$5.18 billion.
By on Jul 26th, 2006 at 1:51 pm
$5.18 billion.
The second quarter income for Conoco-Phillips, the world’s third-largest oil company, a 65 percent increase from last year.
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time for a latter day Karl Marx to stop this obscenity
July 26th, 2006 at 2:05 pmThat’s nothing, Haliburton is making that a month…
/sarcasm off
July 26th, 2006 at 2:06 pmThe Oil Cartels CEOs are the most greed filled swine that have ever existed > they all deserve prison terms for swindling everyone for more profits!
July 26th, 2006 at 2:08 pmthese are not profits they are winnings and the house always wins!
July 26th, 2006 at 2:09 pmDamn. That’s a lot of money by my jazz musician standards.
July 26th, 2006 at 2:21 pmBut at least I can live with myself…
Do you suppose the White House will fly another “Mission Accomplished” banner at this news? This is clearly not a result that was up to chance.
July 26th, 2006 at 2:26 pmYes, but are they really happy?
July 26th, 2006 at 2:28 pmconsumption of oil is not up 65% so how do the oil companies do it & realize such a high number…..
July 26th, 2006 at 2:30 pmAgain, why using a % of those benefits in clean energy desings and planning would ruin the USA, or the oil companies?
July 26th, 2006 at 2:36 pmOK, the oil companies are making huge profits. We get it.
July 26th, 2006 at 2:38 pm#12
July 26th, 2006 at 2:41 pmWho me? No I don’t think I would get one. I am pretty sure of that.
Anyone else think oil prices might be more reasonable if oil speculators and traders were held in a deprivation tank away from the terror alerts and panic attacks televised every moment of every day? Just give them a general update every month or so.
July 26th, 2006 at 2:48 pmThis is not because they are running more efficiently or that they have produced a new product. While demand continues to grow for oil, it certainly has not grown 65% in the past quarter alone. Yet their profits grew at that rate. Companies do not increase their profits in one quarter by several billion dollars unless they are screwing somebody.
July 26th, 2006 at 3:00 pmDon’t you antiprofit liberal types get it? Increased demand from China and India, from China and India,from China and India,from China and India,from China and India,from China and India,from China and India,from China and India,from China and India,from China and Ind sccrraaaaaaaaaaatch.. Microsoft and Google make even larger profits but you libs won’t say anything about Microsoft and Google, Microsoft and Google,Microsoft and Google,Microsoft and Google,Microso …scraaaatch
July 26th, 2006 at 3:02 pm#14
July 26th, 2006 at 3:02 pmI agree on that. I was just being a little funny. Just a little. I would like to see three things. The one time windfall tax on these unprecedented profits. Inquiries into how these profits came to happen(price fixing, etc.). Termination of tax exemptions and credits for these companies from the government. Four things. Inquiries into if the oil companies have gotten tax help from the government properly put money towards development of alternative energy production like many of the agreement have.
There’s a few things going on here: 1) global demand is effectively setting a minimum price threshhold. 2) global scarcity due to constant supply disruptions in the middle east, africa, gulf coast drive up costs for the oil companies heavily invested in those regions. 3) globalized oil companies which aren’t adversely impacted by the production disruptions cash in on the competitive market by adjusting their prices to be more in line with their unfortunate competition — they’re not *quite* price gouging, they’re just adjusting to the new competitiveness of the market and economists shouldn’t want it any other way.
That said, it’s obscene that they get tax breaks to do what any company with long-term vision should be doing anyway and bail-outs when their supply lines are disrupted to the profit of their friendly competitors — let the competitors pick up the bill for rebuilding if they want to keep their “ooh, we’ve been mortally wounded!” price points; I shouldn’t be paying for gas at the pump and oil at the well both, certainly not with a so-called “conservative” government.
July 26th, 2006 at 3:23 pmJMiller,
July 26th, 2006 at 3:43 pmThe corporate welfare for big oil doesn’t stop there. Considering that the US military spends 6 to 10 times MORE (of our tax money) protecting oil interests than the oil is actually worth, I’d say that’s a HUGE handout, which is something the Right usually gets SO up in arms about, unless their 401k is profiting from the welfare.
Repugs think only sex is obscene.
July 26th, 2006 at 4:51 pmTHIS is the energy policy that Dick Cheney let the oil companies write for themselves. NO WONDER it was kept secret!
July 26th, 2006 at 5:25 pmHow is it that the price of oil can rise (which of course, causes the cost of gas to rise) yet somehow these companies are making record-breaking profits..
Can’t they share some of the burden by not sticking it to us so much? India, China, blah, blah, blah… all I see is money being made hand over fist while the price of gas has nearly tripled. With little to nothing being done about it except for some hollow retoric about faith-based energy independence.
Faith based because the only “plan” is to put our faith in oil giants and hope that they commit to the research and innovations in technology that will one day replace their current oil market. Fat chance they will ever lift a finger.
Democrats should make energy independence No. 1 on their party platform and then follow up by actually do something about it. Climate and energy are two subjects Repubs can’t even begin to defend themselves on.
July 26th, 2006 at 6:03 pmIs anyone surprised? This is what happens when you have a oil-man as president.
July 26th, 2006 at 6:06 pmFunny you people and this web site didn’t mention the other side of the equation (expenses). The last time I looked at a balance sheet it had both income and expense. Reread the inflammatory headline (second quarter income) the liberal webmaster conveniently left off that the expense of buying oil on the open market also went up as well as other exploration costs bring the profit earned by the oil co’s back down to historical amounts. We need to also blame the spineless congress that kowtow to the environmental whacko’s that wont (as most of the people in America want) allow drilling in the oil rich fields of Alaska. As well as lowering the price at the pump it would also quit putting money in the pockets of the radical Islamic oil cartel that use that money to plot out demise.
July 26th, 2006 at 10:53 pmIf any of you radical/leftist/socialists understood how the oil industry worked you would understand that—–its business—–these guys make money on selling one of the most difficult products to acquire in the world…..and you know what? God bless them!! Its called capitalism (oh, I forgot–people that frequent this site hate capitalism)…anyway…as Piper (#25) points out—book keeping can be interpreted many ways……you got a problem with the price of gas while the execs are making millions? How about….
1.)Nuclear Power
July 27th, 2006 at 12:58 pm2.)Drilling off the coast of The USA (cali,gulf of mex)
3.)ALASKA
4.)Wind…oh, Fatso Kennedy nixed that…but he got the BIG DIG through
5.)Stop buying gas…ride a bike or hitch a ride like the good ol days of the 60’s/70’s (peace dude)
6.)Give up your $6 cup of Starbucks twice a week
7.)Spend more time working than thinking/visiting/posting on this pathetic site
8.)Take over the middle east…..oh, as far as you lefties are concerned we started that back in 2003…maybe this thing with Israel will turn out better for our pockets?
9.)Stop donating your money to useless causes that have no leg to stand on….PETA, NAACP, UN, Girl Scout cookies etc…..
10.)Stop being such pussies…suck it up…vote for who you believe to be the best…and then support the Republicans once they defeat your wet-noodle politicans on the left….hahahahahahaha……