Should the major oil companies be asked to bailout the Big 3 automakers?
The major oil companies have reported over $100 billion in net profit over the last 3 years and easily have the cash to bailout the big 3 by buying up a lot of their worthless stock.
And lets face it, the major oil companies are the ones who were pulling the strings of the Big 3 to keep cars running on gasoline while Japanese automakers shot decades ahead in R&D for hybrid and electric cars.
Question answered by Keith
Oil companies aren't dumb enough to make bad investments.
How much do oil companies make on each gallon of gas?
Help me settle a discussion. I say that the oil companies (Exxon/Mobil/Texaco/Etc) make about 30 % profit on each gallon, after taxes and the stations profit.
Question answered by mister_galager
If you do some research, you will see, for instance, that Exxon makes 7 to 8 cents profit per gallon of gas sold.
In contrast, the Federal Government tax on a gallon of gas is 18.4 cents, and then you add the state tax of anywhere from 15 to 30 cents per gallon...well, you get my point. The oil companies are NOT making a killing on gas prices like the media would lead you to believe, but the government is!
How would oil companies be affected if the majority of people were to switch to biofuels?
I have a big essay about bio-fuels and need to know how oil companies would be affected if the majority of energy users were to switch to some type of bio-fuel. Thanks
Question answered by carbonates
The oil companies are already the largest refiners and suppliers of biodiesel in the world market. They really don't care. They are probably doing more research into biofuels like algae and biomass than any other industry sector and much more research than government. Oil companies are just energy companies. Most of the small biodiesel companies that are not also oil companies already went bankrupt.
The better question is, how could we actually produce enough biofuel to replace the 79 million barrels of oil per day that we use without causing major economic and environmental catastrophe?
What can the American people do to make oil companies lower gas prices?
It's just sickening what the oil companies and the US Govt are doing to this country. What can we do to stop this?
Real ideas please!
Question answered by David S
stop buying gas...shoot a few of the exec....don't elect a pres. that's owned by the oil companies....
Do oil companies get their oil from OPEC or do they get it from drilling for it themselves?
If the oil companies get their oil from their own drilling, why do we depend on OPEC (specifically Saudi Arabia) to get our oil? Why don't we just buy our oil from the oil companies only?
Question answered by Oracle
The US Consumes about 19 Million Barrels of oil per day. Of this just over 5 Million comes from oil wells within the US. The rest is imported. The oil companies must sell the oil at world prices because about 70% of the oil they sell is bought at world prices. World oil prices have been going up, up and up some more. The US gets its oil from Canada, Mexico, and venisuala and the rest from the middle east.
What were the combined windfall profits of oil companies during the oil crisis?
Should the federal government declare a partial windfall profits tax from all US oil companies and distribute the profits to all the 51 US states based on populations in each state?
Question answered by Doreen
on their thumbs. On a side note - anyone find it interesting that the price decrease is coming at the same time that we are getting rid of Bush?
In any case, for the following oil companies, BP, Chevron, Conoco Phillips, Exxon and Shell, the combines profits for those eight long years was about 701 BILLION dollars - so almost the amount of money that the US has directly wasted in Iraq.
Exxon’s peofits have risen 250% while the economy has faltered. http://www.oilwatchdog.org/articles/?storyId=10827
It is an extremely sad state of affairs that the people we elected in this country have decided to do nothing after 8 years. I think the only reason prices are down now is that a widfall profits tax was guaranteed under Obama - imagine how much less pain we would have had if we wouldn’t have had Bush and a Republican controlled legislature....
If you look at this chart, you'll see how much the US consumer was being gouged. Notice the big spike in crude, with almost no movement in the gas price, because we were already being gouged...
Is it true that oil companies will buy patents to alternative fuels to make us keep paying for gas?
Apparently oil companies will buy patents to alternative fuels and do nothing with them so no one can take advantage of these alternative fuels, hence forcing us to keep buying gas.
Question answered by Boo
First of all if the patents were worth much the oil companies would buy the patents and build the product, making tons of money in the new venture. So the idea of these companies looking to destroy new ideas is very false, however they do invest heavily in new development of new energy resources of all types.
Although conserving energy is not in their best interest making money is regardless if it is fossil based. So sitting on good ideas is not a good business mode for the oil companies.
How much would the US government make per year if it Nationalized US oil companies?
I have a crazy liberal Professor who think that nationalizing the oil companies would fix the deficit. Can someone tell me how much the government would make?
Question answered by stung4ever
Exxon, the biggest oil company, showed 45 billion in profits in 2008. That's about 3% of this year's deficit.
No way does nationalizing oil companies fix the deficit.
Of course, your professor may just be looking at gross income, in which case he has no understanding of economics, and should be taken with a grain of salt.
Why should Obama interfere with oil companies and just let the free market handle prices?
If oil companies and oil speculators run the price of gasoline too high, the oil companies will simply run out of customers and be forced to lower stock dividends or go out of business.
After they run out of people who can afford their products and belly up, another leaner and meaner company will take their place.
That's how free markets are supposed to work.
Doc Holliday Socialist
Question answered by dudeman612
The dirty little secret about speculators is that more often than not, they forecast short and drive down the price of oil. That's what happened the last time the dims demonized them as price gougers back a few years ago.
Plus, we are all speculators. If we think the price of gas will go up (speculating), we go and buy more gas, and maybe extra cans, before it does. If we think it will drop, we'll hold off on filling up until it drops. There, we just speculated and impacted demand.
Let's not forget that corporations are nothing more than a bunch of average people owning stocks. It's not some juggernaut full of evil, greedy oil tycoons. So, when the government screws the oil companies, they screw all the average Joe investors/stock owners, as well as the consumers and everyone else through increased prices due to higher fuel costs.
One more point, the reason why they have "record" profits, is because we have a devalued dollar! We need to spend more dollars to get what we used to get. That raw number makes it look like they are soaking us, but in reality, it's bad monetary and fiscal policy screwing us. The oil companies profit margins and revenue are consistently at about 3% and 9% (if I remember right) or 8 cents on every dollar they get.
Do you agree with the Rubberstamp Republicans that the Oil Companies know how best to spend your tax dollars?
Hard working Americans subsidize the mature oil industry to the tune of $17 BILLION/year.
With this money out of your pockets, oil companies are able to post record profits while charging you record prices.
The Rubberstamp Republicans in the Senate voted today to keep your tax dollars pouring into the coffers of their buddies in the oil industry.
Do you agree with the Rubberstamp Republicans when they say that the oil companies are the best judges when it comes to how to spend your hard earned tax dollars?
Question answered by jim_n_ruth
Anyone who "rubberstamps" an ok to the oil companies in face of their record profits is a useless (use your own insults here).