$55,000 per minute.
Profits for oil giant BP in the second quarter, which totaled $7.27 billion. Profits for BP are up 30% from last year.
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Figures. The rick get richer off the backs of the poor, who are getting poorer.
July 25th, 2006 at 3:30 pmBut remember folks, they aren’t increasing the price of gas to line their pockets. They’re only reacting to market supply and demand.
July 25th, 2006 at 3:30 pm/snark
I hope thier multi-million dollar homes are in Miami where they will soon be underwater and useless.
July 25th, 2006 at 3:30 pm#3
July 25th, 2006 at 3:35 pmThat won’t matter. Even though they built them on the water’s edge are in in hurricane paths, when they are destroyed their insurance will pay for it and everyones premiums will get that much higher.
BP just closed 12 oil wells on the Alaskan North Slope because they were leaking and polluting after being reported by BP whistleblowers. The whistleblowers reported some 50 wells in total leaking.
July 25th, 2006 at 3:37 pmAll bow to the hallowed Profit Margin.
July 25th, 2006 at 3:37 pmBullshit Petrol just had a big spill up on the
North Slope. Who wants to bet our tax dollars
will help clean it up.
Hey E$$ON! How’s that Valdez lawsuit going?
Paid any money out to the Alaskan natives yet?
How Come?
Oh, your lawyers are appealing. HMMMM, I thought
trial lawyers were ‘bad’ for the country. Oh, that’s
only for non-corporate efforts?
BP, the ‘Green’ oil company. Yeah, you’re green, allright;
green with greed and cash.
Again, why is gas so expensive…?
July 25th, 2006 at 3:40 pmZooey,
July 25th, 2006 at 3:51 pmBecause there’s NO COMPETITION for the drug they peddle.
Supply and demand. How does that theory go again? I believe in the theory but I doubt the oil companies do. Who’ll take the bet that BP or Exxon will declare a good portion of this profit for the development of new energy technologies. Stockholders should demand this since the future of the company relies upon it. Once the oil goes away they better have a sustainable plan for the company or it will fold.
July 25th, 2006 at 3:53 pmgop= government for profit
July 25th, 2006 at 3:53 pmI’m pretty sure those 6 or 7 CEO’s are on I.M. and they set the prices every morning.
July 25th, 2006 at 3:53 pmNWyman,
July 25th, 2006 at 3:57 pmThe “rick” are not getting richer off of the backs ofthe poor. The poor don’t buy gas!
#7 Gas is so expensive because we are spoiled and WILL NOT cut back or use of it. Until we stop buying it at 3.00 a gallon it will keep going up until we do stop buying it. So instead of blaming everyone else, why not take some action?
mike:
I drive to work every day, and on Sundays I drive to church.
I’ve already discussed the possibility of telecommuting to my boss, and have been turned down flat.
Other than work and church, I do no driving whatsoever (I plan shopping trips at stores on the way).
How exactly am I supposed to ‘take some action’?
July 25th, 2006 at 4:14 pmI guess certain companies are just not allowed to make a profit in the eyes of liberals. You need to look at BP’s profit here in perspective. When you look at net income as a percent of revenue, they are 8%. Compare that to P&G’s 12% or JP Morgan/Chases 10.6% and it doesn’t look that out of line. Take a company like Walmart, not a liberal favorite, and they show a net income of about 3% of sales. Google, whom I know a lot you here love, showed net income of 23% of sales for 2005. So what is a fair profit? You should be ragging on Google, not BP and where is the outcry for Walmart?
July 25th, 2006 at 4:43 pmGrandpa’s been sippin’at the sauce again…
I never shop at Walmart because I choose not to.
If I choose not to buy gas, I couldn’t get to work, so I’d get fired and have to work down the street in the strip-mall.
Modern society could survive if Walmart disappeared overnight. Take away all gas overnight, and modern society would crumble.
That would teach those corporate bastards, wouldn’t it?
July 25th, 2006 at 4:55 pmMike:
1) the poor don’t buy gas? Define poor. Poor doesn’t necessarily mean homeless, it means less than 20k income per household per year (something like that, the numbers aren’t exact). Those people buy gas too, they still have to drive to work don’t they? The price increase simply affects their living standard more than the middle and upper class.
2)How exactly are we supposed to boycott gas?
I’m one of the few people willing to actually DO that but I can’t. I live only 5 miles away from work, live in Denver which has one of the best public transit systems in the U.S. supposedly, and yet I would not be able to make it to work reliably every day without driving. Believe me, I’ve tried. I was unable to drive at all for about a year and it was impossible to find a good job that I could get to every day.
Basically what I’m saying is that yes it would be nice if enough consumers could coordinate to boycott gas long enough to force the Oil companies to reduce price but in the real world that doesn’t work. Most people live paycheck to paycheck and most people live too far away from work to walk or take a bus.
Oil companies can charge whatever they want and there’s not a DAMN THING we the people can do about it. We NEED their product, so as long as the price isn’t completely absurd to the point where people would riot in the streets, we’ll keep buying it.
July 25th, 2006 at 4:56 pm#15
July 25th, 2006 at 5:02 pmI didn’t hear anyone crying for the oil companies when they were losing money when oil was $12 a barrel. You guys act as if they are fixing the price when its a matter of supply and demand. China and India are using more now than ever and we haven’t drilled any new wells domestically so what do you expect?
#8 - Because there’s NO COMPETITION for the drug they peddle.
I think you mean to say there’s no substitute. Becuase there certainly is competition. A whole lot of it.
July 25th, 2006 at 5:16 pmhttp://www.exxposeexxon.com/
July 25th, 2006 at 5:18 pmtest
July 25th, 2006 at 5:22 pmYou think the oil industry is bad, just look at the top 1 companies in the software industry. They had over $5.5 billion in profits in the first quarter of this year which translates into over $39,000 per second. And look at the banking industry! They had over $65 billion in profits last year which translates into around $52 million for every brave US service person killed in Iraq; about $194,000 for every baby seal killed; and about $6.5 trillion for every degree increase in the earth’s temperature in 2005. Kill all the profit makers, I say. Profit is the most evil thing there is…well, this side of George Bush I suppose.
July 25th, 2006 at 5:29 pm#14
The ratio of net income to revenue is not a true measure of profit. Profit is the difference between revenue and costs (Direct costs, indirect costs, overhead costs, and general and administrative costs) which do not include Corporate salaries, contingency funds, R&D set asides, depletion allowances, and a myriad of other accounting miracles (Greed) that hide the true profit. The concept of supply vs. demand applies only to a free market society where both buyers and sellers may come and go freely and immediately. The petroleum industry is any thing but a free market as is clearly evident in the name of the prime organization–OPEC– CARTEL. A free market cannot exist when a cartel controls the supply. Enough for economics 101 because you are not interested in facts just some bullshit to cover the Big Oil ass. It ain’t gonna work when the Dems get in (less than 6 months).
July 25th, 2006 at 5:36 pm#17
Yes the price of oil is driven in part by supply and demand. Does that mean that Exxon has NO choice in how much it charges for its refined gas? Tell me, why should I “cry” for oil companies that make obscene profits even during a “bad” year? Why shouldn’t I be upset that the price of gas continues to put a stranglehold on the economy, and while oil companies clearly have some levity in the price they charge they CHOOSE to charge as much as they can? All the while trying to stifle knowledge in the public of how their product is slowly destroying the planet.
I guess its too much to ask for a company to sacrifice a little for the common good of the people who pay for their $400 million ceo retirement checks.
July 25th, 2006 at 5:40 pmPlease stop embarrassing yourself. That’s NOT what this is about and your straw man argument just looks stupid.
July 25th, 2006 at 5:42 pmI’ve stopped buying gas all together!! Now I just siphon it out of other peoples cars!
But I only take gas from Hummer and Excursion drivers because obviously they can afford it.
July 25th, 2006 at 5:47 pm#22 - A free market cannot exist when a cartel controls the supply.
Canada and Mexico are the 2 largest single sources of imported oil, although OPEC makes up around 40% of our total imports. Of the oil we use, the largest single source is still domestic (we import 58%).
The fact that there are, in fact, competitors to OPEC (60%, a strong majority, of our imported oil comes from their competition).
July 25th, 2006 at 5:49 pm#24 Please stop embarrassing yourself. That’s NOT what this is about and your straw man argument just looks stupid.
So pointing out that other industries make huge profits too is irrelevant to the discussion, eh? Try not to confuse satire intended to mock the breathtaking amount of profit because it is broken down into seconds with a Straw Man rebut. There are tons of profits being made in all sorts of industries-not just the oil industry. Since you left of left leaning extremists on this site get your panties so bunched up by even mentioning the word “profit†I thought you might enjoy my slight parody.
Is that really how you make your point in an argument? “You’re a straw man so I don’t have to say anything of substance regarding the premise of your point other than, STRAW MAN, STRAW MAN!â€
July 25th, 2006 at 5:55 pmI have to agree, that parody was stupid pointman, nice try play again.
July 25th, 2006 at 6:02 pm#27
I called your statement a “straw man” because you’re not really trying to debate the issue, you’re trying to paint ALL dems or progressives as people who unconditionally hate corporations and big profit. That is simply false.
Yes there are other corporations making obscene profits in other industries. That does NOT have any relavency to this discussion. Why? Because oil companies are in a unique position in the world stage. If Microsoft overcharges for its software, I don’t have to buy it. If oil companies overcharge for their product I cannot simply boycott them. If Microsoft overcharges for its software it will not stifle the overall economy the way gas prices do. Also, Microsoft’s products aren’t heating up the planet and endangering the future of humanity.
Try to realize that dems don’t hate profit, they hate profit AT ALL COSTS. At least, that’s what I’m against.
July 25th, 2006 at 6:06 pm#26
You are spouting garbage. By definition, a cartel and a free market are mutually exclusive. It makes no difference what percentage some entity has in some area vis-a-vis another. The undeniable fact remains that the cost of gasoline is ARBITRARILY set by the big oil companies together. Arbitrarily and together belies any part of a free market. Before you start spouting more Disneyland Dictum’s, just answer one simple question: “If the price of gasoline is controlled entirely by market pressure why is there no significant difference in the price of gas at four different gas stations on the four corners of an intersection and that price equal to that of a different company station in a rural area with no close competiting stations? The probability that five different oil companies will have the same costs which you say drive the price is statistically impossible given all the variables. To paraphrase a song of the Sixty’s: ”Where have all the gas wars gone?” “Gone to big oil, everyone.” “When will we ever learn? When will we ever learn?”
By the way I am still waiting for your ‘Thank You” on the WMD post. At least you recognized that the numbers in the polls were faked.
July 25th, 2006 at 6:12 pmAgain, the main point of my post was to make fun of the breathless way that this site converted oil profits to minutes. That’s just stupid and my main point was made clearly. It was not intended to be funny by those on this site who read the amount per second and proceeded to with an involuntary primal scream, “OH MY GOD!!! $55,000 PER SECOND!!!â€
If you really are a liberal who believes that big business profits in general are a great thing then fine. I’m not sure I’m inclined to believe you but for the sake of argument I will concede that you are a lover of big business profits in all industries except for the oil industry. You must admit that you are in a very small minority position on this site. If you are then you’re like a small gurgled voice at the bottom of the Marianas Trench trying to shout up through an ocean of big business haters.
July 25th, 2006 at 6:34 pm#31
I am sure that most people here recognize the necessity of a business making a profit and have no problem with that. Most have no problem with particular companies making a more than average profit periodically as a result of innovation, proper management and timing. What all of us object to is excessive profits by selected companies (Oil, Pharmaceuticals, Insurance, Energy, Medical (HMO)) gained by bribing (campaign contributions) falsely elected Government Officials for preferential treatment. One case in point: If you will justify the profane contracts and profits of Halliburton vis-a-vis the Iraq conflict using any iota of thread from the free market theory I will profusely apologize. Most of us are not against a fair profit. We are against greed and corruption and the abuse of public office for private gain.
July 25th, 2006 at 6:54 pm…PROFIT taken out of all our dumb a*ses…
July 25th, 2006 at 7:05 pmand there are people in New Orleans still with no electricity.
July 25th, 2006 at 7:06 pmThe poor get the $3 a gallon gas and cry all the way to their ATMs, the rich trade $70 BP stock and yuck it up with their brokers.
July 25th, 2006 at 9:02 pmThe oil companies will build a monument to Bush and Cheney in recognition for all they’ve done.
July 25th, 2006 at 9:15 pmTOTALLY CORRUPT!!!!! Just like enron at a national scale.
Bush sticks Deborah Majoras (a former chevron-texaco protector)
in the federal trade commission (to protect us)… lobbyists
paid off congress in legal bribes and what do we have.
Oh the sob story (we are running out of energy)… straight from Bush
TOTALLY CORRUPTED, BRIBED…. BOUGHT OUT
Fire all those corrupt public servants enough to make me (and you) PUKE!!!
July 25th, 2006 at 9:52 pmbelch!
July 26th, 2006 at 1:09 amI can’t wait until the water supplies are bought up by these same companies that peddle us oil. When water is $4 a gallon, should we boycott that too? What about food when it gets too expensive? Boycott again?
I already can’t afford health care (not good with pre-existing condition), I can’t afford to drive which limits my job hunts. And the public transportation in my area sucks balls.
Oh? Just move? I’m being priced right out of the area that I live in (Minnesota) and the last 3 jobs I’ve had, I’ve had to train the INDIAN REPLACEMENTS for my job.
I guess I could work at Burger King. I mean, that’s one of the 2million “assembly” jobs that was created this year, right?
July 26th, 2006 at 2:19 amBush’s daddy makes tons of money off his Oil stocks, so that is all that matters to Dubya!
July 26th, 2006 at 2:57 am#39 you could join bush’s military & get a jump start to fight for the oil. We wil begin doing that pretty soon anyway.
July 26th, 2006 at 7:02 amHere in Minnesota the Repub Gov actually got a law passed that
July 26th, 2006 at 9:05 ammakes it illegal to sell gas at less than 8 cents over cost.
Think about that.
No free market.
No gas ‘wars’.
No shit.
Time for a change, America.
Let’s take back our country in November.
No incumbents in ‘06!
The price of fuel is largely determined by how freaked out the Wall Street analysts are that day. The more freaked out they are, the higher the price goes. They speculate on the availability of supplies in the future, and any potential disruption puts them in a tizzy of paranoia, that we end up paying for. And now with more war on the horizon, the price will NOT be going down.
July 26th, 2006 at 9:38 amElectric car. Run on batteries powered by the sun.
Period.
July 26th, 2006 at 11:08 am#39
July 26th, 2006 at 11:21 amWhich is more expensive, water or gas? We pay $3.00 a gallon for gas and complain, yet we walk into the same gas station and pay $1.29 for a 24oz. bottle of water. That is $6.88 a gallon!!! Allowing for inflation we are paying about the same per gallon as we did in 1981. I hate paying 3 bucks a gallon as much as the next person, but have you seen how much that is tax, and the roads here still suck. If we all were to cut back by only 10% we could make a dent in that huge profit margin. But we can’t let some guy who makes 20,000 a year and has no choice but to cut back take the whole load on his shoulders. Those of you who make 100,000 dollars a year need to cut back too.
Yeah, zimzone. Isn’t Pawlenty great? MANDATED profits while the citizens are getting screwed. Guess we know who HE represents, huh? It certainly ain’t the citizens.
July 26th, 2006 at 11:23 am[…] As many of you are undoubtedly aware, last week British Petroleum (BP) reported record profits that amounted to $55,000 - every minute. […]
July 30th, 2006 at 4:32 pmjp morgan retirement
The TrackBack specification was created by Six Apart, who first implemented it in their Movable Type blogging software in August
March 21st, 2008 at 2:39 amJeanice
You are sensible. Before receiving notice of your comments, I intended to apologize to all decent human beings for my writing out of turn. I don’t apologize for what I’ve said, only for having ruffled proverbial feathers
March 21st, 2008 at 2:23 pmWhat To Do To Help Reduce The Price Of Gas
Hi - just wanted to say good design and blog -
April 2nd, 2008 at 12:05 am