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WomenDontRule -> RE: Per R. Emanuel "Energy prices are too low" (3/2/2009 3:23:40 PM)
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quote:
ORIGINAL: Owner59
I`ll settle for throwing a few Exxon execs in jail,taking our stolen money back.
Just a question.....that "stolen money"...can you break down for us how it is spent by ExxonMobil? If it is stolen...it must be the case that it is used for sinister purposes....so....how is it stolen...detail please....and how is the stolen money spent?
From ABC News......a reality check on the "they stole my money" crowd....and ABC is no friend of big oil....
Fair Share of Profits
For its part, the oil industry concedes that the oil companies are making lots of money, but Rayola Dougher, senior economic advisor at API, the industry's trade and lobbying group, said those companies are also spending billions and billions of dollars. "That's just one part of the story. They are earning a fortune. That's tens of billions of dollars. But they're spending hundreds of billions getting the product to market," Dougher said.
The profits seem so giant, Dougher said, because of the scale of the industry.
But if you take a closer look at each dollar invested and how much is earned, Dougher said the oil industry earns a lot less than some other major industries. API says its members earn about 8.3 cents per dollar invested, compared to 18.4 cents for pharmaceutical manufacturers and 19.1 cents for beverage and tobacco producers.
"A lot of consumers think that [a $2 per gallon run-up in gas prices] is all in profits, it's all going to some fat cats back in some room somewhere," Dougher said. "It's 8 cents. It's fair. The other 92 cents is going back into investments, back into operations, to bring more product back to the market."
So, Who Profits?
As for who reaps the biggest reward from these massive quarterly oil profits, many people may imagine a group of oil privileged executives or tycoons. And they do own millions of dollars in stock, but nothing compared to what the rest of the public owns.
For instance, Rex W. Tillerson, chairman and CEO of ExxonMobil, owns more than 900,000 shares of his company's stock, worth more than $84 million, according to SEC filings.
But that is a pittance to mutual fund giant Vanguard which has more than $18 billion in ExxonMobil stock. Most of that is owned by investors in the company's S&P 500 index fund and its total stock market index fund. And it's not just Vanguard. Almost every major mutual fund company owns oil stocks. Two of Fidelity's mutual funds, for example, rank in the top 10 holders of ExxonMobil stock.
The oil companies are "broadly owned by tens of millions of middle-class Americans, anyone with a pension plan or 401(k) or IRA account, a mutual fund," Dougher said. "They're really the owners. So, when their stock portfolios go up, that's really who benefits."
The entire article is found here....
http://abcnews.go.com/Business/IndustryInfo/Story?id=4749343&page=1
Read the entire article.....it also has a large piece about Ed Markey ( a local joke in Massachusetts...) railing on that oil companies should invest more of their profits in renewable energy sources....now follow me on this....
Markey...who thinks oil profits are obscene....and oil companies are bad, bad people...wants these same people to take their profits and develop...and by extension....control....the alternative energy market...lol. HELLOOOOOOO??????????...knock knock....anybody home in there????
So much for uneducated blathering.....
SLIGHTLY RELATED THOUGHT....
By the way....want to put someone in jail? Start with the tobacco/cigarette executives who knowingly hid research proving addictive qualities of their product and the danger of it...and allowed people to die for decades, for profit. how many billions did they reap killing people? That is first degree murder.
Stolen money at the gas pump? Look at state and federal gas taxes....
Connecticut collects per gallon at the pump, plus 5% of the wholesale level. Add the 18 cent per gallon federal tax and you have nearly 66 cents per gallon - or about 34% of the cost of a gallon of regular. That does not even count waterways fuel taxes, diesel fuel taxes, home heating oil taxes, taxes on propane, LNG, CNG, natural gas.....and coal. Yes, the taxes are a necessary evil.....but the Govenment makes a hell of a lot of money on fossil fuels....energy than ExxonMobil does.
As for the wonderful tax arrangement in Kerry...er...Europe or the rest of the world.......the following is of interest:.....from http://en.wikipedia.org/wiki/Gas_tax
"In some regions of the world, differences in fuel taxes between countries result in a significant level of cross-border purchasing of motor fuel. This is particularly true in Europe, where large differences in fuel taxes, coupled with minimal or no border controls, encourage drivers to cross borders for the sole purpose of filling up their tanks with fuel. Some states, such as Luxembourg, Andorra, Gibraltar, have strategically reduced fuel tax rates to attract more cross-border fill-ups, which ultimately increase tax revenue. Most countries' customs regulations permit the duty-free import of the contents of a vehicle's built-in fuel tank, but there are exceptions. Singaporean customs officials check the fuel gauges of vehicles leaving Singapore and require that the fuel tank be at least three quarters full, in order to limit the importation of lower-taxed fuel from Malaysia. Recently, gas stations in Argentina near the Brazilian border list two different prices for gasoline, one for cars with Argentinian license plates and another one for foreign plates, to restrict Brazilian drivers from buying cheaper fuel in Argentina, generating long lines at the gas stations and driving gas prices up"
Lovely.....
By the way.....Exxon? Exxon does not exist any longer...it is ExxonMobil and has been for many years.
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