Politics
Should Congress act swiftly to curb the profits of Big Oil?
Exxon-Mobil recorded a second quarter profit of $11.7 billion, marking the most profitable quarter for any business in history. Despite the record, Exxon-Mobil’s profit fell short of Wall Street estimates. Read more...
Answer Summary
- No, these profits are the product of fre (5 quotes)
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62%
- Congress isn't going to do much at all. (1 quotes)
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12%
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No, these profits are the product of fre
"...In the eyes of the political class and media know-nothings, those invested in Exxon Mobil should be making less on their investments. Such is the quality of our media and elected officials, who seemingly don't understand even the most basic rudiments of a free-market system." Read the Article
Quoted by brownlu on Aug. 19th, 2008
The problem isn't that Exxon Mobil's profit was too big, it was that it was too small...In Exxon Mobil's results lurks a disturbing message: Every three months, the noose of oil imports tightens a little more. That, not buybacks or taxes, is the overlooked story in Exxon Mobil's earnings. Read the Article
Quoted by brownlu on Aug. 19th, 2008
With the emergence of countries like China, India, Russia and Brazil, and their increasing demand for oil, it's common sense that prices are being driven up...Even Daffy Duck and his comic strip buddies should understand why prices skyrocket under those conditions. Read the Article
Quoted by brownlu on Aug. 19th, 2008
For years, populist politicians have dragged oil industry executives to Capitol Hill and accused them of price manipulation...What evidence does congress use to back their price gouging claims? Try none. Read the Article
Quoted by brownlu on Aug. 19th, 2008
"...Gasoline is more affordable than it was during the early 1960s, an era fondly remembered by many as halcyon days of cheap fuel and gas-guzzling American cars...Politicians would do well to remember these historical facts, as well as consumer psychology, when discussing gas prices with voters. Read the Article
Quoted by brownlu on Aug. 19th, 2008
Congress isn't going to do much at all.
"The politicization of energy is only beneficial to those running for office..." Read the Article
Quoted by brownlu on Aug. 19th, 2008
General Comments
In 1994, the top five oil companies spent 3 percent of their free cash on share buybacks and 15 percent on exploration. By 2007, they were spending 34 percent of their free cash on buybacks - in effect, propping up their share prices - and a mere 6 percent on exploration... Read the Article
Quoted by brownlu on Aug. 19th, 2008
The 110th Congress, whose term officially ends in January, hasn't passed any spending bills or attacked high gasoline prices...In two decades of record keeping, no sitting Congress has passed fewer public laws at this point in the session -- 294 so far -- than this one. Read the Article
Quoted by brownlu on Aug. 19th, 2008
