What is Digg?234 Comments
- digifuzz, on 07/31/2008, -27/+78I heard about this on NPR this morning on the way in to work, and I couldn't help but laugh as I thought how well they're playing "the game". You know the game. The one where they raise gas prices because its costing them more to be in business......but they still make more profit than ever. The one where we, the consumer gets played.
- TruckStuff, on 07/31/2008, -32/+81Must we start up this propaganda machine every quarter? Nobody measures corporate performance by raw numbers. Margin is a better measure of profitability. Oil companies have some of the most expensive raw materials on the planet, which means they have some of the smallest margins on the planet. Oil companies margins hover around 10%, which is nothing compared to other industries liking pharmaceuticals and banking, where margins are usually closer to 15%-20%.
http://everydayecon.wordpress.com/2006/04/26/oil-p ... - stealthc, on 07/31/2008, -11/+52There is no shortage of oil. Even without drillThe price has been soaring because the Dollar has been rapidly diving for the gutter.
They're making "more" because those dollars are worth less.
I know it's fashionable to cry about "the oil companies" and scream "eat the rich!" at every turn, but your worst enemies are not in the Exxon/Mobil board room, but in the marble palace of the Federal Reserve. They drove oil up. They drove your wages down. And it is they who will obliterate your retirement savings if you're not careful. - strafefire, on 07/31/2008, -13/+49Reasons why ExxonMobil keeps on bringing in the money:
A)Product is in very high demand?
B)They got awesome futures traders working for them?
C)They have actually been making the same money for years when showed in terms of gold, but due to inflation, they continue to make "more" money hand over fist each quarter?
I don't know what the answer truly is, but ***** 'EM anyway. Not because they stand in the way of Alternative fuel sources, or the like, but because I haven't fulfilled my daily quota of "***** YOU"s to people yet, and they seem like good candiates for one. - inactive, on 07/31/2008, -8/+38Spend $10 to make a widget. Sell widget for $11...
Profit = $1 aka 10%
Spend $120,000,000,000 to produce oil. Sell oil for $120,012,000,000,000...
Profit = $12,000,000,000 ala 10%
Get it? - TheInformer, on 07/31/2008, -11/+33At least Exxon produces something of worth. Huffingtonpost certainly doesn't.
Huffingtonpost SPAM. Buried. - Bkaufman, on 07/31/2008, -13/+32LETS ALL COMPLAIN BECAUSE A CORPORATION IS MAKING MONEY.
Socialism, here we come. - neognostic, on 07/31/2008, -8/+24Someone please explain to me why Big Oil keeps on getting tax breaks?
- LordPhilMil, on 07/31/2008, -3/+18You are being dugg down for the truth!
I digg you up because I fear for the socialist nature of Government owned oil. - LordPhilMil, on 07/31/2008, -9/+23So depending on what you sell depends on what profit your allowed to have? or what margin you can have?
I assume that if I only took 9% of all the money that come through me that is alright unless I operate a commodity for the entire country? Something used in the billions of gallons a day?
Honestly, something used that much is going to have Huge profits.
But then again, that headline wouldn't be as "startling" would it?
Gah... - inactive, on 07/31/2008, -9/+21huffingtonpost == auto bury
- 0Xonox0, on 07/31/2008, -8/+19It's because of that "Oil Shortage" right?
- Egoist, on 07/31/2008, -8/+19Their profit margin this quarter was 8.4%. That's 2% less than it was last quarter.
- barbaragordon, on 07/31/2008, -3/+14Shell have done the same here in Britain. Consumers are kicking up a great stink.
- Peabdog, on 07/31/2008, -8/+17Yes, the "game" is called supply and demand. There's a big demand for their product, and a shrinking supply. Therefore, they're making big profits, which I thought was the goal of corporations.
- Slade605, on 07/31/2008, -3/+12I think the idea is to lower their cost so the price gets lowered in turn, and does the whole trickle down effect, or because God hates you.
- Chirp08, on 07/31/2008, -6/+15Can we get some percentages up in this bitch so that these numbers are mere propaganda? 11 billions dollars is a lot of money, but if their profit number was 5%, then the reality is that they are right where they SHOULD be.
- ryanparke, on 07/31/2008, -4/+13Ride a bicycle...
- TheInformer, on 07/31/2008, -0/+8Maybe the government should cut down on the available land to farm to, say, 50% of what it is now. Food prices would increase because demand would exceed the supply. The obvious answer would be to cut down on your eating, right? Or would an answer be to increase the available land on which to farm, to increase the supply of food?
- rbk303, on 07/31/2008, -1/+9Our government still subsidizes oil companies. They're on welfare and boasting record profits. How American.
- jimmyb3, on 07/31/2008, -11/+19Exxon has every right to make whatever profit the market will provide. Capitalism, baby. Love it or move to Sweden.
- ISCHmail, on 07/31/2008, -2/+10percent of profit to revenue is:
11.68 B / 138 B = 8.46% - hiney, on 07/31/2008, -4/+11They deserve it. All that hard work has paid off. Way to go Exxon!
Now if you'll excuse me, I need to go slave away at the computer so I can afford to drive home. - Peabdog, on 07/31/2008, -3/+10ExxonMobil also paid $32.36 billion in taxes.
http://mjperry.blogspot.com/2008/07/exxon-posts-re ... - vogelshock, on 07/31/2008, -5/+12Right. Because the U.S. has a truly free-market. No government subsidies, tax breaks, regulation, or anti-trust here!
- MRintheKeys, on 07/31/2008, -2/+8American Dream = ***** consumers left and right for your benefit and no one else's?
- AbsurdParadox, on 07/31/2008, -5/+11It amazes me how many people refuse to even listen to this information.
- Ravatar, on 07/31/2008, -2/+8That's the sad thing, I'd say nationalize the oil companies but I think the government would probably do a worse job.
- slstudios, on 07/31/2008, -0/+5Please review your economics. Vogelshock hit it right on the nose. This is not true free-market capitalism. It's corporatism.
- neognostic, on 07/31/2008, -25/+30Oil companies deal in commodities, the other you mention do not. No matter the margin, they just posted the biggest quarterly profit in U.S. history, end of story.
- WayneCA, on 07/31/2008, -2/+7If the price of food doubled and the food manufacturers were reporting the largest profits in the history of the country, you think people would defend them by saying they have a small profit margin??
- zip000, on 07/31/2008, -1/+6Unfortunately, if we don't give the companies big tax cuts, they'll just move to Doubi like Halliburton so that we don't get anything. The uberwealthy don't care whether they benefit the USA a little or the UAE a little - it's all the same to them.
- DaviDTC, on 07/31/2008, -2/+6Their stock still went down about 3% after Q2 reports cause they missed analysts' estimates.
- aletoledo, on 07/31/2008, -0/+4LOL, did you see that "all industry" is below the oil industry? That means that regular manufactured products are less of a profitable business. Commodities, such as oil and food, are supposed to be the thinest margin, yet you have proven oil to be more profitable than manufacturing!
Also of note is the fact that the companies that produce greater profit margins are the ones that screw us even more. Listed above oil is healthcare (i.e. pharmaceuticals, home mortgages (i.e. banking), government spying (i.e. telecom) and the stock market. SO what you're proven is that oil is among this illustrious class of crooks! - Enzo33, on 07/31/2008, -14/+18People are so silly in America anymore. God how I love this country, even with so many liberals. Yes, it's big oil's fault for supplying each and everyone of us with exactly what we demand - dam those bastards! Why not ask "Uncle Sam" to give a little back. It is been proven that the feds take .20 cents of every gallon of fuel while the company's take in an average of just under .08 cents. Why do they tax the oil so? Oh, silly me - how else would the dems pay for all the entitlements and welfare programs? Because one thing we must ever forget: you don't get nothing for nothing (I know it's not grammatically correct so take it easy on me grammar police) and every single thing the government can give to us is only because WE fund them with TAXES. We do, we do, we do - remember that every time Obama promises some new program - like universal health care!!!!
- inactive, on 07/31/2008, -0/+4Sorry for the bad math. I just get pissed off whenever I see these idiotic stories about evil oil corps who we support every single day.
- rickpelletier, on 07/31/2008, -2/+6he's not reading this
- inactive, on 07/31/2008, -7/+11People are so silly in America anymore. God how I love this country, even with so many liberals. Yes, it's big oil's fault for supplying each and everyone of us with exactly what we demand - dam those bastards! Why not ask "Uncle Sam" to give a little back. It is been proven that the feds take .20 cents of every gallon of fuel while the company's take in an average of just under .08 cents. Why do they tax the oil so? Oh, silly me - how else would the dems pay for all the entitlements and welfare programs? Because one thing we must ever forget: you don't get nothing for nothing (I know it's not grammatically correct so take it easy on me grammar police) and every single thing the government can give to us is only because WE fund them with TAXES. We do, we do, we do - remember that every time Obama promises some new program - like universal health care!!!!
- davewelsh79, on 07/31/2008, -0/+4It is not at all "end of story." They only made 8% so they made a SMALL profit.
They just happen to be a big company that spends a lot of money to produce their product. They make a tiny bit more when they sell it. They should be punished just because they are big? Raw numbers are meaningless.
Imagine if instead they were 1/10th the size made 1/10th the revenue and had 1/10th expenses. You wouldn't be complaining. Now imagine 10 such companies. You still wouldn't say anything. Now what if all 10 companies have the same name? You think the 10 companies should each make less just because they're all called the same thing? It's equivalent to what we have now.
Learn some economics, or just plain common sense. - cvindustries, on 07/31/2008, -0/+4I think the bury's are for bad math. Shouldn't it be 132,000...
- executorzz, on 07/31/2008, -0/+4Margin is what matters. Raw numbers mean nothing in finance when comparing to other companies.
- LordPhilMil, on 07/31/2008, -2/+6If they had a small profit margin I would.
If any business had a normal profit margin and the price went up, I do not expect the company to drop its margin, that's wrong. If they want to, more power to them, that's what I enjoy about free markets and the such. - imightbewrong, on 07/31/2008, -2/+6seriously how many digg users go to huffingtonpost.com and press F5 for hours waiting for new stories to pop up so they can be first to submit them to digg
- didiman, on 07/31/2008, -7/+11most of you diggers need to an economics class. Peabdog is correct.
- elmetald00d, on 07/31/2008, -1/+5terms of gold? american money hasn't been even related to gold in ages
- Temo1, on 07/31/2008, -2/+6You have no idea what a profit margin is. Look it up and come back to us.
- Rotzooi, on 07/31/2008, -4/+8Yeah, those Swedes have it HORRIBLE! You know, with their richest businessmen in the world and all. IKEA, anyone?
- ptheroux, on 07/31/2008, -4/+7They are producing and selling a product that is in high demand, so it's no surprise that they can make a profit from this. This does not mean that they "control prices". Likewise, if you are selling a house you can be as "greedy" as you want and ask any amout for it, from $300 grand to $300 million. That doesn't mean that you have control over the market price of housing.
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