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Originally Posted by cgage
Put yourself in the CEO's shoes. Your company has invested many billions into buying oilfields and rights to oilfields. Those oilfields are going to run dry in the coming decade. It's a C-Level officer's job to have a 10 year plus outlook for a corporation. They need to shore up funds for the inevitable decline.
The only say that the american people have is the amount of oil they use. Your Rainier is not the most fuel efficient vehicle on the planet. Now neither is my Yukon XL, but I don't really complain about good business...
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you gotta be kidding me?? you work for exxon?
oil companies are the worst at reinvesting their profits and those oilfield rights have been paid for many years ago and or only a small % of their overall profits as rent.
now if you were to say how they were investing in research to extract oil from shale, or expanding their refinery capacity (minus marathon oil maybe?), or working to find more environmentally friendly extraction processes so we can finally drill in alaska so all the tree huggers dont cry about a place they know nothing about, then i might agree with you.
i'm all about fair profits, but these are obscene. if any other industry were to report profits like this with out significant R&D (i.e., pharmaceutical, biological, auto, whatever) there would be more congressional hearings than you could stand.
the bottom line is people keep feeding their cars with gas( im guilty and will be because, i own a big truck, a big sedan, and high horsepower sports car) and until people either back off or the economy worsens to point where oil crashes we will pay 3.50 a gallon and exxon will make record profits for a lot longer than 10 years
I guess it didn't help that I had just stop at an Exxon on my way to work to fill up my Rainier.
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