Skip to content
Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(OilPrice.com)   219 BILLION in profits. Think about it   (oilprice.com) divider line
    More: Sad, Big Oil, ExxonMobil, BP, Tax, Russia, Share repurchase, United Kingdom, Dividend  
•       •       •

1358 clicks; posted to Business » on 08 Feb 2023 at 3:03 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



38 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2023-02-08 1:53:50 PM  
It's hard to think about numbers that big. So I'll point out that at today's prime rate, that money would earn you $1.9 million dollars*.

*Every Minute.
 
2023-02-08 1:55:57 PM  
We should [redacted] until they [redacted] and then [redacted] some more.
 
2023-02-08 2:06:01 PM  
Maybe if we taxed them less they'd give more of that money to workers?
 
2023-02-08 2:16:31 PM  

weddingsinger: Maybe if we taxed them less they'd give more of that money to workers?


Chevron could afford to give all 50,000 employees a bonus of $700,000 and still have $1.5 billion left over. Maybe buy matching jackets or something.

Or send every living American $100.

Or every human on the planet $8.

If they got all $36.5 billion in $1 bills and stacked them it would be 13 million feet high.

They could take all those $1 bills and carpet all of Rhode Island and have $12 billion left over.
 
2023-02-08 2:19:13 PM  

weddingsinger: Maybe if we taxed them less they'd give more of that money to workers?


Finally! Somebody gets it!

$219 billion, but don't anyone dare call it price gouging or suggest a windfall tax. Besides, it's so much more satisfying to stiggit by putting a Biden "I did that" sticker on a pump.
 
2023-02-08 2:45:12 PM  
*pssst* inflation is corporate greed.
 
2023-02-08 3:06:32 PM  
Thats the beauty of capitalism though, through hard work anyone can found their own international oil company and make profits for themselves
 
2023-02-08 3:09:30 PM  
Meanwhile, the cost of existing (rent + groceries + utilities + commuting costs) is going up because the workers are complaining that the cost of existing is going up while wages stagnate.
 
2023-02-08 3:12:31 PM  
And yet, they still get subsidies.
 
2023-02-08 3:16:38 PM  
Seems low
 
2023-02-08 3:20:47 PM  
they still won;t pay extra taxes in USA  USA  USA
 
2023-02-08 3:22:30 PM  
Wow thats like one fighter jet

Ok, maybe 2
 
2023-02-08 3:22:36 PM  
and the savages allow their own fellow child citizens to go hungry and homeless.

Ain't nothing legit under the sun, nothing here is worthy of any sacrifices or effort to save, nor worthy of the self shame of setting it on fire either. Don't even bother, it is unworthy of you.
Simply watch as it burns itself down to ash seems the only decent response for decent people.
 
2023-02-08 3:22:37 PM  

Private_Citizen: It's hard to think about numbers that big. So I'll point out that at today's prime rate, that money would earn you $1.9 million dollars*.

*Every Minute.


How many Rhode Islands is that?
 
2023-02-08 3:28:44 PM  
Based on prior math, their profit jumped from about 12% to 24 or 25% y.o.y. So now they're making as much as Pepsi on a percentage level. That's an enormous jump. So much for my keep a level head comment.

What really chaps my ass, though, is that BP just announced that they're scaling back on moving to renewables by a lot right around the time the massive profits were reported.
 
2023-02-08 3:29:33 PM  
Pfffft. Big deal.  Elon could lose that much in 6 months.
 
2023-02-08 3:38:44 PM  

BMFPitt: Private_Citizen: It's hard to think about numbers that big. So I'll point out that at today's prime rate, that money would earn you $1.9 million dollars*.

*Every Minute.

How many Rhode Islands is that?


The state budget for 2023 is $13.75Billion. That works out to just under 16 Rhode Islands.
 
2023-02-08 3:54:22 PM  
Thankfully for our oil companies, neither party is interested in addressing the problem.
 
2023-02-08 3:54:42 PM  
They're taking that money out of the economy and making all the other dollars worth a little more. If we had a hundred BPs there would be so many fewer dollars that if you had one, you could pay rent.
 
2023-02-08 3:59:27 PM  

misanthropicsob: Thankfully for our oil companies, neither party is interested in addressing the problem.


What are you talking about? Both parties have helped the poor fossil fuel companies solve their problem with not making enough money.
 
2023-02-08 3:59:33 PM  
Fark user imageView Full Size
 
2023-02-08 4:00:59 PM  
Fark user imageView Full Size
 
2023-02-08 4:45:49 PM  
They've been posting record profits every year for, like, ever. They need to profit that much to have enough money to reinvest into further growth and R&D. The energy demand for the developing world is insatiable as evidenced from the world's population doubling over the past forty years.

That, and to pay off shareholder dividends, of course.
                                                     O
                                                              O
                                                          o

Fark user imageView Full Size
 
2023-02-08 4:49:51 PM  
"A billion here, a billion there, pretty soon, you're talking real money."

- Bob Dylan
 
2023-02-08 5:07:03 PM  
663  dollars of profit per human being in the country.  Think they could survive on half of that?
 
2023-02-08 5:12:34 PM  

phedex: 663  dollars of profit per human being in the country.  Think they could survive on half of that?


So stop giving them so much money?

We've been getting a bunch of these "OMG oil company profits!" threads over the last few days, but there's always a bunch of people I have farkied for threadshiatting green energy, EV, and other threads related to getting off of fossil fuels
 
2023-02-08 5:14:01 PM  
It'd be nice if we prosecuted collusion.
 
2023-02-08 5:36:02 PM  
I'm sure they'll be busy reinvesting those profits into charities around the world, while making sure they pay more than their fair share of taxes.

/Yacht builders are a kind of charity, right?
 
2023-02-08 6:01:46 PM  

BMFPitt: Private_Citizen: It's hard to think about numbers that big. So I'll point out that at today's prime rate, that money would earn you $1.9 million dollars*.

*Every Minute.

How many Rhode Islands is that?


Not as many as you think.  Rhode Islands just aren't worth what they used to be.  Even Rhode Island itself is only worth about half a Rhode Island these days.
 
2023-02-08 6:17:52 PM  

Likwit: phedex: 663  dollars of profit per human being in the country.  Think they could survive on half of that?

So stop giving them so much money?

We've been getting a bunch of these "OMG oil company profits!" threads over the last few days, but there's always a bunch of people I have farkied for threadshiatting green energy, EV, and other threads related to getting off of fossil fuels


What about the rest of us who are pissed off?  We all have to live in society.

The worst is that it is not only stealing wealth from us in the present but also stealing the future well being and livability for future generations. It's a grift that will be felt for a few hundred years, unless we go extinct.
 
2023-02-08 7:19:30 PM  

Psychohazard: It'd be nice if we prosecuted collusion.


A long time ago, in an administration far away, this used to happen.

For example, in 2020, the CEO of Bumble Bee Tuna was stung with a 40 month prison sentence for price fixing. https://www.justice.gov/opa/pr/former-bumble-bee-ceo-sentenced-prison-fixing-prices-canned-tuna

But alas, that was a different age. These days, the DOJ has bigger fish to fry.

The oil companies are obviously colluding to raise prices because they hate Biden. Big oil loved Trump, because he let them pump as much as they wanted, so they kept prices low.

The oil companies loved Trump so much that they manipulated the prices to negative for him!
https://www.bbc.com/news/business-52350082
 
2023-02-08 8:40:23 PM  
Strip away all subsidies and tax breaks of any kind for any portion of the oil industry. Invest in solar, wind, wave, and geothermal energy. Subsidize the hell out of these green energies if that's what it takes.
 
2023-02-08 9:05:25 PM  
The world needed sources of oil not from Russia. No prizes for guessing which companies got most of that oil out of the ground. ("Big Oil" obviously doesn't include oil companies owned by national governments.)

Given the unusual year in world energy markets that was 2022, I'll happily give the devil his due.

I do hope some of those dividends are being invested in non-fossil-fuel energy sources.
 
2023-02-08 9:07:54 PM  

Bruscar: Strip away all subsidies and tax breaks of any kind for any portion of the oil industry. Invest in solar, wind, wave, and geothermal energy. Subsidize the hell out of these green energies if that's what it takes.


We definitely need to jack up taxes on the oil companies. Double the taxes even.

But let's hope the oil companies don't notice. Or else they will simply pass the taxes along to us in the form of higher prices.

Because that's exactly what all greedy corporations have always done.
 
2023-02-08 10:08:11 PM  

MikeyFuccon: The world needed sources of oil not from Russia. No prizes for guessing which companies got most of that oil out of the ground. ("Big Oil" obviously doesn't include oil companies owned by national governments.)

Given the unusual year in world energy markets that was 2022, I'll happily give the devil his due.

I do hope some of those dividends are being invested in non-fossil-fuel energy sources.


Except they're not pumping above and beyond. US oil production is close to an all time high, but isn't much different than it was from 2017-2019. Oil companies aren't saving us from Russia. They're just benefitting from higher prices. The idea that they're protecting our energy security is a clever marketing campaign that started (literally) half a day after Russia officially invaded Ukraine. Remember this?

Fark user imageView Full Size


This is horseshiat propaganda. The longer we drag out our dependence on fossil fuels, the longer we help Russia. It's a fungible commodity and there are plenty of countries that are willing to put money in Putin's coffers.
 
2023-02-08 10:57:13 PM  

FlashHarry: *pssst* inflation is corporate greed.


So 220% inflation?
 
2023-02-09 9:34:35 AM  
Why is it that we believe that something besides Big Oil controls the prices and always make record profits, every time gas prices spike?
 
2023-02-09 10:06:56 AM  

mehhhhhh: Why is it that we believe that something besides Big Oil controls the prices and always make record profits, every time gas prices spike?


And when prices go down, they magically don't control prices anymore and/or no longer want to maximize profits?
 
Displayed 38 of 38 comments

View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking




On Twitter


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.