Oil Execs Tell Congress: Don't Blame Us

[Cowboyboot1980]

I agree with Monkey38. What does this accomplish? Basically just yelling at these CEOs. Shit rolls downhill and you can talk all about taxing them and all but it will be passed on to joe 6 pack sooner or later.

[ROBBEDBYBIGOIL]

Goverment can make sure its doesnt roll down hill onto joe six pack.

If you dont agree with what the oil companies have done and will do again use less gas & if you can use more alternative fuels

[monkey38]

This attack on oil companies is just another failed attempt by liberals to grasp capitalism. Off course they want to increase their supply, you idiots. Every business would like to have MORE to sell for LESS. We will drill on American territory, its all a question of what price will compel Congress to do its job.

[HemiHead66]

This guy is full of shit. That Enron loop hole they closed last week was for natural gas not oil. The real reason oil prices are high is because we are occupying Iraq, helping Israel steal Palestinian land, and it's an election year and they don't want another George Bush running the show. The oil in Iraq alone could power the U.S. for 100 years. The market is being manipulated for political means. They want us out of the Middle East.

[cowboycarl04]

all we have to do to cut the price of oil down 30% almost overnight is for Congress to say we no longer have restrictions on drilling in the country...

you'll be amazed how fast it drops... remember, we are upset with "speculation" prices... many in the oil business feel we already hit a peak supply of oil...

so can anyone tell me what happens when you introduce a new source.... holy crap the price drops, especially if it comes from your own soil...

Congress is to blame...

[Dblitzen]

This is all gut wind,We know these exects make millions and congress is as inept as bush.Its all bull shit.There is no one working for us anymore.Its all about money and power.The environmentalists wont drill and bush is a neutered dog. Were in trouble.

[Lost0Poet]

i tell ya, i wish i made so much that I didn't have to keep track of it. i think we should put them on a little island and let them had dig for oil for us. fart knockers, at our expense i don't be-grudge them making money, its free enterprise, but not at the price of bending us over the gas dispenser and "pumping us" in a flurry of gang bangin economical rape.

[da19570]

park all cars trucks and buses trains airplains ships to protest the fake oil shortage.

[stonerj0e]

we have a REAL problem.

[ybnrml3]

When the time comes for changing from winter formulas or vice versa, there are things that need to be maintained. if your car engine ran at 100% for 8 straight months, it would need serious work to keep it running. Right now is the switch time from winter to summer season that starts June 1st. Is capacity down? yes. But a lot of it has to do with keeping refineries working that are over 32 years old. since no NEW refineries have been built since '76. why does the oil in Alaska go to japan?

[ybnrml3]

the last time we tried to find an alternative, the market got flooded with oil, making any alternative unprofitable. if ethanol was the answer, why is it being subsidized? if it ever does become profitable and therefore a threat to opec's revenue, they will flood the market and it will be cheaper to refine oil into gas. ethanol will dry up, pun intended.

[tsuzik]

instead of blaming, accusing, and demanding lower prices - let's work the problem people and find a way off the oil.

[ybnrml3]

When a politician demands the Saudis pump more oil, they're admitting that more supply lowers prices. All their talk about ANWR and Big Oil gouging is bull. Some oil executives had the guts to say that to Congress.

[joeystockdale]

I would like congress to hold open hearings on Alien's and there technologies. Google The Disclosure project! I have personally seen a triangle craft the size of 2 football fields fly silently over my house.

[joeystockdale]

Is that it? Name calling? What do you think you are teaching? Do you think this country would lie to ourselves to go to war if we were controlling oil? I bet we would be a lot more responsible. In fact I think we should grow Hemp like we youst to do before corporation's lobbied to demonize it because they could make more money on pattening synthetic products that cause cancer.

[ybnrml3]

yeah, well typical liberal. when you can't combat an idea that is contrary to your warped way of thinking, you resort to personal attacks. sorry may response took so long, i had other open minded students to teach tonight. these people understood supply and demand. have you thought about how the value of the dollar is affecting imports, like oil. do some research.

[ElGrandinquisitor]

Well done ,a true neo-con, managed to completely avoid an answer. You think its bad now wait till the Arabs decouple the price of Oil from the Dollar to the Euro. I would think that would concern an economist. However since you must be a Bush-backer,and a Republican you must think the economy's doing great.I understand supply and demand and the manipulation of both better than you. Refinery capacity dropped from 89% to 83% in one year according to the Gov. Why? You tell me "smart" guy. Research?

[Mudget]

it's a bunch of losers testifying before a bunch of losers. what does anyone expect the result to be? that's right. nothing whatsoever. because that's what losers accomplish.

[ybnrml3]

all you socialist/marxist/communist idiots should learn something about economics.

[ElGrandinquisitor]

And you should learn about price gouging, Don't give me that pass on the cost bullshit either. Any country that allows one industry,out of greed, to drag down living standards for all is doomed. All you morons that want to pay 5 dollars a gallon can do so, I want some accountability.

[ybnrml3]

I know price gouging. I am an economics professor, so don't lecture me on something you drank the kool-aid on.

[ElGrandinquisitor]

What a great rebuttal!What 5$ community college do you teach at? Devry? I'm an EMT and I've bandaged a few head wounds, By your obviously low standards I must ..a.. a BRAIN SURGEON. Production output does not justify the profit amount = Gouging. If you have no answer just admit it. I could care less what you do or don't do for a living.

[ybnrml3]

I will let our president Mr McRobbie know that some people think IU is a $5 community college. he should get a good laugh out of that. thanks, it made my day. I'm sure it will make his too.

[ElGrandinquisitor]

While your at it you should find out what the refund policy is for your students. You seem incapable of answering a question. Again why has refinery capacity been cut to 83% of design when Hurricane seasons is starting. When bush asks the Saudis to increase production its to try to save his party and legacy,so your premis is flawed.Simply put Why do the Oil companies reap extra profits in excess of the cost of the raw material now? What about that statement eludes you?

[ybnrml3]

What do you mean by extra profits? They are making between 8 & 10% as an industry. that hasn't changed in a number of years. profit is measured in two ways. one is $ one is %. when all that is focused on is $, of course it looks outrageous. But if Eli Lilly or Merck or Pfizer generated the kind of sales volume Exxon does, there profit would have close to $86 billion. wheres the screams of "extra" profits. After Katrina, the refineries were working at capacity... TBC

[ElGrandinquisitor]

Do you know how to do any type of research? Exxons' profit went up 32% in one year. Conoco Phillips went up 56%.Thats their figures.The mechanism is pre-paid Oil futures that they bought at 10-20$ a barrel,but they sell at todays barrel prices. And thats not gouging? I don't think your an economist at all.Your figures are wrong,your logic is flawed. Oil companies have chosen not to upgrade existing refineries. I like an intelligent argument, but this isn't one. Goodbye.

[ybnrml3]

Record dollar profits on record prices. quit focusingfg on dollars and focus what counts in the financial indusrty. percentage. last word

[cowboycarl04]

spending also went up 32%, but you fail to mention that as well...

they spend 44% of their $440,000,000,000 in taxes, but I guess that doesn't matter either right?

it's a business, and they buy and sell oil at market value... when 75% of our oil is from foreign lands, exxon must BUY that oil at market value, refine it, and distribute it...

if you tax them more, WE pay the bill... I can't wait for people to complain even more... we can't drill, but we want cheap gas... double standards!

[ElGrandinquisitor]

You'd better Google "Exxon company 2007 fiscal report". Exxon stated "Capitol and exploratory expenses are up 5% over 2006" Where did you come up with 32%? 44% with a 12 billon $ tax break? Please..do the math. If you have facts lets debate. If your making shit up.. Don't waste my time.I've had enough of people who don't know anything about the subject.

[cowboycarl04]

you don't know anything either... i work in oil and i have friends in oil....

Congress is to blame and no one else... profit margins is the key percentage... ratio of how much profit they bring in out of total income...

it's been between 8 and 10% since 2002... which means it's constant, which means that even if they make more money... THEY SPEND MORE MONEY...

I could give two shits if they are expanding and making more... they are spending more...

[cowboycarl04]

well if you must know where I got my fact... I went to Exxon's website and found their 44% tax rate...

"ExxonMobil's worldwide effective income tax rate for 2007 was 44 percent. A recent survey by Tax Notes of 80 leading U.S. companies revealed that these companies had an average income tax rate of 30 percent.

In 2007, ExxonMobil's worldwide tax expenses amounted to over $105 billion."

next time, when you rant, try to remove the bias.. this is an american issue, PERIOD...

[ElGrandinquisitor]

What percentage is 12 billon to 105 billon? Say 11% dropping the rate to 33% a little more than my rate and your figure is worldwide not U.S. taxs. How ignorant can you be or think I am? Your spending figures are a lie. 32% my ass. U.S. oil consumption increased 2%(E.I.A.figures) in 2007 but profits went up 32% so don't piss down my back and tell me it raining.A strategic resource is controlled by a bunch of greedy assholes. Go read a book, learn some math,try to see the whole picture.

[cowboycarl04]

anyone giving you a negative number on this is misinformed... noticed when you present facts and numbers, people get upset... figures...

I have friends that work in smaller oil companies... they buy and sell the oil they make (or obtain from foreign countries) at the value it's traded... just like if we buy gold and silver from a mining company or a trader...

prices would drop instantly if Congress said we resume drilling...

I fear what lies ahead in 2009...

[ybnrml3]

thank you, it's good someone with a brain can see this. too many conspiracy whack jobs see stuff thats not there. to them

i say BOOOOOOO! you can come down of the ceiling now!

[ElGrandinquisitor]

Make sure you empty his trash can this time,thats what housekeeping is for.

[joeystockdale]

Time to nationalize oil! Lets take the greedy middle men out!!

[ybnrml3]

ok Hugo, take off your mask. Marxism never worked.

[cradle2light]

what a LIE!!! WHY dont we mentioned WALLSTREET and armies of SPECULATORS!!!DRIVING OIL and other Commodities to the ROOF!!!Btw checkout at the NET PROFITS of these Oil Companies!!

[ybnrml3]

check out the percentage of profit compared to the sales volume, then look at any other industry (except airlines) and compare that %. you will see the profits are less than most all other industries. Let's drill, says the economics professor.

[Victory0404]

Obama Mamma Mia !!!!

Let's change !!!!

Your stupid policy !!!!

Change your policy !!!!

Change yourself !!!!

[goodmood102]

More talk & no action..... Congress is a bunch of greedy jerks who own stock in oil comps.Bla,bla,bla....... Oil companies ALWAYS make profits..... Then whine when profits aren't high enough.....The NEW WORLD ORDER is a joke, stimulated by MEDIA.

[kevgrim]

don't blame us for the biggest transfer of wealth in american history! America was designed to fail once everything was built and all roads lead to everywhere - its time for the slaves that thought they were free chasing a dream that was nothing more than a wacky nightmare to be killed - designed to fail via the british empire!

[bigkyle07]

dont blame us for our record profits