How can ExxonMobil post record breaking 2nd Quarter profits?

This is why.

When Dubya took office average gas price was $1.46/gallon.

@ tinyfaery, it sure feels like that everytime we go to the pump.

Congress lets them. Bush and cohorts cheer them on.

To put it another way, tinyfaery, when Republicans controlled Congress it was $1.46/gallon.

@jholler Well the Dems have been in control for about a year and half; the price of gas was rising way before that.

I guess it ultimately all our problems are related to politics.

I was wondering if anyone found it a bit selfish and immoral that oil companies squeeze extra pennies out of our pockets and take advantage of the fact that oil and gas is a neccessity that most people can’t survive without. Reagan’s trickle down theory was designed to slowly pump money into the economy by promoting big business but during republican terms, it seems that the trickle dries before it can quench the thirst of the American consumer.

Do I like it? Of course not, but capitalism is what this country lives by. Ever heard the fable of the pig carrying the snake across the river? “You knew I was a snake when you picked me up.” I don’t like it, but I don’t really expect them to hurt themselves for my benefit.

Capitalism, and our government, doesn’t require business to be accountable. The fundamental theory of capitalism is more, more, more, for the sake of more. It is self-serving to watch America sink into a recession, while these oil companies literally take the shirts off our backs. But that’s capitalism.

fwiw, we’re STILL not in a recession by definition. Stuff costs more, but we’re still buying it.

Tell that to bankers of Indi Mac, Feddie Mac, and Fannie Mae, and to the thousands and thousands of Americans who have seen their jobs disappear or move overseas. Who’s we? I know many people are not consuming like they (we) used to.

My county’s sales tax receipts are 17% above what they were this time last year. We’re still consuming, we’re just spending our money on gas instead of other stuff. Either way, we’re pumping our earnings into the economy, which is what prevents recession.

And the lenders brought this on themselves by making irresponsible home loans to people who they knew were purchasing out of their price range. If I go ask the bank for a loan to buy a Bugatti on my $46K salary, they’re gonna say no…the home lenders said “Sure!”

Sure tax revenue is up, prices are up. Public transportation use in LA is up 13%, you know, the car capital of America. Yes banks were irresponsible, but they are getting bailed out by the government. Who’s bailing out the average citizen? Besides, at this point it doesn’t matter who’s at fault, what matters is what we’re going to do about it.

Call me naive but why can’t the self-centered and egotistical CEOs and execs push the issue of money aside and plan for a more stable tommorrow. Money, the sinful vice infects us humans and I one thing some people value more than their own lives. What will happen when we must resolve the energy crisis in next 50 years when all the oil and other nonrenewable resources dwindle. Will people (esp. the energy execs) take drastic measures only when their own source of profit no longer exists. Til that point I believe they will milk it for all its worth. I hope with the increasingly deplorable state of the economy will result in dramatic reform to America’s economic policies.

Since Bush has been in office, the value of the dollar has lost about 41%. This is because there is “new” money going into the system. This new money goes to necessities like food, fuel, and housing. Sure, exxon is making record profits, but with a weak dollar, and oil execs knowing the true reason for the high price of fuel, they are simply keeping up with the weak dollar, so they stay ahead of the game. I bet you that even though they are making record profits, the buying power of the money they are making, will be similar to 8 years ago.

Those who know what is going on in our economy can stay ahead of the game. And as long as we are dependent on companies to give us necessities, they can charge whatever they want. We need to become self-sufficient.

Well what theyre doing is bad but its not illegal. The CEO of I think ExxonMobil said theyre profits, while huge, were only 7%. It sucks, but it is capitalism, like everyone is saying. We have to take responsability and find a new source of energy or a new form of transportation. And whoever thinks more offshore drilling is really going help is nuts. What a poor a “solution”