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Oil Company Profits Rant - 7/27/2006 8:18:35 AM

LotusSong

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I am toughly pissed! Exxon today says it has made 10.6 BILLION dollars in profit in the 2ND QUARTER of this year. Will somebody PLEASE explain to me why this is right when we are paying so much at the pumps???

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RE: Oil Company Profits Rant - 7/27/2006 8:21:46 AM

meatcleaver

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High prices in the oil market caused through wars destabilising the middle east. However, oil companies need big profits to explore and extract more oil. One has to look at the profits after investment. You can blame the politicians because they are more guilty for fluctuating prices in the market than the oil companies who are gooverned by supply and demand.

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RE: Oil Company Profits Rant - 7/27/2006 8:31:39 AM

Arpig

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quote:

Will somebody PLEASE explain to me why this is right when we are paying so much at the pumps???

The price at the pump is the reason for the profits.

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RE: Oil Company Profits Rant - 7/27/2006 8:35:25 AM

akisha

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Actually most of the profits come from exportation of the refined product not from the pumps. The cost at the pumps is mainly taxes.

Here in Canada we send 80% of our raw crude to the US, y'all refine it and sell it back to us. Pretty asinine if you ask me.

< Message edited by akisha -- 7/27/2006 8:36:50 AM >

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