Oil companies post record profits.
SiGNAL748
10-28-2005, 06:35 PM
http://www.bloomberg.com/apps/news?pid=10000087&sid=am_gK3VJvr.0&refer=top_world_news
Exxon, Shell Profits Soar as Energy Prices Rally
Oct. 27 (Bloomberg) -- Exxon Mobil Corp. and Royal Dutch Shell Plc posted almost $19 billion in combined profits after energy prices surged to unprecedented highs amid disruptions caused by Hurricanes Katrina and Rita.
Third-quarter profit at Exxon Mobil, the world's biggest publicly traded oil producer, jumped 75 percent to an industry record of $9.92 billion, the company said today in a statement. The Hague-based Shell set the previous record about six hours earlier, when it said net income rose 68 percent to $9 billion.
Oil, natural-gas and gasoline prices, already near all-time highs because of rising demand, climbed further as hurricanes choked off output from the Gulf of Mexico and idled refineries from Texas to Mississippi. The world's five biggest investor- owned oil companies are heading for combined 2005 profit of almost $107 billion, according to analyst estimates, partly on the widening gap between crude costs and refined fuel prices.
``A combination of high oil prices and refining margins, which are exemplary, will continue to bolster profits for these companies,'' said Douglas Ober, who manages $2 billion, including Shell and Exxon Mobil shares, at Adams Express Co. in Baltimore.
Net income at Marathon Oil Corp., the fourth-largest U.S. oil producer, more than tripled to $770 million, or $2.09 a share, the Houston-based company said in a statement. Revenue climbed 40 percent to $17.2 billion.
Bigger Than Egypt
Irving, Texas-based Exxon Mobil exceeded $100 billion in revenue for the first time. Revenue rose 32 percent to $100.7 billion, dwarfing the economies of such countries as Egypt and the Philippines. Shell's revenue climbed to $94.7 billion from $89 billion.
London-based BP Plc, the world's second-biggest publicly traded oil company, on Oct. 25 reported a 34 percent gain in third-quarter net income to $6.53 billion. ConocoPhillips, the No. 3 U.S. oil producer, yesterday said its profit jumped 89 percent to a record $3.8 billion. Chevron Corp., the second- largest U.S. oil company, plans to report earnings tomorrow.
``It's all on price,'' said James Halloran, who helps manage $33 billion, including Exxon Mobil and Shell shares, at National City Private Client Group in Cleveland. ``They're going crazy on price.''
The average per-barrel profit on making diesel, gasoline and other refined fuels surged 92 percent to a record $15.22, based on futures contracts traded in New York.
Record Results
The previous profit record for Exxon Mobil was $8.42 billion, set in last year's fourth quarter. That was also the oil industry's high-water mark before this morning. There have been three higher quarterly profits reported by U.S. companies, MediaOne Group Inc., Ford Motor Co. and AT&T Corp.
Shell was hit hard by the hurricanes. The company's Mars offshore platform, which pumped about 5 percent of Shell's oil, will stay shut for at least eight more months for repairs, the company said today.
Even with that production loss, Shell's profit was about $400 million higher than the median analyst estimate in a Bloomberg survey.
``We captured the benefit of high oil and gas prices and refinery margins, even after the impact of hurricanes in the U.S.,'' Chief Executive Jeroen van der Veer told reporters today on a conference call.
Shell's Class B shares climbed 9 pence to 1,700 pence ($30.31) in London. Exxon Mobil fell 60 cents to $55.60 in New York Stock Exchange composite trading. Marathon, which fell short of analyst earnings expectations, dropped $3.80, or 6.2 percent, to $57.28.
Oil, Gas Earnings Climb
Profit from oil and gas sales at Exxon Mobil surged 87 percent to $7.35 billion as high prices more than made up for a 4.7 percent decline in output. Shell's oil and gas profit more than doubled to $5 billion from $2.3 billion.
Independent oil and gas producers, those that don't own refineries, also had profit increases in the quarter.
Houston-based Burlington Resources Inc., the fifth-largest independent producer in the U.S., today said its third-quarter net income jumped 90 percent to $748 million. Apache Corp., also based in Houston, had a 60 percent profit gain, to $687 million.
Petro-Canada and Suncor Energy Inc., both based in Calgary, also reported higher earnings. Petro-Canada said its net income rose to C$614 million ($526 million) from C$410 million a year earlier. Profit at Suncor, where gains were held back by a fire that disrupted output from a northern Alberta oil-sands plant, rose to C$341 million from C$337 million.
Political Ire
Surging oil profits have drawn the ire of some politicians, who have accused producers of using hurricanes and other supply disruptions as excuses to gouge consumers.
The Bush administration, facing increasing pressure from Congress to ease the impact of record energy costs, today ruled out a special tax on oil profits. Energy Secretary Samuel Bodman, responding to a question at a Senate hearing about a Deutsche Bank analyst report saying the White House might offer a plan to tax oil companies to help low-income families pay heating bills, said he wouldn't favor any such levy.
``That would be the equivalent of some kind of windfall profits tax,'' Bodman said. ``We have proven, I thought, to our general satisfaction back in the '70s and '80s that that didn't work.''
Senate Majority Leader Bill Frist, a Tennessee Republican, said oil company executives would be asked to appear at a Senate hearing to explain why energy prices are so high.
Senator Jack Reed, a Rhode Island Democrat, said the companies should contribute 10 percent of their earnings to the federal program that helps poor families pay for heat.
Demand Keeps Rising
High prices so far haven't stemmed increases in demand, which is growing as economies expand in Asia and the Americas. Worldwide demand for refined fuels has climbed 1.3 percent this year, Henry Hubble, an Exxon Mobil vice president, told investors today on a conference call.
Petro-Canada Chief Executive Ron Brenneman said prices should eventually have an impact on consumption.
``I think you have to anticipate that in time, there will be some behavioral change and lifestyle change and driving decisions and car decisions that will ultimately impact demand, but we're not seeing it at this point in time,'' Brenneman said on Petro- Canada's earnings conference call.
National City's Halloran said oil profits in future quarters may be dragged down by rising expenses for the labor and equipment need to find and develop new reserves.
``Investors aren't thinking about what it's going to cost to replace the oil being pumped now,'' Halloran said. ``Costs have gone up dramatically.''
I think i'm gonna be sick. http://www.automotiveforums.com/vbulletin/images/smilies/puke.gif
Exxon, Shell Profits Soar as Energy Prices Rally
Oct. 27 (Bloomberg) -- Exxon Mobil Corp. and Royal Dutch Shell Plc posted almost $19 billion in combined profits after energy prices surged to unprecedented highs amid disruptions caused by Hurricanes Katrina and Rita.
Third-quarter profit at Exxon Mobil, the world's biggest publicly traded oil producer, jumped 75 percent to an industry record of $9.92 billion, the company said today in a statement. The Hague-based Shell set the previous record about six hours earlier, when it said net income rose 68 percent to $9 billion.
Oil, natural-gas and gasoline prices, already near all-time highs because of rising demand, climbed further as hurricanes choked off output from the Gulf of Mexico and idled refineries from Texas to Mississippi. The world's five biggest investor- owned oil companies are heading for combined 2005 profit of almost $107 billion, according to analyst estimates, partly on the widening gap between crude costs and refined fuel prices.
``A combination of high oil prices and refining margins, which are exemplary, will continue to bolster profits for these companies,'' said Douglas Ober, who manages $2 billion, including Shell and Exxon Mobil shares, at Adams Express Co. in Baltimore.
Net income at Marathon Oil Corp., the fourth-largest U.S. oil producer, more than tripled to $770 million, or $2.09 a share, the Houston-based company said in a statement. Revenue climbed 40 percent to $17.2 billion.
Bigger Than Egypt
Irving, Texas-based Exxon Mobil exceeded $100 billion in revenue for the first time. Revenue rose 32 percent to $100.7 billion, dwarfing the economies of such countries as Egypt and the Philippines. Shell's revenue climbed to $94.7 billion from $89 billion.
London-based BP Plc, the world's second-biggest publicly traded oil company, on Oct. 25 reported a 34 percent gain in third-quarter net income to $6.53 billion. ConocoPhillips, the No. 3 U.S. oil producer, yesterday said its profit jumped 89 percent to a record $3.8 billion. Chevron Corp., the second- largest U.S. oil company, plans to report earnings tomorrow.
``It's all on price,'' said James Halloran, who helps manage $33 billion, including Exxon Mobil and Shell shares, at National City Private Client Group in Cleveland. ``They're going crazy on price.''
The average per-barrel profit on making diesel, gasoline and other refined fuels surged 92 percent to a record $15.22, based on futures contracts traded in New York.
Record Results
The previous profit record for Exxon Mobil was $8.42 billion, set in last year's fourth quarter. That was also the oil industry's high-water mark before this morning. There have been three higher quarterly profits reported by U.S. companies, MediaOne Group Inc., Ford Motor Co. and AT&T Corp.
Shell was hit hard by the hurricanes. The company's Mars offshore platform, which pumped about 5 percent of Shell's oil, will stay shut for at least eight more months for repairs, the company said today.
Even with that production loss, Shell's profit was about $400 million higher than the median analyst estimate in a Bloomberg survey.
``We captured the benefit of high oil and gas prices and refinery margins, even after the impact of hurricanes in the U.S.,'' Chief Executive Jeroen van der Veer told reporters today on a conference call.
Shell's Class B shares climbed 9 pence to 1,700 pence ($30.31) in London. Exxon Mobil fell 60 cents to $55.60 in New York Stock Exchange composite trading. Marathon, which fell short of analyst earnings expectations, dropped $3.80, or 6.2 percent, to $57.28.
Oil, Gas Earnings Climb
Profit from oil and gas sales at Exxon Mobil surged 87 percent to $7.35 billion as high prices more than made up for a 4.7 percent decline in output. Shell's oil and gas profit more than doubled to $5 billion from $2.3 billion.
Independent oil and gas producers, those that don't own refineries, also had profit increases in the quarter.
Houston-based Burlington Resources Inc., the fifth-largest independent producer in the U.S., today said its third-quarter net income jumped 90 percent to $748 million. Apache Corp., also based in Houston, had a 60 percent profit gain, to $687 million.
Petro-Canada and Suncor Energy Inc., both based in Calgary, also reported higher earnings. Petro-Canada said its net income rose to C$614 million ($526 million) from C$410 million a year earlier. Profit at Suncor, where gains were held back by a fire that disrupted output from a northern Alberta oil-sands plant, rose to C$341 million from C$337 million.
Political Ire
Surging oil profits have drawn the ire of some politicians, who have accused producers of using hurricanes and other supply disruptions as excuses to gouge consumers.
The Bush administration, facing increasing pressure from Congress to ease the impact of record energy costs, today ruled out a special tax on oil profits. Energy Secretary Samuel Bodman, responding to a question at a Senate hearing about a Deutsche Bank analyst report saying the White House might offer a plan to tax oil companies to help low-income families pay heating bills, said he wouldn't favor any such levy.
``That would be the equivalent of some kind of windfall profits tax,'' Bodman said. ``We have proven, I thought, to our general satisfaction back in the '70s and '80s that that didn't work.''
Senate Majority Leader Bill Frist, a Tennessee Republican, said oil company executives would be asked to appear at a Senate hearing to explain why energy prices are so high.
Senator Jack Reed, a Rhode Island Democrat, said the companies should contribute 10 percent of their earnings to the federal program that helps poor families pay for heat.
Demand Keeps Rising
High prices so far haven't stemmed increases in demand, which is growing as economies expand in Asia and the Americas. Worldwide demand for refined fuels has climbed 1.3 percent this year, Henry Hubble, an Exxon Mobil vice president, told investors today on a conference call.
Petro-Canada Chief Executive Ron Brenneman said prices should eventually have an impact on consumption.
``I think you have to anticipate that in time, there will be some behavioral change and lifestyle change and driving decisions and car decisions that will ultimately impact demand, but we're not seeing it at this point in time,'' Brenneman said on Petro- Canada's earnings conference call.
National City's Halloran said oil profits in future quarters may be dragged down by rising expenses for the labor and equipment need to find and develop new reserves.
``Investors aren't thinking about what it's going to cost to replace the oil being pumped now,'' Halloran said. ``Costs have gone up dramatically.''
I think i'm gonna be sick. http://www.automotiveforums.com/vbulletin/images/smilies/puke.gif
Ace$nyper
10-28-2005, 06:58 PM
writing a rebuttle would be alot of work as we talked about this in class today.
But its too easy to jump to conculsions.
I'm just going to hate because I don't have owerships :(
But its too easy to jump to conculsions.
I'm just going to hate because I don't have owerships :(
2.2 Straight six
10-28-2005, 10:32 PM
oil companies making lots of money eh ?
makes me pretty happy, since my dad works in an oil/oil mining company...
makes me pretty happy, since my dad works in an oil/oil mining company...
dugie6551
10-29-2005, 07:53 AM
I think I will buy stock in those companies !!!!
I might as well get some of my money back .. and maybe more !!!
I might as well get some of my money back .. and maybe more !!!
BNaylor
10-29-2005, 08:33 AM
Time for Windfall Profits Tax. :shakehead
ThatRoundHeadedKid
10-29-2005, 09:24 AM
waiwaiwaiiitt......they make all that money and still continue to rise prices? Fuck them.....
2.2 Straight six
10-29-2005, 11:38 AM
waiwaiwaiiitt......they make all that money and still continue to rise prices? Fuck them.....
yep, thats right an i got the inside information too, they're making 150% profit at the moment is what i heard.
yep, thats right an i got the inside information too, they're making 150% profit at the moment is what i heard.
Jonno
10-29-2005, 12:09 PM
Does anybody find this as a surprise? The cost of fuel goes up even before the affects of the huricanes started on the oil companies. Then when they are affected the price goes up further. Its just another thing in life which is going to affect everybody, and everybody is gonna have to deal with it.
For example, recently the price of milk went up here, can't exactly remember how much, but it was more per litre than the price of fuel has gone up. NOBODY REALISED OR CARED. Simply because the fuel prices have had a real big deal made about them.
Australian fuel prices would be the same as ever, if we kept our own oil because we produce enough oil to cover ourselves. Then the goverment insists on exporting oil, then we need to import oil for ourselves which raises costs and then the government gets in on the deal and taxes more.
Its all bumped up to be a lot worse deal than it really is so someone out there can fatten their pockets.
I say its a good thing I have a suspended licence, by the time I get it back, this whole oil "crisis" will be over.
For example, recently the price of milk went up here, can't exactly remember how much, but it was more per litre than the price of fuel has gone up. NOBODY REALISED OR CARED. Simply because the fuel prices have had a real big deal made about them.
Australian fuel prices would be the same as ever, if we kept our own oil because we produce enough oil to cover ourselves. Then the goverment insists on exporting oil, then we need to import oil for ourselves which raises costs and then the government gets in on the deal and taxes more.
Its all bumped up to be a lot worse deal than it really is so someone out there can fatten their pockets.
I say its a good thing I have a suspended licence, by the time I get it back, this whole oil "crisis" will be over.
2.2 Straight six
10-29-2005, 12:14 PM
oil prices are going up because the north sea is running out of oil.
i wont go into my long theories about why oild prices will drop (slightly) in the next few years to come.
not much oil left = price increase.
as demand increases and supply decreases cost will increase. simple.
i wont go into my long theories about why oild prices will drop (slightly) in the next few years to come.
not much oil left = price increase.
as demand increases and supply decreases cost will increase. simple.
jcsaleen
10-29-2005, 12:34 PM
It's rediculious I saw it on CNN. Quarterly profit 10 Billion! WTF?....
Jonno
10-29-2005, 12:40 PM
oil prices are going up because the north sea is running out of oil.
as demand increases and supply decreases cost will increase. simple.
So there are people getting rich out there by using up the last of one our earths natural resources, then thinking they can charge more for it because we are running low?
Thats just like killing off an endangered species of animal then justifying killing it by selling its skin and meat for a higher price.
as demand increases and supply decreases cost will increase. simple.
So there are people getting rich out there by using up the last of one our earths natural resources, then thinking they can charge more for it because we are running low?
Thats just like killing off an endangered species of animal then justifying killing it by selling its skin and meat for a higher price.
2.2 Straight six
10-29-2005, 12:55 PM
So there are people getting rich out there by using up the last of one our earths natural resources, then thinking they can charge more for it because we are running low?
umm.....yes, i'll ask my dad about that one later.
Thats just like killing off an endangered species of animal then justifying killing it by selling its skin and meat for a higher price.
i think you're close, but in my view its on a slightly different level, yet essentially it is the same.
oil is something people cant really live without, i know there's all the "alternative energy" an that, but you cant change everything overnight on the world-wide scale that oil dependency is.
you know, people all need to get around, go to work etc..
so we use cars, they use petrol/gasoline/diesel now i dont know the actaul figure for how many cars there are but you can probably understand that "we" cant just make millions of electric cars or vehicles powered by other energy sources to go around, not in the timeframe given.
yes, mostly the price is increasing for "personal benefit" but there's also other stuff to consider, shell isnt gonna just run out of oil an be done for, they invest money into other energy sources so they can stay head an shoulders above the rest. now, if time to make profit is running out how are you gonna get enough money ? simple, you raise prices.
that's just some of it, but im too full'a pizza right now to type much more...
umm.....yes, i'll ask my dad about that one later.
Thats just like killing off an endangered species of animal then justifying killing it by selling its skin and meat for a higher price.
i think you're close, but in my view its on a slightly different level, yet essentially it is the same.
oil is something people cant really live without, i know there's all the "alternative energy" an that, but you cant change everything overnight on the world-wide scale that oil dependency is.
you know, people all need to get around, go to work etc..
so we use cars, they use petrol/gasoline/diesel now i dont know the actaul figure for how many cars there are but you can probably understand that "we" cant just make millions of electric cars or vehicles powered by other energy sources to go around, not in the timeframe given.
yes, mostly the price is increasing for "personal benefit" but there's also other stuff to consider, shell isnt gonna just run out of oil an be done for, they invest money into other energy sources so they can stay head an shoulders above the rest. now, if time to make profit is running out how are you gonna get enough money ? simple, you raise prices.
that's just some of it, but im too full'a pizza right now to type much more...
eversio11
10-29-2005, 02:23 PM
Fucking ridiculous. It comes as no surprise, just as they announce this, prices have been going down (from $2.90 -> $2.50 in a week)
Muscletang
10-29-2005, 03:52 PM
It's bad, yes, but it's also a blessing in disguise.
Has anybody seen in Motortrend or Car & Driver about the upcoming year? For some odd reason Ford dropped the Excursion and I hear GM is cutting out a bit on their SUV lineup. I wonder why?
This might help the dumbass soccer mom who thinks "OH! I need to drive the state of Texas to carry a bag of fucking groceries and a kid!"
Has anybody seen in Motortrend or Car & Driver about the upcoming year? For some odd reason Ford dropped the Excursion and I hear GM is cutting out a bit on their SUV lineup. I wonder why?
This might help the dumbass soccer mom who thinks "OH! I need to drive the state of Texas to carry a bag of fucking groceries and a kid!"
TexasF355F1
10-29-2005, 04:22 PM
Company's need to make profits. Who is happy about profits? The company and it's investors, meaning me. ExxonMobil payed for my college tuition and misc. spending during all 5 years in college. And I made back every single penny that was spent. Now I can use the money as I please so I'm selling me truck and taking out a large chunk of it to put a huge down payment on a car to keep my payments low. Then continue to allow for it to grow so I can have a very comfortable life savings for retirement. Thank you Exxon!!! :biggrin:
The profits could be used for more refineries and research if the damn environmentalists wouldn't cry such a river.
Mod, move to Politics.
The profits could be used for more refineries and research if the damn environmentalists wouldn't cry such a river.
Mod, move to Politics.
ThatRoundHeadedKid
10-29-2005, 04:59 PM
I feel price gauging lawsuit on its way.....
BNaylor
10-29-2005, 05:07 PM
I agree that the profits should be used for more refineries and research.
But shouldn't the oil companies taking in crude from Iraq, Saudi Arabia and Kuwait foot the bill for Gulf War I and the current war in Iraq, especially with the outrageous profits being made now. Because if it wasn't about WMD or an immediate national security concern then it had to be for oil. Gulf War I was definitely about oil. :dunno:
Of course, fat butt soccer moms driving gas guzzling SUVs and jabbering on their cellphones doesn't help either. :lol2:
But shouldn't the oil companies taking in crude from Iraq, Saudi Arabia and Kuwait foot the bill for Gulf War I and the current war in Iraq, especially with the outrageous profits being made now. Because if it wasn't about WMD or an immediate national security concern then it had to be for oil. Gulf War I was definitely about oil. :dunno:
Of course, fat butt soccer moms driving gas guzzling SUVs and jabbering on their cellphones doesn't help either. :lol2:
2.2 Straight six
10-29-2005, 05:21 PM
shouldn't the oil companies taking in crude from Iraq, Saudi Arabia and Kuwait foot the bill for Gulf War I and the current war in Iraq, especially with the outrageous profits being made now. Because if it wasn't about WMD or an immediate national security concern then it had to be for oil. Gulf War I was definitely about oil.
i dont know much about the gulf war, but im pretty certain that the war in iraq is all about oil, i think iraq has the worlds biggest oil reserves an the north sea, the US' oil reserve, is running out im sure there are more people here that can put 2 an 2 together, and no, it doesnt make 2.2...
..j/k
i dont know much about the gulf war, but im pretty certain that the war in iraq is all about oil, i think iraq has the worlds biggest oil reserves an the north sea, the US' oil reserve, is running out im sure there are more people here that can put 2 an 2 together, and no, it doesnt make 2.2...
..j/k
PBking82
10-29-2005, 05:37 PM
This is capitalism! That is all. Oil companies are a business just like sears or walmart. They're not a charity, they want to make money. So of course they're gonna take advantage of any opportunity to raise prices. And what don't people understand about all of this? Gasoline prices have been at an all time high, so what does that mean? That the oil companies are going to report all time high profits! This is simple economics people, don't get all pissed off because they're making money. Yea I didn't really like paying $3 a gallon for gas, but it is what it is. You can't do anything about it so live with it or stop driving your car. There isn't gonna be any investigations, or gouging lawsuits. This is really simple! Ok here we go, you the "producer" raised prices on a product, the "consumer" keeps buying that product in the same quantity that they did before the prices increased, so the since the price raises, the "producer" is obviously now making a higher net profit. Peace-
BNaylor
10-29-2005, 06:37 PM
There isn't gonna be any investigations, or gouging lawsuits.
No price gouging lawsuits against the oil companies. Where have you been? :biggrin:
Here's one from New Jersey. Florida and Texas along with others have followed suit.
http://www.cbc.ca/story/business/national/2005/09/27/new_jersy_lawsuits20050927.html
No price gouging lawsuits against the oil companies. Where have you been? :biggrin:
Here's one from New Jersey. Florida and Texas along with others have followed suit.
http://www.cbc.ca/story/business/national/2005/09/27/new_jersy_lawsuits20050927.html
PBking82
10-29-2005, 06:56 PM
No price gouging lawsuits against the oil companies. Where have you been? :biggrin:
Here's one from New Jersey. Florida and Texas along with others have followed suit.
http://www.cbc.ca/story/business/national/2005/09/27/new_jersy_lawsuits20050927.html
Hey they may file them, but they sure as shit aren't gonna win. I don't believe what the major oil companies are doing is "right", but when is anything buisness related that is a money maker considered "right?" Peace-
Here's one from New Jersey. Florida and Texas along with others have followed suit.
http://www.cbc.ca/story/business/national/2005/09/27/new_jersy_lawsuits20050927.html
Hey they may file them, but they sure as shit aren't gonna win. I don't believe what the major oil companies are doing is "right", but when is anything buisness related that is a money maker considered "right?" Peace-
BNaylor
10-29-2005, 07:18 PM
Hey they may file them, but they sure as shit aren't gonna win. I don't believe what the major oil companies are doing is "right", but when is anything buisness related that is a money maker considered "right?" Peace-
Don't be too sure than no one will prevail against the oil companies. The suits are being brought by States (Attorney Generals) on behalf of consumers. The object is to curtail unconscionable conduct which I support fully.
Now, if these cases ever make it to a jury just where are the oil companies going to find a juror that won't judge against them? Are they going to request a change of venue to the moon? The basic suits brought are for chicken feed but the jurors can award punitive damages to teach them a lesson and that such conduct does not occur in the future.
Don't be too sure than no one will prevail against the oil companies. The suits are being brought by States (Attorney Generals) on behalf of consumers. The object is to curtail unconscionable conduct which I support fully.
Now, if these cases ever make it to a jury just where are the oil companies going to find a juror that won't judge against them? Are they going to request a change of venue to the moon? The basic suits brought are for chicken feed but the jurors can award punitive damages to teach them a lesson and that such conduct does not occur in the future.
PBking82
10-29-2005, 08:30 PM
Don't be too sure than no one will prevail against the oil companies. The suits are being brought by States (Attorney Generals) on behalf of consumers. The object is to curtail unconscionable conduct which I support fully.
Now, if these cases ever make it to a jury just where are the oil companies going to find a juror that won't judge against them? Are they going to request a change of venue to the moon? The basic suits brought are for chicken feed but the jurors can award punitive damages to teach them a lesson and that such conduct does not occur in the future.
Won't get to a jury, they'd never let that happen. Big oil and the gov will work out a deal and this will all just "dissapear." Peace-
Now, if these cases ever make it to a jury just where are the oil companies going to find a juror that won't judge against them? Are they going to request a change of venue to the moon? The basic suits brought are for chicken feed but the jurors can award punitive damages to teach them a lesson and that such conduct does not occur in the future.
Won't get to a jury, they'd never let that happen. Big oil and the gov will work out a deal and this will all just "dissapear." Peace-
2.2 Straight six
10-30-2005, 09:34 AM
heh....i heard some "numbers" from my dad today, i like the rise in oil prices.
"i like the increase in oil prices, for me the benefits far outweigh the what i have to pay for petrol" - 2.2's dad.
"i like the increase in oil prices, for me the benefits far outweigh the what i have to pay for petrol" - 2.2's dad.
eversio11
10-30-2005, 11:34 AM
For everyone playing the 'capitalism' card, there is a difference between making a profit and price gouging. If every grocery store charged $10 for a gallon of milk, well then fuck, they'd be raking in the profit.
Raz_Kaz
10-30-2005, 11:47 AM
10$ for a gallon of MILK!!!
The world is coming to an end, quickly, everyone buy out the milk of every corner, grocery store in your area!!!!
/craziness
The world is coming to an end, quickly, everyone buy out the milk of every corner, grocery store in your area!!!!
/craziness
Automotive Network, Inc., Copyright ©2025