ok... what part of
.... BIG oil extracted $1.135 Trillion dollars from US economy in 2011. when numbers comes out for 2012, should be the same or slightly higher. there is NO way yanking that much $$$ out of US economy and not effect it. higher fuel prices are one of the main causes for the worst recession since 1929...
are you disputing?
can't come up with anything of substance... so pile on the BS!
let me guess .. you are part of the HUGE group that actually believe BIG oil is not making that much profit ... or that the $1.13 Trillion dollars BIG oil took in 2011 alone, had little to do with softness of our economy...
let's translate this into something everyone can relate to ... think in terms of $$ dollars available to every house hold in America to pay bills, buy groceries, clothing, shelter, etc.
it's a fact that after a divorce, house holds with single mom's have less dollars per month of disposable income. think before Katrina what each household in America was paying for fuel ... vs after doubling of fuel costs after Katrina, what each household is now paying.
that's virtually every household in America ... no one is exempt, even folks that don't drive, still need to shop for groceries. those goods on the shelve didn't fly magically across the country. they were likely trucked to said grocery store.
let's use std numbers to make things easier to follow:
avg miles driven annually = 12,000 divided by say 15mpg = 800 gal x $1.50 = $1200 or $100 per month avg fuel costs
now let's use $3 gal x 800 = $2400 or $200 per month avg fuel costs
now let's use $4 gal x 800 = $3200 or $266 per month avg fuel costs
after Katrina .. virtually every household in America now has $100 to $166 less per month to pay bills, feed kids, buy clothing, etc. etc.
how can taking that much $$$ out of virtually every household in American NOT effect the economy?
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I'm sure Sergio Marchionne and Fiat will be surprised to hear that they no longer own Chrysler...
Edit: Also, Fiat bought out the shares held by the US and Canadian gov'ts, so it's not like they don't have any money in the deal. They (Fiat) were recruited to take over Chrysler because it was a complete basket case; it had been circling the bowl for years and was no longer capable of surviving as a stand-alone company before the bankruptcy. It was either "give it away" or send it through a Chapter 7 liquidation.
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Whether you like it or not really matters not. The fact is the entire world's entire economy is made possible by oil & gas. If I could snap my fingers and turn every pump jack and pipeline pumping station off, park every single tanker ship and truck the world over I would. Just for one week. I'd like everyone to live in the dark to educate them to that fact.
And just so you know, I do work for big oil. I have no freaking idea how many millions have been paid to landowners based off of my work alone. What do you think these landowners do with that money? They buy groceries, go to the movies, buy clothes, pay mortgages, pay taxes, etc., etc., etc. But let me guess that money doesn't count in your economic formula does it? I also know first hand that big oil puts more into local communities through charitable donations, sports team sponsorship, etc. than any other industry that I can think of, but you rarely hear it talked about on the news and never hear it talked about in political circles. Do you think that Bricktown in OKC benefits monetarily from the Thunder?
Frankly, your stating that big oil is a drain on the economy and posting up charts illustrating the micro in support of your argument while ignoring the macro is utterly laughable and not worth debating any further.
Very well said, I also work for big oil. People have no idea what it costs to drill and complete a well.
Its a shame more business' aren't in the business of charity for those on the teat.
I mean how can business be succesful without making profit. Eww thats evil to make any money.
I mean how can business be succesful without making profit. Eww thats evil to make any money.
micro support of my argument ... my ass ... I'm providing hard $Trillion dollar sized numbers based on data given to SEC without going into technical crap that usually bogs down most any discussion on fuel prices. which cannot help but dip into economics.
notice charts that I've put up are to illustrate odds of businesses surviving during startup and survival for five years according to industry. I've put up ZERO .. that's right NO charts supporting what I'm saying. just too easy to distort using charts ...
bottom line is BIG oil companies, which was already MEGA size to begin with, was allowed to merge. For all practical purposes Standard Oil the first of true multinationals busted up in 1911 was back together again.
which leads back to BASIC issue of why we have high fuel prices ... a lack of competition!
our market place which normally self regulates pricing by supply and demand .. for all practical purposes NO longer exists.
Chronology: Big Oil's years of merger mania
December 1998: The U.S. Federal Trade Commission approves British Petroleum Co Plc's $55 billion acquisition of Amoco Corp.
November 1999: The U.S. government approves Exxon Corp's $82 billion purchase of Mobil Corp.
April 2000: FTC approves BP Amoco Plc's purchase of Atlantic Richfield Co, or Arco, for $27 billion.
September 2001: The FTC allows Chevron Corp (CVX.N) to complete its $39.5 billion deal to buy Texaco Inc.
August 2002: FTC approve an $18 billion union between Conoco Inc and Phillips Petroleum Co
December 2005: ConocoPhillips pays $33.8 billion for exploration and production company Burlington Resources Inc.
more BS! ... NO where have I stated that it's bad to make profits... it's the American way to make the max profits possible. let private companies do it's thing and for big government to stay the hell out.
for above to happen there must be competition .. meaning when one company raise prices too high, other companies offering similar products scoops in with lower prices. first company that raised their prices has to lower prices or risk loosing market share. supply and demand would self regulate pricing in the market place.
for the last 15 years FTC has allowed the mass consolidation of BIG oil companies ... effectively eliminating competition from the marketplace. cost of production has zero to do with actual prices charged at the fuel pump for quite some time. supply and demand no longer controls fuel prices.
fuel is a commodity that the public cannot operate without. If we want to drive to work, we have NO choice but to pay what ever is charged at the pump. we can drill 5x the number of oil wells with NO effect on fuel prices. production has increased so much that American is on it's way to supplying all it's petroleum needs. again, supply and demand has zero to do with actual prices charged at the pump.
BIG government created this problem by allowing MEGA mergers to take place. history has shown price controls simply does not work. exception of course is for our utilities, like electric, natural gas, water, phone, etc. profits are carefully monitored most times prices has to be approved by state regulatory agencies. There's a pretty solid argument in favor of regulating fuel as a utility that the public cannot do without.
the only way to bring back competition in the marketplace is to bust BIG oil companies back up. Standard Oil was busted up in 1911, so this has been done before.
