher profit-- most of it a boon to only a few executives and high shareholders of the oil company.

http://www.nytimes.com/2006/07/25/business/24cnd-oil.html?_r=1&oref=slogin

Do you earn 30% return on your investments, or on your savings? Do you get a 30% raise when you get a raise each year? If you don't, then why is it okay for you to have to pay for a few rich executives at BP to make 30% profit on the oil you can barely pay for? The price of which keeps rising with no end in sight?

Why is it okay for us to be paying over $3 a gallon for gas, when we're paying out the wazoo, with no accountability from our government, for a war in Iraq that was SUPPOSED to help lower gas prices and increase gas supplies.... at least, so went one of the rationales the Bush administration peddled back when it was making the case for war three years ago.

more>

[enough]

1. kick

[90-percent]

3. gas prices

$3.50 a gallon is but a small price to pay to remove all those WMD's from the hands of such an evil dictator! (That gasses his OWN PEOPLE with poison's supplied by the USA)

Freedom and high gas prices is on the march!

-85% Jimmy

[donco6]

2. Why do you hate Amurika?

But seriously, you also have to watch what they're doing in exacerbating the pipeline infrastructure of the US, begging Congress for grants or loans for their capital construction costs, which normally would come right out of profits, but not if they can get taxpayers to pay for it in the interest of public safety!!!

GRRRRRRR

[enough]

4. Right -- infrastructure problems not getting in the way of profit.

snip>

But the earnings BP reported today, a new record high for the company in a single quarter, follow a series of accidents at its operations in the United States, including spills in Alaska and an explosion in Texas that killed 15 people.

The company said today that it plans to spend $1 billion more over the next four years to improve safety at its American refineries and to upgrade its Alaska pipeline.

snip>

[klook]

5. The CEO says he's "hooked on business."

God, what a boring old fart.

[Blue_Tires]

6. ttt n/t

[SensibleAmerican]

7. Why? Because BP made an investment that paid off.

I doubt you would say anything if oil was at $8 a barrel and BP had to lay off half its workforce.

You might say, well why doesn't the common man get to profit off of oil? The common man can profit of oil if he were to buy a long contract of London crude. At the same time, if the price of oil drops, he loses money.