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Qtec
08-06-2004, 07:38 AM
Oil prices nudge $45 a barrel

Mark Tran
Friday August 6, 2004

Oil prices today hit yet another 21-year high despite the stated willingness of Opec to boost production.
In an already unsettled market, prices rose on news of a fire at a refinery in the US, with the price of a barrel of crude in New York pushing up 32 cents to $44.73 (24.54) after yesterday's record closing price of $44.41.







War propels Exxon profits to record $7bn

Terry Macalister
Friday May 2, 2003
The Guardian

ExxonMobil, the world's biggest privately owned oil group and a target of street protesters, celebrated May Day by reporting the largest quarterly corporate profits in history at $7.04bn (4.4bn).
The company, whose petrol stations around Europe are subject to boycotts by StopEsso campaigners angry about its stance on global warming, made 2.2m an hour - double that of rival BP.

Crucial to the surge in profits was the rising global price of oil, which averaged record highs across the three-month period, buoyed by fears of a supply gap due to the war in Iraq.

The net income figure of $7.05bn included special items and compared with last year's figure of $2.09bn. The company has rewarded shareholders with an 8% rise in dividend.

Fadel Gheit, oil analyst with New York brokerage Fahnstock & Co, said groundbreaking profits had been driven by the Iraq war and strikes in Venezuela and Nigeria. "They [Exxon] had a very strong wind in their sail and they happened to have a very big sail. But if you look at the detail, the US refining and marketing figures fell from the fourth quarter and the US chemicals results were also very disappointing," he said.

The StopEsso campaign denied that the huge Exxon profits suggested its boycott was not working. "All you are seeing is the oil industry getting its first benefits from the war in Iraq. Our action has now spread to nine countries and in terms of brand damage we are winning," said a spokeswoman for the campaign.

Exxon has been pilloried by environmentalists for taking a sceptical stance on global warming and has been blamed by them for encouraging US president George Bush not to sign the Kyoto treaty.



A lot of companies have reported huge profits recently. /ccboard/images/graemlins/smirk.gif /ccboard/images/graemlins/smirk.gif /ccboard/images/graemlins/smirk.gif /ccboard/images/graemlins/shocked.gif

Q [ not that I,m insinuating anything /ccboard/images/graemlins/laugh.gif]

Wally_in_Cincy
08-06-2004, 07:58 AM
<blockquote><font class="small">Quote Qtec:</font><hr> A lot of companies have reported huge profits recently. /ccboard/images/graemlins/smirk.gif /ccboard/images/graemlins/smirk.gif /ccboard/images/graemlins/smirk.gif /ccboard/images/graemlins/shocked.gif

Q [ not that I,m insinuating anything /ccboard/images/graemlins/laugh.gif]

<hr /></blockquote>

Seriously, what's your point?

UWPoolGod
08-06-2004, 08:39 AM
Being in the Industrial Painting field I am glad for all that profit from a business standpoint. Just means they are going to spend that much more on tank/pipeline maintenance. We do alot of work for the oil industry, including BP and ExxonMobil. From the Aleyeska Pipeline in Alaska down to Long Beach, CA. I do hate paying the $2/gal..but hey..it beats the bus.

eg8r
08-06-2004, 09:20 AM
[ QUOTE ]
Being in the Industrial Painting field I am glad for all that profit from a business standpoint. Just means they are going to spend that much more on tank/pipeline maintenance. We do alot of work for the oil industry, including BP and ExxonMobil. From the Aleyeska Pipeline in Alaska down to Long Beach, CA. I do hate paying the $2/gal..but hey..it beats the bus. <hr /></blockquote> Q does not care at all about the people who are actually doing the work. He just wants to make sure Cheney does not make a cent.

eg8r

highsea
08-06-2004, 11:58 AM
$45/bbl is outa site. Maybe we should take over Saudi Arabia.

I just read yesterday that gas topped $1/liter in Australia. What are you guys paying Q?

eg8r
08-06-2004, 12:04 PM
[ QUOTE ]
I just read yesterday that gas topped $1/liter in Australia. What are you guys paying Q? <hr /></blockquote> We gripe and complain here in the US but we have nothing to complain about compared to what the rest of the world pays. /ccboard/images/graemlins/smile.gif

eg8r

Wally_in_Cincy
08-06-2004, 12:06 PM
<blockquote><font class="small">Quote eg8r:</font><hr> &lt;/font&gt;&lt;blockquote&gt;&lt;font class="small"&gt;Quote:&lt;/font&gt;&lt;hr /&gt;
I just read yesterday that gas topped $1/liter in Australia. What are you guys paying Q? <hr /></blockquote> We gripe and complain here in the US but we have nothing to complain about compared to what the rest of the world pays. /ccboard/images/graemlins/smile.gif

eg8r <hr /></blockquote>

yes but they actually have a public transportation system in Europe

eg8r
08-06-2004, 09:54 PM
[ QUOTE ]
yes but they actually have a public transportation system in Europe <hr /></blockquote> Seems to be pros and cons to everything. However, no one in America would ever pay for the yearly bus pass in the villages just outside of Meinz Germany. I have no idea what the rest of Europe costs but hundreds of dollars is what it costs where I was staying. Very expensive. /ccboard/images/graemlins/smile.gif Everyone rides bikes.

eg8r

highsea
08-06-2004, 10:10 PM
Our mass transit rates in the Northwest are not cheap either. A yearly regional pass for the central Puget Sound area is $1584.00!

-CM