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Umm, If I made $3 profit last year and I make $5 this year, my profits have increased 67%. If I had to invest $100 to make that profit, my return on inventment (R.O.I.) is only 5%. If an oil company has to invest 300 billion in order to earn $49 billion, what is the R.O.I. for that enterprise? Would you be satisfied for such a return on whatever money you had to put at risk? Knowing that an unstable government might at any time expropriate all of the plant that you've spent years building? (As Iran, among others, has done.)
Dale R.
COZY MkIV #0497
Ch.13
Mike Wills wrote:
Per the Washington Post 2 Feb 2008: "Exxon broke the record it previously had set for a US corporation, earning $40.6 billion in 2007". Chevron's profits rose 29% in the same year to $4.9 billion.
http://www.washingtonpost.com/wp-dyn/content/article/2007/02/01/AR2007020100714.html
From the NewYork Times: Exxon earns $1287 per second in profit (not gross) for every second in 2007.
http://www.nytimes.com/2008/02/01/business/01cnd-exxon.html?_r=1&oref=slogin <http://www.nytimes.com/2008/02/01/business/01cnd-exxon.html?_r=1&oref=slogin>
Sadly Exxon's CEO only earned $16.7 million last year. $1.75 million in salary, $3.36 million in bonuses, and $5.7 million in stock awards. A pay raise of 28%. Wish I'd gotten a 28% raise last year so I could afford to pay for this damn gas, and virtually everything else in the country that has gone up as a result in the rapid ramp up in gas prices.
http://www.marketwatch.com/news/story/exxon-ceos-compensation-increased-2007/story.aspx?guid=%7B9C6AF009-D527-48D7-A01B-55D0CF5D621A%7D
I agree there is plenty of blame to go around. I expect to get screwed by OPEC but I'm pretty pissed that the US economy is on the way to the toilet while US oil corporations continue to reap obscene profits. I think given a choice between big government and big oil the bigger crooks by far are big oil. Just my opinion though. And with that I'll quit this thread and go back to talking about airplanes and engines. It's less depressing.
Mike Wills
RV-4 N144MW
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