Exxon Mobil breaks another earnings record

....and SWITCH GRASS, which Obama has been advocating for months now. It is also the

reason why Venezuela is third in the World for Alternative Energy Sources.

When there is so much money floating around in the energy industry, why can't someone come up with a competitve alternative?   If it is switch grass then where do I invest, and how much of his own millions has Obama invested?

Wilberta, Venezuela?  Are you sure about that?  Are you sure it's not Brazil?

Also, Obama is heavily involved in with the corn ethanol lobbyists, so I doubt that.

Actually, Obama is pushing for sugar ethanol and that's not making him popular with the corn people.

He's not that keen on sugar either...studies are showing using food commodities are not the best idea.  

Why would a farmer sell his corn for feed, when he could sell it for more money as fuel? It would create more shortages and competition (higher prices) for food.  The fact is  that switchgrass has a higher yeild potential than corn. Scientists are doing a great deal of research into algea as a sourse....

Pam

I agree.  Maybe we should stop farm subsidies?

Oh yes, and prices will go up. OPEC had their little meeting, including some of our "good allies" in the Middle-East and agreed to cut production as of Nov. 1st. Meanwhile we continue to dump $10 billio/month into Iraq which has built their surplus to around $80 billion. Funny: we're not getting any breaks on the price of oil from them, or Alaska for that matter. No wonder some of them want to secede.

I look for Barack Obama to win this election. We need him in the White House badly. Bush was the oil companies president. Should Barack get elected, he will turn that around. I look for oil to plummet because the oil companies know that he is not going to play games with them. But it's too late for them, Obama is going to find alternative sources of energy, mark my word on that. What I'm guessing is that the oil companies will drastically reduce their price to discourage finding alternatives. I'm excited about Obama's plan on energy, we need to stick to the oil companies once and for all. They can eat their $hit as far as I'm concerned. Let's elect Barack Obama and get off foreign oil for good and send a message to Exxon Mobil while were at it.

Had enough, Obama will do nothing, the only one that will make the difference is the American consumer.  Because as the consumer, we will make that choice, not Obama.

I had a gas guzzling SUV two months ago, I turned it in and bought a car, and have cut my fuel comsuption in half.   If more americans are willing to make that choice, we can cut our oil consumption on that alone.  Gas prices have gone down on basis of demand.  OPEC cut the production becasue they were producing to much oil.  When that happened oil prices still went down.

I agree.  Maybe we should stop farm subsidies?

Just the ones for the big agro businesses, keep the mom and pop farmers alive.
They will need to be around when big agro collapses under the weight of Monsanto.

Ryan, it's apparently clear to me that you don't have a clue as to how the "consumer" is going to solve our energy crises. If it was up to the consumer, we would already have alternative sources of energy. Ryan, there are too many lobbyists for big oil. what the consumer says doesn't mean squat today. Obama is a change candidate, if we are going to find alternative sources of energy, Obama is our best choice. McCain doesn't have the brillance to do anything expect give us 4 more years of Bush/Cheney.

The only REAL CHANGE will come from a 3rd party candidate. Reps and Dems alike have proven that they can not be trusted to do what is in the best interest of the American people. Proof is how both McCain and Obama voted for the failing bailout=handout plan that the VAST MAJORITY of Americans opposed.

Vote 3rd party for real change!!

Had enough, I don't have a clue?  I think you don't have a clue.  You just stated that OBama was a "change candidate" and that was his qualification for alternative energy solution.  That was a very dumb statement.  The people have to choose, right now you can buy hybrids, flex fuel, natural gas vehicles, electric, and in California, Hydrogen.  Instead of Obama choosing corn ethanol for his lobbyist buddies, or something else down the road that will cause a negative effect on our economy like ethanol has.   There are already  five different choices, if one proves to be the answer, it will rise to the top.  Not because the Obama campaign used the word "change".

What makes Obama brilliant in your mind?  He's a lawyer.  Anybody could get into Harvard Law with the friends and financiers he had.  Ever hear of Percy Sutton, that's who got Obama into Law school.  Some of the smartest kids in the coutry don't get into Harvard, because they don't have connections.  Getting into Harvard isnt' about what you know, it's who you know.

Also, if you think Bush/Cheney are so evil, why have we seen more alternative choices come out under them, then Clinton? 

Ryan, I would have responded to your comment earlier, but damn I've been so busy today I haven't had a chance. OK, you mentioned something about, you have clue. I don't or some kind of Bull $hit like that. Well, I bet you clue up when Obama gets elected president, I bet you will then.

Pacific Northwest Blogger

Unfortunately, the two are somewhat inseparable.  Here in IL, farmers lease their farms to big agri-businesses.  They collect lease payments and subsidies while living in Florida.  Of course, that's not everyone, but how do you distinguish between the two?  Also, the mom and pops won't need subsidies if ethanol demand increases or if they start growing profitable crops.  Why is the American taxpayer subsidizing them?  So we can hold on to the image of the American Farmer?  Why not subsidies for fishermen?  They're not exactly rolling in dough.  How about a subsidy for waitresses?  They feed us too!  It's funny that the people saying, "let the markets work it out" are the ones constantly pushing for subsidies.

I expect our candidates for president not to look to further increase Big oils profits:

http://www.onewisconsinnow.org/page/content/bigoilmccain/

http://tpmelectioncentral.talkingpointsmemo.com/2008/08/mccain_supports_tax_breaks_for.php

*pepole = people

Well done!

100 Million? There are 300 Million people in the US alone... they are an international company.  They have Billions of customers.

What a joke.  How can this be happening for such a long period of time?

What would you rather have? Socialism?

Should the government get involved with the oil companies like they did with the banks?  Becasue that's worked out well.

The government got involved in the banks AFTER the banks and CEOs took all our money and went broke! 

Took our money? Wow, you must have a lot of money. I didn't lose a dime. And neither did you. Unless you have more in a bank then the FDIC insures you for. And then you deserve to lose it.

Steve, Fannie and Freddie are not totally public.

Please Ryan get your FACTS straight DONT re-write HISTORY The government only got involved in the  Banks AFTER they failed, The governemnt had nothing I repeat NOTHING to do with the BANKS failing remember??  One reason so many  Banks failed was because there was no government oversight and the Banks ran wild,got a "little drunk" like Wall Street as Bush likes to say, plus the banks even paid lobbyist in  Government millions of dollars to leave them ALONE. That worked out well didn't it RYAN?? The government ONLY stepped in AFTER the Banks had failed and the BANKS themselves begged the government to do it. IN other words the BIG Companies LOVE Capitalism when they make huge profits but if they start to fail all of a sudden they LOVE  Socialism and beg the Government to BAIL them out.  IF EXXON all of a started to experience huge losses they would be RUNNING to the Government with opne hands begging for a hand out, while the rest of us barely have enough money to eat.

Ryan-339660 Some industries by nature of how their actions can impact ALL of Us NEED regulations.  Would you fly if their was no FAA?

Tom and Ryan well socialism just snuck in way back when 1931 and even earlier.  We live under a democratic socialistic government social security, medicare, unemployment and   workers compensation our government is designed to protect the people or it used to be.  A Government of the people by the people and for the people Hello!!!

Now its of the corporation for the corporation and by the corporation cut the restrictions stop the oversight trust the big brother corporations to protect us. The Bush McCain plan privatize government.

Its worked great the last 8 years Exxon makes biggest profits of any company in history and the United states is bankrupt.

Ryan, in Lyin' Palin's Alaska they ALREADY have some form of socialism!  That dingbat is a hypocrite. '

http://www.newyorker.com/online/blogs/jamessurowiecki/2008/10/red-state-indee.html

I would like to know IF Exxon Mobil will TRULY " TRICKLE DOWN " that wealth! NOT!

Time to support T. Boone Pickens and his WIND POWER.

g, please do you homework before you start telling me what I know.

I don't have time to write out all the details, but look up the community reinvestment act, and the Gramm-Leach-Bliley Act.  Government pushed the CRA initiative so companies could recieve the benefits of the Gramm-Leach-Bliley Act.

JM, Tampa, FL, are you for real?  DO you know who T. Boone Pickens is, outside of the commercials you see on T.V.?  His longterm motive has to do with oil.  You should maybe try and get more informed.

Oil is hardly a good example of capitalism, it is a hybrid of 2/3 socialism and 1/3 capitalism. To exemplify this think about what a gallon of gasoline really costs:

The report divides the external costs of gasoline usage into five primary areas: (1) Tax Subsidization of the Oil Industry; (2) Government Program Subsidies; (3) Protection Costs Involved in Oil Shipment and Motor Vehicle Services; (4) Environmental, Health, and Social Costs of Gasoline Usage; and (5) Other Important Externalities of Motor Vehicle Use. Together, these external costs total $558.7 billion to $1.69 trillion per year, which, when added to the retail price of gasoline, result in a per gallon price of $5.60 to $15.14.

Link wouldn't work, google "what a gallon of gasoline really costs" for more.

One reason so many  Banks failed was because there was no government oversight and the Banks ran wild,got a "little drunk" like Wall Street as Bush likes to say, plus the banks even paid lobbyist in  Government millions of dollars to leave them ALONE

Add to that the regulations (CRA) that mandated banks make loans to ALL people regardless of ability to repay.

Whoa there, buddy!  There was no such mandate.  They did not tell them to loan $400k to someone who makes $80k a year.  That was the banks' doing.  The "half century mortgages" they have in California?  Not the government's doing.  How about niv-navs or NINJAs?  Not the government.  They should have increased the standards for prime mortgages and regulated sub-prime more, but the insinuation that the banks were forced to make these loans is ludicris.  The markets were eating the mortgage paper up.  Demand was sky-high.  That's what propelled the market.  And the demand came from too much money supply which was fueled by interest rates that were way too low.  It had little (I won't say nothing) to do with CRA.  

I think it is great that they are making so much money.  There is absolutely nothing wrong with turning profits.  If you want in, buy thier stock; otherwise, stop complaining.

It's not so much that the interest rate were too low but it did fall on banks and other lending institutions to be a bit more discreet with whom they loaned money to. They were so eager to just give it to anyone. I would even guess that they did it knowing that most people would not be able to maintain the mortgage, especially those like SNP said, make $80k and borrowed $400k. The banks had and still have a duty to loan money responsibly, when they don't we pay. They charge us high interest rates to borrow money from them and return that with small interest on savings accounts.

Back to the original topic folks. I'm not going to say much on politics because unless you don't live in the United States, you will know that both parties have powerful people in oil!! It's not one sided.

So, Exxon should be made to pay. ALL of the oil companies should. They raised prices based on only estimates made by Wall Street forecasters. I mean common sense say, if OPEC is charging you higher fees for oil, then you pass it along to stabilize your return. BUT if there's not charging you those higher rates as being fore-casted, then you will reap a whirl wind of profit because you're gauging the consumer.....WE THE PEOPLE>

This is off the subject, but how do you explain why my stepdaughter, a grad of Annapolis and Marine capta with two tours in Iraq and perfect credit, career military, had such a hard tim getting ANY kind of loan when she transferred to the Coast Guard and was deployed to a new place in the U.S.? All she could get was an interest ony loan, and hates it. This was about two years ago when the housing bubble started to burst. I aked her how it could happen and she said it was because the bank more or less assumed that they would sell the house within 10 years before the big balloon payment came along, the bank would get all it's money back, and she would end up with whatever wa left. At this point, that would be less than nothing. Perfect credit, most reliable employer in the country, plenty of savings and all ahe could get was an interest free loan? As for gas (back on subject), we are grateful for small favors: my husband has a small landscape company and, now that high season is over, it's suddenly cheaper to run his trucks and other eqipment, when the amount of work to be done is almost nothing until snow removal season. It's a small breather, but that's all it is. Gas will be back up as sure as the snow falls in Colorado (which has been less and less the last decade or so. By now we should have had a couple of snow storms. To date, no snow-it's going to be 78 degrees today, and we've had ONE hard frost. Global climate change ya think?) He's trying to start up new services and a new on-line business, which are starting to show alitle profit, but we are scared. I'm on disability/Social Security/Medicare, stuff McCain would like to cut. This whole family is voting Obama/Biden. McCain and Palin know NOTHING about us!

Something new please,

Those things you talked about are a direct result of the CRAs. Normal loans would not work for these people. The banks need to try offsets and pay options to meet the mandates. Are you too naive to see that?

martov, you are correct, In 77 they enacted the CRA act, and Clinton created a rating system for the CRA,when Banks wanted to merge they had to have government approval, and the CRA rating affect the approval process.  If a bank wanted to be competitive they had to abide by the CRA act.

martvol

You said:

Add to that the regulations (CRA) that mandated banks make loans to ALL people regardless of ability to repay.

ALL PEOPLE???  What?  That's just not true.  You had to meet certain criteria for Fanny to buy your mortgage from the originator.  If youmet the criteria, the CRA doesn't enter into the discussion.  You would have gotten that loan anyway.  The subprime market might have been instigated by the CRA (back in 77), but what caused it to explode was Wall St. 

The Alt-A, sub-prime paper market got huge because Wall St. figured out a way to structure deals that the market would eat up.  Stop telling me what I lived through.  I worked for a financial institution that bought tons of this stuff.  They take a sh**load of junk paper, put it in a structure with tranches.  Get an equity investor to front some cash, then sell the tranches.  The buyers?  Life insurance companies, pension funds, mutual funds.  This had nothing to do with legislation.  Investors thought they were getting a risk-free return that was 2-3% better than treasuries and they ate it up.  The banks were not mandated.  They didn't care because they weren't holding the paper on the back end.  Bear Sterns, Lehman, etc. were not the originators of these loans so please don't bring them into the conversation.  How did compliance with the CRA act cause this?  You go on and on, but don't explain that.

Do you think they control the cost of gas?  They are distributors.  When their cost goes up, so does yours, and the same happens when it goes down.  When prices shot through the roof, profit margin went up, do to the increased investment in product.

Sure, just like Enron and the price of electricity in California.  If they manipulate the supply, the price goes up.  And due to the relative inelastisity of the product, they make MORE money.  Kepp drinking the kool-aide!

LOL. People in this country are too stupid to even vote. That is why we have an electoral college. FYI. The electricity is regulated in CA, by the state. And that is the problem with that state. They try to control too much. Even to the point they tell people how they should live and breathe. Enron? I'm not sure you know what happened to that company. Except they spent peoples retirement. But that is about it. Oh, we have Socila Security BTW. And when NObama is elected he will fix all that. But he will raise taxes to do it. And he has already reduced the income level from $250k to $150k, and it will drop even to $50k before long. And perhaps even lower. Just wait and see. Regulation is not always a good thing. And thanks for the kool-aid!!!

Steve, California's electricity problem?  Exxon Mobile supplies you electricity?  Wow, talk about blaming them for everything.

You may want to look to the state legislature for that problem.

Puck2u, better go back and fact check, as sen. Obama has adjusted the number to those OVER 200K.FYI 2 days ago I heard Mccain called a family of 4 earning $42,000 (before taxes) middle class. Finally he actually used the word, but he used it in the wrong way. $42K divided by four, subtracting, taxes, mortgage/rent, electric, gas, water, food, clothing,etc,etc,etc is below the poverty level. Now that says to me if you make over $100k, Mccain thinks your are rich and is going to tax you to death and then take those tax cuts to Exxon instead!

http://www.onewisconsinnow.org/page/content/bigoilmccain/

Puck and Ryan you have just shown everyone here how STUPID PEOPLE can be. THE PRICE of Electricity in California was INDEED manipilutaed by Companies, outside the State those are the facts, no Obama didn't tell me to say that you fool. When the State decided to Deregulate the  electricity Companies that started the shortage because the companies that normally sell Edison  extra electricity said we will not sell you that now for the regular price we told you ( of course they were from Texas)  Edison could not afford to buy it, thus a shortage started, thanks to DEREGULATION. And Edison had to raise their prices, they never owned enough Plants on their own. Do you want a FIRE DEpartment that decides not to come to your house when its burning down  because you were a day late in paying your FIRE  BILL?? Thats how it used to be in the 1800's  people had  watch thier homes Burn  down  becasue they were not connected or didnt have enough money to pay them.  The Fire Departments are  run by the Government now , fof that very reason OH MY GOD  are you talking about Socialism!!!! Social Security , Medicare, those are all  socialist programs but I gaurentee you wont hear McCain complain about those. Puck your comment "except they spent the peoples retirement!!! IS that all? You know how many people had their life savings lost because of Corporate GREED?? Why  don't you go to those people  and tell them "it was only their retirement" to thier face and see how they feel.

Puck2u - "People in this country are too stupid to even vote."  Obviously, you're referring to yourself an people as uninformed as you.   What happened with Enron is directly connected with the insanity that happened with oil; and to a lesser extent, the mortgage industry.  The roots of all three come courtesy of Phil Gramm introducing legislation to virtually deregulate trading of certain commodities (such as energy) for those traders who WILL NOT take delivery of the commodity.  It was purely a way to make money for people don't work for a living, but sponge off of those who do - traders, esp. those involved in securties and hedge funds.  Why did Mr. Gramm do it?  Because his wife was at Enron at the time.  If memory serves, Gramm and his wife pocketed $1.8 million in a few short months due to the said legislation - called the Gramm-Leach-Bliley Act.  It's a little more complicated than I can write up here for you, so go do some homework.  FWIW, the fact that you say, "Regulation is not always a good thing," shows a very ignorant point of view.  The regulation existed to allow you to stuff your face with bread, and other foods that required processing.  If you know anything about basic economics, you will understand the age old example of the farmer and the baker - and why the baker should be allowed to pre-buy the farmer's wheat with only 50% of the necessary capital available; there is no reason, short of greed, along with the support of ignoramouses like yourself why a trader should be able to buy a barrel of oil with only 5-7% of the necessary capital.  "It is better to remain silent and be thought a fool than to speak out and remove all doubt." - Words of wisdom to live by, Mr. Puck.

Finally, I was a trader in NYC for a short period of time, until I realized that I wouldn't be able to live with myself by simply making money off of other people's backs, like some base parasite.  I was also a Republican, until they lost their way in 2000.  Although some of Obama's plans are a bit liberal in my view, when I start seeing homeless people begging at an intersection less than a mile from my house, I think we could use a bit of socialism (but not too much, mind you).  And Mr. Puck's commentary makes me believe it's time to invest more in education, and less in welfare to the extremely wealthy.

G, please get informed before you write.

Americans are not smart enough to understand how our economy or our government works. It goes to show how our school system is failing us...LOL. Oh well. No wonder NObama is able to brainwash us so easily. Slide further into oblivian America we do not know what it takes to make us strong again. Where is that bird flu anyway?

Ryan

Pray tell, what about g's comments were uninformed?

It was deregulation of utility companies that caused the skyrocketing of the price of electricity in CA. That is well known and was all over the news.

California's Deregualtion Disaster

link

Actually, it seems you forgot one small (albeit very important) part of the equation in CA.  The state had EXCESS energy around 96-97, and sold it to neighboring states.  Then in 99-01 we needed those energy credits back, and the states wanted to sell them back to CA for 10 x what they paid for them. (Roughly, too early to dig into numbers)

I've got a news flash for you about your "bail out" for the oil companies.  You weren't whining or looking to bail out the oil companies when the price of oil was only $8.00 a barrell.  They took a HUGE hit and many losses and just kept on going.  So, what goes around, comes around.  You stole it when it was cheap now you're hooked on it and want it to stay cheap, not going to happen.  If the demand weren't so great, the profits wouldn't be that great.  Police yourselves and quit blaming the oil companies. 

By the way........I wonder what profits the networks are reporting considering they favor and are paid dearly for a particular presidential candidate that spent millions of dollars on 30 min TV ads???? But we wouldn't want to check that out would we.

ONE MORE TIME, why is it all you lovers of corporate greed Always fail to mention that Exxon recieves BILLIONS in government tax breaks and grants paid for by the American taxpayer, Huh? Does it not fit your creepy house of BS spewing philosophy? I have been asking this question all day and not a single one of you gutless wonders will talk about it. Why is that?

Bob

YES, but please see this:

http://www.msnbc.msn.com/id/27374946/page/2/

"In January 2007, Palin spoke the first of at least two times to Vice President Dick Cheney, the Bush administration's point person on energy issues, according to calendars obtained by the AP through a public records request."

Palin & Cheney working together on a pipeline project and the OIL company makes $500 million BEFORE any work is done? Maybe Cheney, recommended Palin to Mccain, perhaps why she wasn't vetted. If it smells rotten (and especially w/Bush-Cheney) it usually is.

Yet another reason to vote for Barack Obama.

Barack is not a corrupt politician, whatever.  I believe he has received more money from special interest than any other member of congress.  Raising money from special interest, and kissing black babies seems to be the only thing he has done in his limited time in congress.  Thank the Democrats for the housing bubble and it's demise.  No more home equity ATM's.  Exxon's money has trickled down to me and my employees.  I have gone from 5 employees to over 100 employees in 5 years because of the energy sector.  My average employee makes nearly 100k a year, and they work hard for it.  I realize that BO wants to take some of our money in the form of higher taxes.  I'll just charge Exxon more to pay for it, and they will go ahead and charge you more, suckers.  The companies that can't charge more will just layoff people to save money increasing the size of our new welfare state.  You'll have to borrow some more from China so you can pay your gas bill and stupid bailouts of 29 year old Wall Street punks driving Maserati's .  You guys go ahead and elect Osama and I'll keep making money off you morons... 

a war for oil?  Compared to other countries, we hardly get any oil from Iraq, and it's not like we get it free.  Most of our oil comes from Canada and Mexico.

Funky, that's true.  I analyze data for a living.

Gas prices dropped a lot in October of 2006.

BS.

Gasoline prices rise in the summer and drop in the fall.  Supply and demand.  That's all.

Doctor Larry,

In April of 2007 gas prices did not rise. It is not about summer and fall or supply and demand. It has to do with CONTROL!

exactly!!!!!!!!!!!!!!!!

speculation on oil future contracts!

how many people actually took posession of oil at 145 a barrel?

NOT VERY MANY-remember very little money controls the RIGHT to take posession of said oil at said price-most of those contracts expired-and no one took delivery of the oil-it was all manipulation

secondly-the little guys doing the exploration and what not are now not profitable and the big guys like BP SHELL XOM will buy up the little guys-happening in banking happened in mortgage industry-who is next?????

pure greed and manipulation

Robi, your on the right track. The only real power the people of this country have is the power of the boycott. It's obvious that our elected politicians don't represent the public anymore. The big corporations pretty much set these clowns up for office. Unfortunately, the american public has been led to believe that the world will fall apart if they don't give in the corporate america. The only real thing a corporation understands is profits. It's like the old calculus problem of max and min. Minimize the product to maximize the profit.

Unless people enmasse  begin walking everywhere most of the time, it  is impossible for a boycott to be effective--it would only delay their profits.

If you boycott their gas you will also hurt a number of gas station owners and employees who distribute Exxon/Mobil products. Do you want to put these people in line for more government hand outs?

Chuck,

You're right.  It's not about boycotting one company.  It's about getting away from oil, entirely.

I have not bought anything ( not even a coke ) or even stopped at any Exxon owned stations for over 5 years, I tend to go to the small localy owned stations. Its not much but I feel better

Just think about how much of your money you spend on gas and oil based products leaves this country ( our economy ) never to be seen again

 Do some reseach and look at the energy alternatives the middle eastern countries are developing( with your oil money) while we all sit in traffic in our 6000 lbs suv's and complain about Exxon

This country really should go CNG for now until we can find a better solution. The cost of changing  a car over to CNG is not that high (just over a $1000.00) considering the price of car repairs today, Its a technology used in warehouses and industry every day. This also directly supports our economy not the oil producing nations ( OPEC ). CNG is also very very clean fuel engines last a lot longer using this fuel.  

I suppose those little locally owned gas stations do their own exploration, production, refining and marketing. How stupid can you get. Anyone who says they don't by from ExxonMobil has no idea of how much their products permeate our society.

Check out the other oil companies profits.  XOM's is more only because it's bigger.  If you quit buying XOM, and switched to Chevron for instance, Chevron wouldn't have enough fuel to meet demand (they don't have a lot of extra fuel laying around).  To meet demand, they would have to buy it from whoever had it (and at a higher price, because their demand would drive the price higher).  And guess who would have it.  So you would still be buying XOM product, under a Chevron sign.  The Chevron dealers would love it, the XOM dealers would go out of business.  You would be hurting a lot of hard working little guys.  XOM would be fine.

What a tool

Dan naz: 

Do you know the term "gouging?"  That's when sellers take unconscionable advantage of buyers who have no choice but to pay outrageous prices for a necessity. 

This not only describes what Big Oil does, it also pretty much sums up our current healthcare system, especially health insurance companies and for-profit providers.

These companies with their ill-gotten gains do not deserve our praise.   These types of companies now define "business as usual" in our country.  What I'd really like to know is how they plan to continue extorting us (the middle class) as more jobs get outsourced and we have less and less to pay them for their overpriced products.

That, , is the winds of communism in your voice.  Take note of the thoughts you think and the things you say, because the revolution that I want to happen revolves around a new, free society and the path you are taking is much,much different.

P.S.

How could I forget to mention Big Pharma?  That industry is beneath contempt.

While you are determined to "spread the wealth" why don't you boycott pharmaceutical companies, television networks and movie producers, bill gates, insurance companies, and all the other idiots out there making money off of the things you want??? It's supply and demand.  If you didn't buy it, they wouldn't sell it.  If you want to punish the oil companies, stop buying gasoline. It's that simple.

Here's the problem, because the american people didn't demand for higher CAFE standards we don't get the 65 mpg ford fiesta available in Mexico right now.

Gouging?  The oil companies only make about 10 cents per gallon of gas.  They just sell a LOT of gallons all over the world.

They just sell a LOT of gallons all over the world.

that justifies the 14 bil?

of course.

Do you know of any specific tax breaks that exxon mobile is getting? Or did Obama tell you to say that.

The oil companies do receive tax breaks!!! Supposedly it's earmarked for them to explore for more oil and alternative energy. This came from our "wonderful" ( and I use this word loosly) president who himself is an oil man.

Do you honestly believe the oil companies use this money for it's intended purpose?

The huge tax break that oil companies get is for the loss of their ability to produce oil, or in other words they get money from the taxpayers when there is a possibility that one of their oil sources (fields) might run dry.

Do your homework!

Obama has barely mentioned this tax break. It is smiliar to price supports for the agriculture sector only billions more.

????????

you really think there is a big difference between the two parties don't you?

Rallyforge, name one.

Big Oil "tax breaks" is a talking point for the Obama team.  When have we heard of anything specific. 

Did you know they call McCain Exxon John? Exxon gets huge tax breaks. There was a vote to decide if $13.5 billion in tax breaks for oil companies should go into oil alternatives, like solar and wind power, McCain ducked the vote, he is a Bush clone.

Ryan-  H.R. 6, the 2005 energy bill that contained $14.3 billion in subsidies for energy companies...all kinds of good reading out there, try it.

"Did you know they call McCain Exxon John?..."

Ah!  The ubiquitous, "they".  I often hear of them spoken of, or cited as a source,  but I have never found out who, "they", are.

here's a few for you Ryan...

Oil Defense  -

Defense operations to protect and secure Persian Gulf oil shipments and infrastructure.

Strategic Petroleum Reserve -

Storage of crude oil to be sold during price shocks and supply disruptions to stabilize domestic supply.

Foreign Tax Credit-

Allows a portion of foreign tax payments to be credited against, rather than deducted from, U.S. taxes due.

Accelerated depreciation of machinery and equipment-

Allows machinery and equipment within the oil industry to be depreciated more quickly than their actual service lives.

Excess of percentage over cost depletion-

Allows firms to deduct more than their investment in oil properties from their taxes.

Public liability for plugging, abandoning, and remediating onshore wells-

Annualized shortfall in bonding levels needed to cover existing liabilities on on-going operations.

Accelerated depreciation of buildings other than rental housing-

Allows buildings owned by the oil industry to be depreciated more quickly than their actual service lives.

U.S. Coast Guard-

Water infrastructure (maintenance of coastal shipping; provision of navigational support; ice clearing).

Deferral of income from controlled foreign corporations-

Allows oil companies to delay payment of U.S. taxes due on earnings from certain foreign corporations.

U.S. Export-Import Bank-

Subsidized loans and insurance to support the sale of oil-related equipment and consulting services abroad by U.S. corporations.

Royalty Undercollection due to Artificially Low Posted Prices-

Undercollection due to use of below-market prices in computation of production value by integrated companies.

sleepy bear, name one specific to Exxon, if you read so much, and are so informed it shouldn't be a problem.

The oil companies like the mega banks and other large corporations has our government dancing like puppets on a string. Set some standards for elected officials, ban the lobbying, set 2 year term limits with no more continuous service than that amount, and full annual disclosures of income and campaign contributions.

Bet you'll see a lot less familiar faces there than now.

Chuck, those are all tax breaks any company can have.  Let me guess your not a CPA?

Put an Oil rig in the middle of the Ocean or the Desert and tell me it won't deteriorate at an accelerated pace.

Also, the military protecting our country is protecting our respective industry.  So when the local government clear the roads, that's a tax break to people going to work and truck drivers. lol

Ryan-339660

"in 2006 for an unconscionable budget giveaway of $5 billion in tax breaks into the profit ledgers of Big Oil. This at a time when big oil companies regularly reported quarterly record profits as high as $7 billion for one company alone. [H.R.4297, Roll Call #135, 5/10/06]"

See Mccains roll here:

http://www.onewisconsinnow.org/page/content/bigoilmccain/

http://blog.keepturning.com/2008/09/12/mccain-supports-tax-breaks-for-oil-industry--but-not-for-wind-power-2.aspx?ref=rss

http://www.youtube.com/watch?v=fBg6b-NfF4M

SH- thatnks for the nonspecific talking points, all they say is "big oil" and tax breaks".

I want an actual oil industry tax break, specific to the oil comapines.  It seem like no one knows anything but talking points.  It's sad.

It seems Ryan and Bill are big time Bush/McCain supporters and nothing will change this.

Rallyforge, it's seems you have not looked past talking points. 

Here you go Ryan:

McCain Accepted $291,658 from Big Oil in 2007. On average, senators voting for big oil tax breaks and against incentives for renewable energy and efficiency in 2007 received $195,973 in campaign donations from the oil industry during this decade. In 2007 alone, Sen. McCain received $291,658 from the oil and gas industry. McCain missed all three critical clean energy votes in 2007. His absences aided big oil because opponents of oil industry tax breaks needed a super majority of 60 votes to pass the provision to close the loopholes, regardless of the number of Senators who voted. In other words, an absence was the same as voting against shifting money from big oil tax breaks to incentives for clean energy. [4/09/08]

McCain Missed Opportunity To End Big Oil Tax Breaks to Invest in Clean Energy. In 2007, McCain was the only senator who failed to vote on a motion to invoke cloture (thus limiting debate) on the Energy Independence and Security Act. This vote was about whether to close $13 billion in tax breaks for major oil and gas companies to invest in new clean energy technologies such as wind and solar, and efficiency. Sixty votes were required for passage. The motion was rejected 59-40. [CQ.com; HR 6, Vote #425, 12/13/07]

Spokesman Said McCain Would Have Voted With Big Oil. According to Forbes.com, "Sen. John McCain, R-Ariz., was not present for the voting because he is on the presidential campaign trail. However, a spokesperson said that he would not have supported breaking the filibuster." [Forbes.com, 12/13/07]

McCain Tax Plan Huge Windfall for ExxonMobil, Others. Sen. McCain recently proposed to cut the corporate tax rate from 35 percent to 25 percent. This would have reduced ExxonMobil and ConocoPhillips taxes by $1.2 billion each in 2007. It would have saved Chevron $480 million in 2007. [March 27, 2008]

Gas Tax Holiday Would Hike Oil Prices. On April 15, 2008, Sen. McCain proposed a three month gas tax holiday. He would suspend the federal gasoline tax of 18.4 cents per gallon from Memorial Day through Labor Day. Economists believe that lowering gasoline prices this way could stimulate more demand. Since oil refinery capacity is limited, this could further drive prices up. "The problem is that lowering gasoline prices at the pump would encourage more consumption. So in the long run, it would push prices up."[New York Times, 4/15/08]

McCain Is Officially Inducted into the Petroleum Club. In addition to targeting campaign fund-raising efforts toward the oil industry, with a $1000-a-head roundtable at the Denver Petroleum Club on March 27, 2008, several of his campaign aides are former oil industry lobbyists. [3/27/08]

McCain Repeatedly Voted Against American Consumers and for Rich Oil Companies. In 2005, McCain twice voted against legislation that would have temporarily taxed oil company profits and provided consumers with a tax credit. [Senate Roll Call Vote #341, 11/17/05; Senate Roll Call Vote #331, 11/17/05]

McCain Voted To Open Enormous Coastal Areas To Drilling. In 2001, Sen. McCain also voted against protection from oil drilling for six million acres off of Florida's Gulf of Mexico coast. In 2006, he voted to open 8 million acres – an area the size of Maryland – off Florida's Gulf coast. [7/12/01; LCV Scorecard, 2006]

McCain Voted To Drill Arctic National Wildlife Refuge in Crucial Showdown. Sen. McCain has made much of his opposition to drilling for oil in the Arctic National Wildlife Refuge, America's home to its only wild polar bear population. Yet in a crucial showdown on December 21, 2005, he voted to consider, rather than block, the Defense Appropriations bill that contained an Arctic drilling provision. Sen. Ted Stevens (R-AK) added it to the final bill at the last minute even though it wasn't in earlier versions. A cloture vote to end debate on the bill failed 56-44, so Stevens was forced to remove the drilling provision. The bill passed without it later that day. [How he's voted: Energy and Global Warming]

McCain Said U.S. Dependence on Foreign Oil Was A Security Threat, Yet He Voted Against Reducing that Dependence. In 2005, McCain voted against legislation calling on the president to submit a plan to reduce foreign petroleum imports by 40 percent. [Senate Roll Call Vote #140, 6/16/05]

McCain Called Handouts to Big Business, Oil Companies ëIrresponsible.' McCain: "[The 2005 Energy Bill] does little to address the immediate energy crisis we face in this country. The handouts to big business and oil companies are irresponsible and will be disastrous for people of Arizona. I cannot in good conscience, vote to pass legislation that does not adequately address issues related to energy efficiency, security, and energy independence." [Statement, Office of Senator McCain, 6/28/2005]

McCain Once Called for End to Tax Breaks for Oil and Gas Companies. In a 2000 pledge on tax cuts, McCain claimed that he would help pay for the policy by closing loopholes for the oil industry, among other special interests. ""Every tax dollar now wasted on special breaks for oil companies, ethanol giants, insurance companies and the multitude of other special interests with their armies of lobbyists, is now at risk," McCain said." [CNN, 1/00]

Wow...good reading huh? That is just a little sample.

Standing Ovation!!!!!!!!!!!!! Steller reporting tytytytytyty. Post note

Palin says the US should drill its way out of dependence on foreign oil [GALLO/GETTY]

Sarah Palin, the governor of Alaska who has shot to prominence as John McCain's choice as running-mate, is best known as a passionate believer in new oil and gas exploration, including in Alaska's National Widelife Reserve - something McCain himself rejects.

But campaigners say she has a mixed record on her dealings with the oil corporations to which the Republican party has so many historic ties.

"There is no question that Palin's appointment as the Republican vice-presidential candidate cements the fact that John McCain is the candidate of big oil," Dan Weiss, a senior fellow at the Centre for American Progress, a Washington-based think-tank, told Al Jazeera.

"She supports the agenda of big oil - of more drilling - and she opposes investments in clean and renewable energy," he said.

Palin has presented herself as a challenger to corporate interests in Alaska, although that is because she believes the major energy companies have not acted swiftly enough in carrying out drilling and pipeline projects in the state.

Ending dependence

The Alaskan governor also sees more drilling of US oil reserves as a way of ending US dependence on oil imports from the Middle East and elsewhere.

"I beg to disagree with any candidate who would say we can't drill our way out of our problem," she told Investor's Business Daily magazine earlier this year.

In 2006, she acted to renegotiate a deal with Exxon, BP and Conoco Phillips to build a pipeline carrying natural gas from Alaska's North Slope region across Canada to the US.

Palin also pushed for legislation to provide $500m in state funds to the companies to act on the project and eventually agreed to give the contract to TransCanada, a Canadian firm.

She also introduced a new tax on oil companies operating in Alaska and went as far as saying she supported Barack Obama, the Democratic candidate, when he proposed a windfall tax as part of his energy policy earlier this year.

However, her husband, Todd Palin used to work for the British Petroleum oil corporation in Alaska's North Slope region and she has collected almost $13,000 from lobbyists connected to the oil industry, reports say.

And Matt Gonzalez, environmentalist Ralph Nader's running-mate for his presidential campaign in 2008, says Palin has characterised the windfall tax in different ways depending on the audience and that she has not taken on oil corporations in the way she has claimed.

"We know that the oil companies have been making profits that have never been seen before, and the taxes that Palin has introduced are trivial in comparison," he told Al Jazeera.

Environmental concerns

Environmentalists have expressed concern about Palin's views on the causes of climate change.

"A changing environment will affect Alaska more than any other state, because of our location. I'm not one, though, who would attribute it to being man-made," she said in an interview in August this year.

Palin, a keen hunter, has also threatened to sue the US government over its ruling on having the polar bear designated as an endangered species and opposed protection for salmon threatened by pollution from the mining industry.

The Palin connection has worried campaigners already concerned about McCain's ties to large oil firms that have led to him being dubbed "Exxon John" by Democrats.

McCain has received more than $1.5m from oil and gas interests for his presidential campaign, nearly four times more than the amount Obama has taken, according to figures up to July from the Centre for Responsive Politics.

Lobbying power

At this year's Republican National Convention, the power of the oil lobbying firms was on display.

Haly Barbour, the governor of the state of Mississippi, hosted a lavish party for executives from the American Petroleum Institute to meet Republicans on Tuesday, an event targeted by protesters and activists. Randa Fahmyhudome, a former Bush administration energy official, said Palin was right to call for drilling in the Arctic National Wildlife Refuge.

"In America, we are world's number one consumer of petroleum in the world and no-one knows better than Alaskans themselves what is good for environment. We ought to look to Alaskans and Governor Palin on this issue," she said.

P.S.

Talking about a Boycott, I have not purchased an Exxon product since, the Exxon Valdes!

Just cause you never pulled into an Exxon or Mobil branded station does not mean you have not bought their products. Fuels and lubricants is just one part of their business and they directly own less than 1000 stations in the US. Most of the fuels are sold to wholesalers and distributors so just because their name wasn't on the pump does not mean they did not make the gas. Fly anywhere? Good bet it was XOM that made the jet fuel in the plane. Buy anything made of plastic? Good bet the plastic pellets came from XOM. That film sealling the meat you bought at the store or that makes the batteries in your hybrid lighter and more efficient... probably from XOM. They make most of the money from find and selling crude oil and natural gas. Next big piece is chemical products, including plastics and polymer films. Refining and selling fuels is last. Until a few years back, they were big into copper and coal mining too. Bottom line is hard to find a product that is not tied to oil and gas in some fashion.

It may not have had the Exxon name on it but I bet you cannot say definitively that you have bought nothing that Exxon research and/or manufacturing contributed to.

I"m with you Roger. But I perfer dinner and movie.

Yea I have Chevy pickup  and a Chrysler town and country both are broke so I drive a old 96 honda that runs great 230,000. miles on it.

The old Honda still gets 36 to 40 miles to the gallon old piece of crap car huh.  Give that 40 billion to GM and Chrysler they have asked for.

LOL. Keep buying it my friend. And you can drive it to the unemployment line. Americans are just not very bright. OH, BTW. I have a '71 Chevy pickup, a '77 Harley Davidson (traded a '65 Harley for it), an '83 Chevy Cavalier and gave my daughter my '98 Ford Explorer and an '04 Harley Davidson. Did i mention they are all STILL runnning. But that is okay, your welfare check, while it lasts, will be at the post office you can watch as we slide further into ruin while picking it up in your Honda...You fool.

Uh Mystic Chick...I think you should realize America only prospers when our GNP goes up. And since Toyota is a Japanese company the profits from their sales go to Japan, not US. And as soon as there is no money here they will close those plants. You are better off supporting our companies and creating jobs than theirs. But you don't have to believe me. You can watch as more people lose their jobs and homes. I will not feel the full effect of this. But my kids and grandkids will. So keep on. I will be long gone. And my kids will be prepared to survive it...I think....LOL.

Exxon is an American company in the location of it's H.Q. only!!

Uh Billl...in case you don't know it. A profit is a profit. An American company HQ'ed here is better than one HQ'ed in Japan. Wow. Americans are so anti-American. Why don't y'all move so we can get our great country back on track?

Puck2U, I think you musta fell asleep during your economics class...

In a global economy, profits are made for the shareholders, regardless of the company's HQ location. Shareholders are from all over the world. Very little of the corporate profit goes back into the tax base or the local economy. I would rather buy a Toyota or Honda that is produced in the USA by American employees, than a Chevy that is made in Mexico with Chinese parts!! When my wife and I shop, we specifically look for products produced in the USA, regardless of the origin of the company's HQ. We will even pay double for something produced here, over a similar product produced overseas.

Every one screams about price gauging by the local gas stations that struggle to make a living, but nothing is said when a huge corporation like Exxon makes nearly $5 Billion in profits per month!! While I am all for 'Free Enterprise', I think that day-trading of commodities that affect all consumers should be regulated to some degree. I also think that there should be limits (1 buy or 1 sell of a given commodity per day) on the day-trading speculators that drive the prices up for the rest of us.

It sounds like you are at the top of the economic ladder where it can't affect your wallet.  I am all for American companies making a profit, but this is ridiculous!  The American people are tired of hearing the oil companies boast about their huge profits-that's only rubbing our faces in it.  Fuel prices could drop to half of what they are now and the oil companies could still boast a huge profit! The oil companies are in control and they know it because everyone has to have fuel.  American companies in the automotive industry are still in business right now because of Toyota and other foreign car makers.  The company I work for supplies all automakers, but our GM and Ford shipments have dropped to practically nothing.  It is the foreign domestics that are keeping a few American people employed here.  Also, I have 2 Chevy's in my driveway!

I own a ford and Dodge that are relatively new and will probably continue buying American cars. However, this does not make me happy when both vehicles require constant repairs for brake systems, transmissions, electrical, etc. My Dodge Jeep went to the shop three times for bad brakes and rotors all before reaching 20,000 miles. Dodge refused to fix the problem after the first episode and it cost me over $1500 to finally fix the issue. Two years later, Dodge was forced to do a recall for Jeep brake issues. They knew there were issues but refused to fix the problem hoping it would go away.

Why should I support these companies when they couldn't give a sh*t about after the sale problems. In addition, UAW workers are highly overpaid for the work they do. The last figure I heard was for an assembly line worker making over $75.00 an hour when benefits are factored in. This is outragous. The UAW is one reason GM and the others are struggling.

Global economy. Oh boy. Another un-American world lover. We have to forget Global. It does the US no good. It only helps the countries who can force cheap labor on their people. And you can see how that works in China, Russia, India and other countries who do not play fairly. But do as you see fit. I will be laughing while you are in the unemployment line.

I didn't say anything about the unions beign good or bad. I said we have to support our manufacturers. Without them we have NO JOBS. And that is how it works. But if you want my opinion, unions suck. And I want all you companies to move here down south where we have right to work laws and unions have no stranglehold.

Puck

Globalization isn't something you can really be for or against.  It's like being against gravity.  It's happening.  Get used to it.  What we have are options to deal with globalization.  Those people that think manufacturing jobs will be staying in the us (or even brought back from abroad) are sorely mistaken.  Those jobs are gone.  Bye bye.  We all need to be prepared for a U.S. economy that is far less manufacturing based.  I've read posts here that talk about unemployment in Europe.  The unemployed there, like here, are mostly from the manufacturing sector.

The point of all this is that the people who don't prepare themselves will, as you say, be in unemployment lines.  But  people can avoid that by getting an education and/or a relevant skill set.  Fighting globalization isn't the answer.

Something New,

Well said!

It is not like gravity. That is controlled by forces other then man. The Global Economy is and was created by the UN and other nations to foster growth in underdeveloped countries. I say to Hell with them. When our country, its jobs, its economy, and its people are in harms way you change tactics. Close the borders and we become the Global econonmy, coast to coast. The rest of the world needs us far more than we need them. We are the biggest buyers in the world and they know that. We however don't see how buying all this foreign made product hurts our jobs. So I give up. We are doomed because people just don't see how they are runing their own futures. Thankfully I am near retirement and my money is safe. Good luck to those of you who think buying a Toyota, Honda, Nissan, BMW, or some other foreign product helps us. I can assure it doesn't. But you will have to see that for yourself in due time. But you better buckle up, this is going to be a rough ride..LOL!!! Get on with it now. Get out there and vote for Obama so he can raise your taxes and corporatee taxes to pay for his proposals..LOL. And buy up all the foreign goods you can...it is a Global economy. And it is like gravity sucking you to it...LOL...GOOD LUCK AMERICA!!! See ya in the next world don't be late!!!

Puck,

I agree with you. Neither jokers can fix this problem. However, I would like to buy American but not just cars! Where can I find American products made with American material, by American workers and distributed by American companies?

You two geniuses do realize that by closing the borders and becoming isolationists we will not be able to EXPORT any AMERICAN products either right? Think that might lose us a few jobs????? Good to see we have our finest minds on this one.

Close the borders and we become the Global econonmy [sic]

Isnt that what the USSR and the communist bloc did? Didn't their system of government collapse because thier economy failed?

same thing thats happening here now...

yes but even foreign cars are made in united states plants employing americans

cheney said give us what we want or we kill all your women and children-tha is how they operate

I'm not insulting you I am questioning your basic knowledge of this industry your passing judgement on.

Are you telling me Exxon-Mobil does not recieve any tax breaks or government grants?

you speak the truth

why do WE THE PEOPLE PAY THEM MONEY TO SELL US OIL AT INFLATED PRICES

makes no sense only in the fact that gw is trying to destroy any faith in government-but these companies need our military to protect them

they need the police and fire trucks to help them when they are in trouble-they need our roads bridges and highways-need our drinking water

wait a minute

they have all that stuff thru private means-bottled water -private foodstocks-they fly instead of drive-private police forces gated communities-only time they need government is to protect their business from hostile overseas competition or banditry

Ryan,

Please comment on the post of SH 2000 you kept asking for specifics, he gave them to you and then you dont respond...