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Thread started 04/29/11 10:24am

Dauphin

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Exxon pays 1 Million Dollars per Hour in Taxes

http://mjperry.blogspot.c...hr-in.html

1. ExxonMobil paid $8 billion in income taxes to various governments in the first quarter, which is about $22 million in income taxes each day, or almost $1 million each hour.

...

5. Exxon Mobil paid $8 billion in income taxes in the first quarter on $18.9 billion of income, which translates into a 42.3% effective income tax rate on its income. And yet according to Obama and others, oil companies "aren't paying their fair share of taxes," and should be taxed more?

So, why is the Department of Justice going after Oil Companies? The real problem is a shitty dollar. Exacerbated by oil speculation, limiting local oil exploration, as well as increased global and seasonal demand.

But it's easier to point a finger and make the country look at the Big Bad Rich Oil Companies. Isn't anybody wondering what politicians are making us look away from?

[Edited 4/29/11 10:24am]

-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

Still it's nice to know, when our bodies wear out, we can get another

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Reply #1 posted 04/29/11 10:33am

SUPRMAN

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They should not be making a profit off of something we have to buy.

I don't want you to think like me. I just want you to think.
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Reply #2 posted 04/29/11 10:50am

OnlyNDaUsa

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SUPRMAN said:

They should not be making a profit off of something we have to buy.

that is sarcasm i hope....

No one is coming for your abortion: they just want common-sense abortion regulations: background checks, waiting periods, lifetime limits, take a class, and a small tax.
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Reply #3 posted 04/29/11 10:56am

V10LETBLUES

Dauphin said:

http://mjperry.blogspot.c...hr-in.html

1. ExxonMobil paid $8 billion in income taxes to various governments in the first quarter, which is about $22 million in income taxes each day, or almost $1 million each hour.

...

5. Exxon Mobil paid $8 billion in income taxes in the first quarter on $18.9 billion of income, which translates into a 42.3% effective income tax rate on its income. And yet according to Obama and others, oil companies "aren't paying their fair share of taxes," and should be taxed more?

So, why is the Department of Justice going after Oil Companies? The real problem is a shitty dollar. Exacerbated by oil speculation, limiting local oil exploration, as well as increased global and seasonal demand.

But it's easier to point a finger and make the country look at the Big Bad Rich Oil Companies. Isn't anybody wondering what politicians are making us look away from?

[Edited 4/29/11 10:24am]

Oil prices should and will go up. It is a limited commodity. It's the harder questions, the metaphorical canteen in the desert at the moment.

I think it has gone beyond the point of simple margins. It is a staple of modern life. It produces the bread and meat. Brings us the water we drink. A dwindling commodity that is quickly affecting every aspect of all the people living here more and more each and every day. I have no problem on anyone making a killing on anything. But I think there are serious short and long term moral implications that a lot of people seem to be dodging along partisan political lines.



[Edited 4/29/11 11:00am]

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Reply #4 posted 04/29/11 11:01am

OnlyNDaUsa

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i read something years ago that if all gas was the same and at the highest standard and left that way all year, (say the summer blend for LA) gas prices would fall nationwide.

No one is coming for your abortion: they just want common-sense abortion regulations: background checks, waiting periods, lifetime limits, take a class, and a small tax.
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Reply #5 posted 04/29/11 11:35am

SUPRMAN

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V10LETBLUES said:

Dauphin said:

http://mjperry.blogspot.c...hr-in.html

So, why is the Department of Justice going after Oil Companies? The real problem is a shitty dollar. Exacerbated by oil speculation, limiting local oil exploration, as well as increased global and seasonal demand.

But it's easier to point a finger and make the country look at the Big Bad Rich Oil Companies. Isn't anybody wondering what politicians are making us look away from?

[Edited 4/29/11 10:24am]

Oil prices should and will go up. It is a limited commodity. It's the harder questions, the metaphorical canteen in the desert at the moment.

I think it has gone beyond the point of simple margins. It is a staple of modern life. It produces the bread and meat. Brings us the water we drink. A dwindling commodity that is quickly affecting every aspect of all the people living here more and more each and every day. I have no problem on anyone making a killing on anything. But I think there are serious short and long term moral implications that a lot of people seem to be dodging along partisan political lines.



[Edited 4/29/11 11:00am]

The moral implications do not involve the oil producers, refiners, or gasoline sellers.

They are mere agents of OUR moral culpability.

We chose for money and convenience to build a society based on oil across all sectors of the economy. We chose cars and 'individuality' over public transit and the environment.

We chose oil fuel power plants. We drilled for easy access oil, rather than developing ways to utilize what we have in abundance - coal.

To say that so many use it makes it vital enough to regulate, do we regulate how much certain vehicles can buy? What a booming black market that would create!

I have no partisan political lines.

I don't want you to think like me. I just want you to think.
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Reply #6 posted 04/29/11 12:03pm

V10LETBLUES

SUPRMAN said:

V10LETBLUES said:

Oil prices should and will go up. It is a limited commodity. It's the harder questions, the metaphorical canteen in the desert at the moment.

I think it has gone beyond the point of simple margins. It is a staple of modern life. It produces the bread and meat. Brings us the water we drink. A dwindling commodity that is quickly affecting every aspect of all the people living here more and more each and every day. I have no problem on anyone making a killing on anything. But I think there are serious short and long term moral implications that a lot of people seem to be dodging along partisan political lines.



[Edited 4/29/11 11:00am]

The moral implications do not involve the oil producers, refiners, or gasoline sellers.

They are mere agents of OUR moral culpability.

We chose for money and convenience to build a society based on oil across all sectors of the economy. We chose cars and 'individuality' over public transit and the environment.

We chose oil fuel power plants. We drilled for easy access oil, rather than developing ways to utilize what we have in abundance - coal.

To say that so many use it makes it vital enough to regulate, do we regulate how much certain vehicles can buy? What a booming black market that would create!

I have no partisan political lines.

Of course it does. It implicates ALL OF US.

I agree with all the "we chose" lines. Oil was cheap and plentiful and seemingly endless. Modern society was built on it. People did not want to see further than our immediate gratification.

Likewise, that extends to our entire lives, and some of us are now living on medicare and social security. Society has to make judgement calls. Morality is not just about who you sleep with, but all aspects of society. All I am saying is that life's journey is more complicated and beyond regurgitating simpleton "free market" sloganeering.

There is no easy answer at the moment. I certainly do not have one.

On a related note...

Bernie Sanders Demands Action From Obama On Wall Street Oil 'Gambling'

http://www.huffingtonpost...55495.html

Sen. Bernie Sanders (I-Vt.) demanded on Thursday that regulators impose limits on oil speculation to help lower the price of gas in a letter sent to President Obama.

“There is mounting evidence that the skyrocketing price of gas and oil has nothing to do with the fundamentals of supply and demand, and has everything to do with Wall Street firms that are artificially jacking up the price of oil in the energy futures markets,” Sanders wrote. “In other words, the same Wall Street speculators that caused the worst financial crisis since the 1930s through their greed, recklessness, and illegal behavior are ripping off the American people again by gambling that the price of oil and gas will continue to go up.”...


[Edited 4/29/11 13:38pm]

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Reply #7 posted 04/29/11 3:14pm

SUPRMAN

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V10LETBLUES said:

SUPRMAN said:

The moral implications do not involve the oil producers, refiners, or gasoline sellers.

They are mere agents of OUR moral culpability.

We chose for money and convenience to build a society based on oil across all sectors of the economy. We chose cars and 'individuality' over public transit and the environment.

We chose oil fuel power plants. We drilled for easy access oil, rather than developing ways to utilize what we have in abundance - coal.

To say that so many use it makes it vital enough to regulate, do we regulate how much certain vehicles can buy? What a booming black market that would create!

I have no partisan political lines.

Of course it does. It implicates ALL OF US.

I agree with all the "we chose" lines. Oil was cheap and plentiful and seemingly endless. Modern society was built on it. People did not want to see further than our immediate gratification.

Likewise, that extends to our entire lives, and some of us are now living on medicare and social security. Society has to make judgement calls. Morality is not just about who you sleep with, but all aspects of society. All I am saying is that life's journey is more complicated and beyond regurgitating simpleton "free market" sloganeering.

There is no easy answer at the moment. I certainly do not have one.

On a related note...

Bernie Sanders Demands Action From Obama On Wall Street Oil 'Gambling'

http://www.huffingtonpost...55495.html

Sen. Bernie Sanders (I-Vt.) demanded on Thursday that regulators impose limits on oil speculation to help lower the price of gas in a letter sent to President Obama.

“There is mounting evidence that the skyrocketing price of gas and oil has nothing to do with the fundamentals of supply and demand, and has everything to do with Wall Street firms that are artificially jacking up the price of oil in the energy futures markets,” Sanders wrote. “In other words, the same Wall Street speculators that caused the worst financial crisis since the 1930s through their greed, recklessness, and illegal behavior are ripping off the American people again by gambling that the price of oil and gas will continue to go up.”...


[Edited 4/29/11 13:38pm]

Political grandstanding.

"gambling that the price of oil and gas will go up?" You think, given the unrest in the Persian Gulf, Libya, Yemen (along major tanker routes and entrance and exit to Red Sea and Suez Canal)?

With good cause.

But what's even more ridiculous is these grandstanding assholes fail to point out that the #1 source of U.S. oil imports are Canada and Mexico at #2. Saudi Arabia is third. But they bash OPEC although neither Canada or Mexico are members of OPEC.

People swallow it, like we would have no oil without OPEC.

I don't want you to think like me. I just want you to think.
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Reply #8 posted 04/29/11 3:30pm

V10LETBLUES

SUPRMAN said:

V10LETBLUES said:

Of course it does. It implicates ALL OF US.

I agree with all the "we chose" lines. Oil was cheap and plentiful and seemingly endless. Modern society was built on it. People did not want to see further than our immediate gratification.

Likewise, that extends to our entire lives, and some of us are now living on medicare and social security. Society has to make judgement calls. Morality is not just about who you sleep with, but all aspects of society. All I am saying is that life's journey is more complicated and beyond regurgitating simpleton "free market" sloganeering.

There is no easy answer at the moment. I certainly do not have one.

On a related note...

Bernie Sanders Demands Action From Obama On Wall Street Oil 'Gambling'

http://www.huffingtonpost...55495.html

Sen. Bernie Sanders (I-Vt.) demanded on Thursday that regulators impose limits on oil speculation to help lower the price of gas in a letter sent to President Obama.

“There is mounting evidence that the skyrocketing price of gas and oil has nothing to do with the fundamentals of supply and demand, and has everything to do with Wall Street firms that are artificially jacking up the price of oil in the energy futures markets,” Sanders wrote. “In other words, the same Wall Street speculators that caused the worst financial crisis since the 1930s through their greed, recklessness, and illegal behavior are ripping off the American people again by gambling that the price of oil and gas will continue to go up.”...


[Edited 4/29/11 13:38pm]

Political grandstanding.

"gambling that the price of oil and gas will go up?" You think, given the unrest in the Persian Gulf, Libya, Yemen (along major tanker routes and entrance and exit to Red Sea and Suez Canal)?

With good cause.

But what's even more ridiculous is these grandstanding assholes fail to point out that the #1 source of U.S. oil imports are Canada and Mexico at #2. Saudi Arabia is third. But they bash OPEC although neither Canada or Mexico are members of OPEC.

People swallow it, like we would have no oil without OPEC.

omg

You cursed!

Thats the first time I have seen you do that! Are you okay. razz

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Reply #9 posted 04/29/11 3:41pm

SUPRMAN

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V10LETBLUES said:

SUPRMAN said:

Political grandstanding.

"gambling that the price of oil and gas will go up?" You think, given the unrest in the Persian Gulf, Libya, Yemen (along major tanker routes and entrance and exit to Red Sea and Suez Canal)?

With good cause.

But what's even more ridiculous is these grandstanding assholes fail to point out that the #1 source of U.S. oil imports are Canada and Mexico at #2. Saudi Arabia is third. But they bash OPEC although neither Canada or Mexico are members of OPEC.

People swallow it, like we would have no oil without OPEC.

omg

You cursed!

Thats the first time I have seen you do that! Are you okay. razz

It's been quite a week and news today wasn't good either. Stressing until Tuesday afternoon.

I don't want you to think like me. I just want you to think.
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Reply #10 posted 04/29/11 3:45pm

V10LETBLUES

SUPRMAN said:

V10LETBLUES said:

omg

You cursed!

Thats the first time I have seen you do that! Are you okay. razz

It's been quite a week and news today wasn't good either. Stressing until Tuesday afternoon.

Believe me, I know how that goes.

hug

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Reply #11 posted 04/29/11 4:23pm

V10LETBLUES

Here is a snip from an opinion piece from Aljazeera

The scam behind the rise in oil, food prices

http://english.aljazeera....80315.html

Snip.

click the link for the entire article

...

These contracts for oil outnumber their actual delivery, a sign of speculation and market manipulation, as oil companies win government authorisations for wells but then don't open them for exploration or exploitation.

It's all a game of manipulating oil supply to keep prices up. And no one seems to be regulating it.

Danger met with silence

What Phil sees is a giant but intricate game of market manipulation and rigging by a cartel not just an industry that actually has loaded tankers criss-crossing the oceans but only landing when the price is right.

There is nothing that the conga-line of tankers between here and OPEC would like to do more than unload an extra 277 million barrels of crude at $112.79 per barrel (Friday's close on open contracts and price) but, unfortunately, as I mentioned last week, Cushing, Oklahoma (Where oil is stored) is already packed to the gills with oil and can only handle 45M barrels if it started out empty so it is, very simply, physically impossible for those barrels to be delivered. This did not, however, stop 287M barrels worth of May contracts from trading on Friday and GAINING $2.49 on the day.

He asks: "Who is buying 287,494 contracts (1,000 barrels per contract) for May delivery that can't possibly be delivered for $2.49 more than they were priced the day before? These are the kind of questions that you would think regulators would be asking – if we had any."

The TV news magazine 60 minutes spoke with Dan Gilligan who noted that investors don't actually take delivery of the oil. "All they do is buy the paper, and hope that they can sell it for more than they paid for it. Before they have to take delivery."

He says they make their fortunes "on the volatility that exists in the market. They make it going up and down."

Payam Sharifi, at the University of Missouri-Kansas City, notes that even as the rise in oil prices threatens the world economy, there is almost total silence on the danger:


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Reply #12 posted 04/29/11 4:53pm

SUPRMAN

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V10LETBLUES said:

Here is a snip from an opinion piece from Aljazeera

The scam behind the rise in oil, food prices

http://english.aljazeera....80315.html

Snip.

click the link for the entire article

...

These contracts for oil outnumber their actual delivery, a sign of speculation and market manipulation, as oil companies win government authorisations for wells but then don't open them for exploration or exploitation.

It's all a game of manipulating oil supply to keep prices up. And no one seems to be regulating it.

Danger met with silence

What Phil sees is a giant but intricate game of market manipulation and rigging by a cartel not just an industry that actually has loaded tankers criss-crossing the oceans but only landing when the price is right.

There is nothing that the conga-line of tankers between here and OPEC would like to do more than unload an extra 277 million barrels of crude at $112.79 per barrel (Friday's close on open contracts and price) but, unfortunately, as I mentioned last week, Cushing, Oklahoma (Where oil is stored) is already packed to the gills with oil and can only handle 45M barrels if it started out empty so it is, very simply, physically impossible for those barrels to be delivered. This did not, however, stop 287M barrels worth of May contracts from trading on Friday and GAINING $2.49 on the day.

He asks: "Who is buying 287,494 contracts (1,000 barrels per contract) for May delivery that can't possibly be delivered for $2.49 more than they were priced the day before? These are the kind of questions that you would think regulators would be asking – if we had any."

The TV news magazine 60 minutes spoke with Dan Gilligan who noted that investors don't actually take delivery of the oil. "All they do is buy the paper, and hope that they can sell it for more than they paid for it. Before they have to take delivery."

He says they make their fortunes "on the volatility that exists in the market. They make it going up and down."

Payam Sharifi, at the University of Missouri-Kansas City, notes that even as the rise in oil prices threatens the world economy, there is almost total silence on the danger:


Markets adjust. People will conserve, travel less etc.

Obviously I don't see it as a danger.

It's hardly in oil producers' interest to see another recession. Guranteed to reduce demand.

[Edited 4/29/11 16:56pm]

I don't want you to think like me. I just want you to think.
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Reply #13 posted 04/29/11 5:13pm

Smittyrock70

http://www.prouty.org/oil.ram

Click on this link above. Pretty interesting.

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Reply #14 posted 04/29/11 5:29pm

SUPRMAN

avatar

Smittyrock70 said:

http://www.prouty.org/oil.ram

Click on this link above. Pretty interesting.

Not going to watch a video. Sorry.

I don't want you to think like me. I just want you to think.
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Reply #15 posted 04/29/11 7:20pm

V10LETBLUES

SUPRMAN said:

V10LETBLUES said:

Here is a snip from an opinion piece from Aljazeera

The scam behind the rise in oil, food prices

http://english.aljazeera....80315.html

Snip.

click the link for the entire article

...

These contracts for oil outnumber their actual delivery, a sign of speculation and market manipulation, as oil companies win government authorisations for wells but then don't open them for exploration or exploitation.

It's all a game of manipulating oil supply to keep prices up. And no one seems to be regulating it.

Danger met with silence

What Phil sees is a giant but intricate game of market manipulation and rigging by a cartel not just an industry that actually has loaded tankers criss-crossing the oceans but only landing when the price is right.

There is nothing that the conga-line of tankers between here and OPEC would like to do more than unload an extra 277 million barrels of crude at $112.79 per barrel (Friday's close on open contracts and price) but, unfortunately, as I mentioned last week, Cushing, Oklahoma (Where oil is stored) is already packed to the gills with oil and can only handle 45M barrels if it started out empty so it is, very simply, physically impossible for those barrels to be delivered. This did not, however, stop 287M barrels worth of May contracts from trading on Friday and GAINING $2.49 on the day.

He asks: "Who is buying 287,494 contracts (1,000 barrels per contract) for May delivery that can't possibly be delivered for $2.49 more than they were priced the day before? These are the kind of questions that you would think regulators would be asking – if we had any."

The TV news magazine 60 minutes spoke with Dan Gilligan who noted that investors don't actually take delivery of the oil. "All they do is buy the paper, and hope that they can sell it for more than they paid for it. Before they have to take delivery."

He says they make their fortunes "on the volatility that exists in the market. They make it going up and down."

Payam Sharifi, at the University of Missouri-Kansas City, notes that even as the rise in oil prices threatens the world economy, there is almost total silence on the danger:


Markets adjust. People will conserve, travel less etc.

Obviously I don't see it as a danger.

It's hardly in oil producers' interest to see another recession. Guranteed to reduce demand.

[Edited 4/29/11 16:56pm]

As I mentioned earlier. They will do whatever they can get away with. They will try and push it to the limits.

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Reply #16 posted 04/30/11 4:49am

Tremolina

Dauphin said:

And yet according to Obama and others, oil companies "aren't paying their fair share of taxes," and should be taxed more?

Uhm, maybe, just MAYBE, because Exxon pays these taxes to "various governments" around the world?

Naturally, the real question for the US government seems to be, but that's just me using my common logic, what does Exxon pay to the US?

[Edited 4/30/11 4:50am]

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Reply #17 posted 04/30/11 5:44am

Smittyrock70

SUPRMAN said:

Smittyrock70 said:

http://www.prouty.org/oil.ram

Click on this link above. Pretty interesting.

Not going to watch a video. Sorry.

It's not a video. It's a short audio clip. But suit yourself.

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Reply #18 posted 04/30/11 9:54am

savoirfaire

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I don't really understand how this is possible...

I mean, Exxon, like every company in the world, would obviously have numerous tax writeoffs, charitable contributions, investments etc. that aren't taxable...

But even if they didn't, even if they didn't declare a single thing whatsoever, isn't the US' corporate tax rate 35%?

How do they pay 7% more than the set corporate tax rate? What am I missing?

"Knowledge is preferable to ignorance. Better by far to embrace the hard truth than a reassuring faith. If we crave some cosmic purpose, then let us find ourselves a worthy goal" - Carl Sagan
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