Re: oil price.
So, we really need to study up a bit, hmmmm? Profits-Schmofits! Like everyone, I hate when the price rises at the pump. But a couple of you guys fail to realize that what are commonly referred-to as "oil company profits" is kind of a misnomer. You also have to realize that virtually all of the biggies like Exxon, Chevron, Conoco/Phillips, etc. are publicly-owned corporations. You also must remember that besides the "biggies", there are thousands upon thousands of small corporations, independents and even little guys working out of the back of a dually pick-up with a magnetic sign on the door that make-up this TOTAL oil industry in the U.S. of A. Fact....in 2015, 10.3 MILLION folks in the U.S. (98,200 in Wisconsin alone in 2014) earned a living in an oil-related job. That was 5.6% of the total U.S. workforce. Lots of folks dependent on the "oil patch" to eat! Oil and gas make-up 7.6% of our GDP. There's little hope for our country if circumstances cause one of these giants to go down the crapper...we'd BETTER give a sh..! There MUST be profit involved for the incentive necessary to make a huge industry viable, an industry (in this case) that we cannot reasonably live without. With the glut in oil now going-on because most are staying home and because the airplanes are parked, obscene numbers of oil patch folks have ALREADY been laid-off. You can bet that these folks give a sh..!
It's understandably difficult to find actual NET profit figures for the U.S. "oil" industry exclusively, because the way most of these companies are structured, they don't do oil and gasoline ONLY. One loose figure I found was a NET profit of $257B (illion) for oil and gas companies in U.S. and Canada/2014.
That's a bunch of profits, for sure, but some Mr. Exxon dude, nor some Mr. Chevron guy doesn't put that profit in that safe in the back room at the corporate office. That same CEO doesn't get to take that profit check and go buy a new Mercedes for his old lady. Those funds come out of his personal remuneration based on corporate profits...a whole different story there! Remember though, that the "biggies" are all publicly-owned corporations listed on the NYSE. And that's where the profits, or lack thereof, come in. Even though I hate it when that price goes up at the pump, I'm fortunate that when the profits proliferate, I get to share in a few dollars' worth of those profits because of common investments that a bunch of old dumb-ass goobers like myself have made over the years. In fact, I have been jokingly-heard to say something like …..."PLEASE let them big oil companies make huge profits". I've also been jokingly-heard to say...."PLEASE let them charge me more income tax"! Understand that either of those statements means that THIS Coopman MADE MORE MONEY! So, as much as we love to bitch about profiteering by large corporations, just remember that YOU folks....or any other American with half a brain like me has the opportunity to share in those profits. Ya just need to "study-up a bit" and understand how this great American economy (it'll be back when the "profit-takers" allow it) can really work FOR you! Profits ARE what makes our economy thrive. DD
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