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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (124534)	5/21/2008 5:37:53 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

XOM et al Having to buy more oil on the open market. Refiners are tapped out in capacity. Margins shrinking. Congress wants to blame them for the high price of oil and big profits...won't let them drill, then blames OPEC for not drilling more. OPEC laughs and says what about you hypocrites, drill in the US...or pay up boys.

To: John Vosilla who wrote (124534)	5/22/2008 2:07:21 AM
From: Elroy Jetson	Respond to of 306849

Exxon had to sell refineries to acquire Mobil and sold others because they thought they were being clever. They haven't been investing in oil exploration because of their same confidence in the cleverness. Exxon is going out of business in an installment basis. So there's a lot of reasons why Exxon has suddenly lagged Chevron which has really ramped up oil exploration and it better at it than Exxon. Exxon simply lost touch with what they're about and it paying the price. It will be tough to turn that around. .