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Exxon Posts Record Annual Profit (pg. 6)
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| Inconspicuous |
| quote: | Originally posted by Marc Summers
You're right, I guess I'll shut up and continue to take it, because that's not ignorant. :rolleyes: |
Or you could look into WHY they're posting record profits, and you'd realize that oil companies use FIFO accounting, which causes profit numbers to be highly misleading, as profits are reported based on the cost of the oldest barrel of oil vs. the most recent sale. Most companies use LIFO accounting, where profits are measured by the current costs vs. the current revenue per item.
It has nothing to do with politics or corruption or whatever other uninformed spin you want to try & put on it. Either know what you're talking about, or don't expect people to take you seriously. |
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| Marc Summers |
| quote: | Originally posted by Sunsnail
Well, it is true. Every year its decreasing in price by a pretty substantial amount. |
Yes, but the way mom mom is saying it sounds like, "I'm not going to buy a computer until the technology gets better". It's ridiculous. :p |
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| lex400sc |
| quote: | Originally posted by Marc Summers
I've been trying to convince my mom to invest in solar panels for years! Every year she says, "I'll wait for the technology to get better". :mad: |
the sooner she does it, the sooner her house can start making money for her. if you think about it, the house is empty most of the day meaning the power generating turns back your meter until the power company starts buying off you. farmers in the midwest have started doing this with wind power. they see it as another 'crop' having wind turbines in their fields :cool: |
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| Marc Summers |
| quote: | Originally posted by Inconspicuous
Or you could look into WHY they're posting record profits, and you'd realize that oil companies use FIFO accounting, which causes profit numbers to be highly misleading, as profits are reported based on the cost of the oldest barrel of oil vs. the most recent sale. Most companies use LIFO accounting, where profits are measured by the current costs vs. the current revenue per item.
It has nothing to do with politics or corruption or whatever other uninformed spin you want to try & put on it. Either know what you're talking about, or don't expect people to take you seriously. |
3.00 a gallon and they get record profits. You can throw all of the economic mumbo jumbo you want, it still doesn't excuse the fact that the ENTIRE WORLD got raped with oil prices, and the oil companies are swimming in a golden swimming pool filled with beluga caviar.
Seriously, there is no excuse, so stop arguing, it's time to act. |
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| Inconspicuous |
| quote: | Originally posted by Marc Summers
3.00 a gallon and they get record profits. You can throw all of the economic mumbo jumbo you want, it still doesn't excuse the fact that the ENTIRE WORLD got raped with oil prices, and the oil companies are swimming in a golden swimming pool filled with beluga caviar.
Seriously, there is no excuse, so stop arguing, it's time to act. |
You're talking about profits--an economic figure--yet you're saying "hey, let's just ignore economics, 'cuz I'm pissed." If you don't want to understand why it's happening, and all you really want is to be able to angry at some corporation, fine. I'm not going to try & stop you. But at least call it what it is--mindless, aimless, ignorant anger born out of a frustration of not being able to comprehend or understand what's going on.
Take it away... |
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| Inconspicuous |
| quote: | Originally posted by Marc Summers
the oil companies are swimming in a golden swimming pool filled with beluga caviar. |
By the way, the reason I mentioned that is that that statement ^ is incorrect. Since their profits aren't the same as normal "profits," they're not doing quite so well as you'd think. They're not taking any increased or decreased margin from the sale of the oil, compared to their costs. If they used normal (LIFO) accounting, they wouldn't be reporting profits that're any or at least much different from the ones they had a year ago or 6 months ago. But, since they don't, despite the fact that their day-to-day LIFO profit margins are nearly identical & unchanged, the dramatic changes in the market price for oil result in huge swings in their profits when you put the same figures into a FIFO system.
If that's too hard for you to understand, then just don't comment on it. I don't understand nuclear physics, but then again, I don't go on tirades about "omfg the particles in yesterday's test are WAAAAAY too far apart!!11! it's insanity!!!111! Someone needs to be hung!" |
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| Marc Summers |
| quote: | Originally posted by Inconspicuous
By the way, the reason I mentioned that is that that statement ^ is incorrect. Since their profits aren't the same as normal "profits," they're not doing quite so well as you'd think. They're not taking any increased or decreased margin from the sale of the oil, compared to their costs. If they used normal (LIFO) accounting, they wouldn't be reporting profits that're any or at least much different from the ones they had a year ago or 6 months ago. But, since they don't, despite the fact that their day-to-day LIFO profit margins are nearly identical & unchanged, the dramatic changes in the market price for oil result in huge swings in their profits when you put the same figures into a FIFO system.
If that's too hard for you to understand, then just don't comment on it. I don't understand nuclear physics, but then again, I don't go on tirades about "omfg the particles in yesterday's test are WAAAAAY too far apart!!11! it's insanity!!!111! Someone needs to be hung!" |
Dude, you are a real prick. I understand that I paid a load out of my own pocket. Why? I don't know. But I suffered, And then I see that Exxon's business is booming? you. You are arguing on the wrong side.
LIFO, FIFO, I don't give a -O. When see a man, who's too poor to afford heating and layers blankets on himself at night to keep warm, there is a problem. (True story)
And people get pissed at Chavez for offering free oil. People need to get their priorities straight, including you. Capitalist twat. |
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| Inconspicuous |
In that case, the people you should be mad at are the news outlets who're reporting that without that understanding of economics. They're reporting it as if all profit reportings are the same, causing millions of gullible or uninformed people to get mad about it like you are right now. I'm not the one telling you information that's misleading.
EDIT: Marc, I've got nothing against you or anybody else who's pissed about it...I know why you're mad, but at the same time, it's just incorrect. I blame the media for that. |
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| jdat |
so Marc Summers what the hell do you want them to do?
Cut everyone who may have used their gas in 2006 a fat check?
There was a situation a couple years ago where some record companies were sued for price fixing and the settlement got millions back to the consumers. You could sign up to a website if you had purchased a cd during the period where they did the dirty deed ( no form of proof was necessary ) and you would receive a check ( I think I got 20 dollars? )
You want Exxon to get sued and owe everyone 20+ dollars? |
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| Marc Summers |
| quote: | Originally posted by Inconspicuous
In that case, the people you should be mad at are the news outlets who're reporting that without that understanding of economics. They're reporting it as if all profit reportings are the same, causing millions of gullible or uninformed people to get mad about it like you are right now. I'm not the one telling you information that's misleading. |
You have to understand that people need heating, people need oil, gas, etc. and they can't afford it. This isn't a business making toys. This is a business giving fuel for climate control and mobility. They are playing with our lives for more profit and you can't ing deny that .
You truly are an apathetic piece of . You deserve to be blown up by a terrorist because all you see are numbers. Get real, you cvnt. These are people, not customers. |
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| jdat |
| quote: | Originally posted by Marc Summers
You have to understand that people need heating, people need oil, gas, etc. and they can't afford it. This isn't a business making toys. This is a business giving fuel for climate control and mobility. They are playing with our lives for more profit and you can't ing deny that .
You truly are an apathetic piece of . You deserve to be blown up by a terrorist because all you see are numbers. Get real, you cvnt. These are people, not customers. |
go tell that to your socialist governement! :p
honestly they don't give a two shzzle about companies making profit ( unless it's illegal ) because this is what the american dream is all about |
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| Inconspicuous |
| quote: | Originally posted by Marc Summers
You have to understand that people need heating, people need oil, gas, etc. and they can't afford it. This isn't a business making toys. This is a business giving fuel for climate control and mobility. They are playing with our lives for more profit and you can't ing deny that . |
It's still a business. You have to treat it as such, or it'll only last for so long. And yes, any sane person can and would deny that. |
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