Exxon (and Shell) post record profits
http://www.breitbart.com/news/2007/02/01/D8N0VRD80.html
Demagogues, socialists, communists, and scummy politicians are criticizing the profits achieved by Exxon and other "big oil" companies. Congratulations oil companies. In spite of weather risks, capital risks, drilling risks, political risks, geography risks, and risks too numerous to mention, you have gained profits so that you can reward shareholders (wish I were one) who took a risk in buying your stock. You can re-invest in capital equipment, make needed repairs, and search for new sources of oil and methods of extracting oil.
Those politicians who will play on the ignorance or greed of voters, I ask; if you should now take the profits of "big oil" companies, would you also return money to the "big oil" companies when they have the inevitable troubled times as befalls any company? I thought not.
Labels: big oil, capital, communist, exxon, invest, politician, shareholder, shell, socialist
posted by Randy @ 2:30 PM
1 Comments:
I would be the last person to congratulate Giant Oil just because they are in the industry they are in. There is a cyclical nature to the industry, as you point out.
I don't have a problem with companies making money. It is the very foundation of our economy, and for the most part it works well. I think a lot of good, sensible people may be considering how much of that money is filthy lucre lining the pockets of the executives at the expense of those capital improvements, repairs, exploration, research, and rewarding the people who helped make it all possible (the employees of the companies).
For every demagogue in Congress, there are hundreds of working people who ask themselves that question. While it is no answer for the government to grab some money from corporations that do well, there is a perception of greed that the executives could address. If they did, talk of taxing profits would go the way of the dinosaur.
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