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 Re: Still no US fuel protests
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Joined: May 2007
Posts: 6,432 Likes: 1
Worn Saddle
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Worn Saddle
Joined: May 2007
Posts: 6,432 Likes: 1 |
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Define obscene profit! The return on investment for oil companies is well within the norm for American industries.
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May 1st, 2008:
Exxon Mobil, the world's largest publicly traded oil company, said Thursday that its net income rose 17 percent in the first quarter, lifted by surging oil prices.
Name one american company that had a rise of 17% last quarter as a normal business practice.
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... take away incentives to drill and explore, place more areas off limits and not allow new refineries.
Combined, the industry currently has 550 million acres of Federal lands leased that it isn't drilling. That's a lot of "on limit" area that's not being utilized. And those Federal leases are incentives as they are priced at pennies on the dollar.
The number of refineries has dwindled from over 400 in 1976 to around 136 today, without one single new refinery constructed since then. Total cost today to build a new one= 4bn or roughly 10% of last year's Exxon net profit. They are completely allowed, they just aren't building them because they don't want to have to conform to tighter operational standards.
Admittedly lower sulphur standards would increase expenses some 20bn over the next decade. That's not an unreasonable expense considering fuel is going higher over that period, not lower.
A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort. Herm Albright (1876 - 1944)
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Re: Still no US fuel protests
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Joined: Jan 2005
Posts: 4,518 Likes: 32
Loquacious
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Loquacious
Joined: Jan 2005
Posts: 4,518 Likes: 32 |
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... Combined, the industry currently has 550 million acres of Federal lands leased that it isn't drilling. That's a lot of "on limit" area that's not being utilized.
Really? Just sitting there ... that's interesting.
Bedouin.
Blessed are those eyes that have seen more roads than any man! (Homer).
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