View from the Center and Left Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : View from the Center and Left

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Cogito who wrote (72300)	6/15/2008 12:20:22 PM
From: 8bits	Read Replies (2) of 542067

Their recent testimony before Congress did sound like complaining to me, yes. We can't drill anywhere we want to in the US! We have to compete with state sponsored oil companies in the rest of the world! You might want to ask yourself why are US oil companies are being routinely brought before congress when at least they seem to be paying their way. Compare US oil companies to banks, it would appear that once again US taxpayers will be bailing (or already are) out a substantial number of banks for what...the third time in three decades..? Oil companies are being lambasted for CEO compensation. Well that's something that bothers me but is a problem with almost every industry, and includes CEOs which destroy shareholder value, which at least is not a problem with the oil industry. I heard one congressmen tell an oil exec that he should put pressure on OPEC to increase their production, hmmm, when the US President and VP can't seem to get in any results in the same department how is an oil exec going to get much of a response. Should politicians from Africa and Latin America come to the US congress to suggest they stop turning food into ethanol..? Or put pressure on US farmers to produce more..? (Actually I think the former might not be a bad idea..) The notion of suing OPEC (a resolution passed by the house..) is an absolutely ludicrous idea when a substantial portion of the US is off limits to drilling. I think it has been a good thing that much of the US oil has not been tapped... better to pull it out of the ground when oil is $200-$300 a barrel than $5 a barrel... but congress shouldn't be surprised that oil is hitting such levels on a finite resource. 12.7 billion dollars in "deferred income taxes". ... So that would mean that when you say they "turned over 46%" of their profits, that might not be exactly so. No, Deferred income taxes are a liability, they will eventually be paid. And they have over forty billion in cash and equivalents. Exxon's net cash and short term investments (after subtracting debt) is about the same as Microsoft's note also how much Msfot has to pay in taxes: finance.google.com A much smaller percentage than your average oil company.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next