Oil Companies Profits

[Spee]

....and what are your thoughts on these enormous profits these companies are posting?

My initial response?

Well ... now that I'm done barfing my guts out at some of the other responses ... my initial response is better left unsaid.

Instead, let's answer a question with questions.

Why are you against companies posting a profit?

What problem do you have with oil companies that you wouldn't also have with any other for-profit business?

Would you rather they be state-run so that don't have to say jack squat to their citizens about where the money goes? (Iran, Saudi Arabia and Venezuela come to mind)

If you say that you want to restrict the trade of public companies, like oil companies, then you have to take a broad brush and paint all companies with the same restrictions. Once you cross that line in the sand (no pun intended), then you have basically said that you prefer socialism and communism and government controlled markets and government telling people what they can and can't have and at what price, over democracy, free market and general economic freedom for the consumer.

Your thoughts are contrary to everything beneficial that the world has seen over the last 200-300 years. The government has little place other than to provide for common defense and national security. Government has no business being in the real estate business, the oil business or any other business. The only thing that happens when governments get involved in the free market, is that the free market becomes less and less free and more and more corrupt.

[siamamerican]

Your thoughts are contrary to everything beneficial that the world has seen over the last 200-300 years. The government has little place other than to provide for common defense and national security. Government has no business being in the real estate business, the oil business or any other business. The only thing that happens when governments get involved in the free market, is that the free market becomes less and less free and more and more corrupt.

Might add health care, education, and infrastructure to your list. I have my gripes about how the government has screwed up a plethora of other things they should have never touched. In the US, specifically California, they make it extremely difficult to have a productive work environment. The government makes it too easy for losers to work the system and not be productive.

For example, I had an employee last week sprain his hip. Even though he could do his inside sales job with no legs, the government will be paying him roughly 7k month for the next 6 months. That makes me want to puke!

[PeaceBlondie]

I have to tell my teensy little story about a most minor adjustment to the annual income tax bill of Shell or Exxon or Mobil. It may not have even been five million dollars tax increase. I called the manager of their tax department to clarify what tax bracket they were in. Since they did not have an ESOP credit, they were in the top bracket of corporate taxpayers, so my tax increase was exactly that percent of the increase in taxable income. As dotcom says, they pay incredibly huge taxes. What are our choices - walk to the pub? What is their choice - stop drilling, stop refining?