Do you remember?

[onething]

And what is driving inflation?

[Titus]

And what is driving inflation?

Señor Bush?

[cam76034]

Exxon making record profits isn't helping (even when getting the shit taxed out of them).

Assume for a moment that Exxon, as well as the other oil companies, could somehow ignore economic forces which determine a capitalist economy. What if the oil companies were able to operate as a sort of welfare-state charity and didn't make record profits for their shareholders but instead somehow applied every last dime of profit to reduce the price at the pump?

On that same train of fantasy, what if instead of taking the profits, which would give us atemporary ten cent a gallon discount at the pump until the oil companies all went bankrupt, and applied the taxes collected by our benelovent government towards reducing the price at the pump instead? Which scenario do you suppose would provide the most relief?

http://taxprof.typepad.com/taxprof_b...xes_excee.html

At the time this article was written, your government had taxed the oil companies over 1.34 trillion dollars, more than twice the profits they earned. Government does not EARN anything, it makes no INVESTMENTS, it does not CREATE jobs, although it is pretty good at eliminating them.

[sammm]

(even when getting the shit taxed out of them).

At the time this article was written, your government had taxed the oil companies over 1.34 trillion dollars, more than twice the profits they earned.

Read much? Record taxation and record profits. Yep, nothing to see here. Move along.

[Miatamaniac92]

And what is driving inflation?

Time and the Fed which shoots for 2-3% yearly, if I am remembering correctly.

Did gas go up because of Rita and Katrina? Thought it was just China and India. I need to learn me some gas.

Gas has been ever rising due to increase in demand with no apparent increase in daily/yearly supply.

China and India have been growing at double digit rates, both they can not sustain that kind of growth in the long run. Inflation is catching up to them.
http://www.economist.com/research/ar...ry_id=11040996


Chris

[cam76034]

Read much? Record taxation and record profits. Yep, nothing to see here. Move along.

There's nothing wrong with record profits. Every time any business, whether it be Exxon or the taqueria down the street exceeds previous earnings, then it has a record profit. If not for record taxation, there would be more record profits for everyone. For reasons completely foreign to me however, there are people out there who think record profits are a bad thing, and that they should be punished for that accomplishment. Part of where we are headed as a society, I guess.

[bnordin]

I pump gas at 19.9 during a gas war when I was in High School and we weere not the cheapest station!

[Nails]

IMO Rita and Katrina pushed the 3 dollar mark and showed the oil companies that they could get that price. Now they are sustaining it even higher and hence their profits. India and China are probably not paying 3 dollar a gallon but are paying whatever their economy can sustain. BTW, adjusting for inflation, our gas is now higher than it's ever been at 3.50 average nationally.

[azzenco]

Guess I should have gotten a job at an oil company and not UPS.

[onething]

Sorry Thor

I didn't expect this turn of events, or I would have started it in another place.

[icepenguin66]

I remember gas being $0.76 at my grandparents in Ok when I got my license!

[icepenguin66]

There's nothing wrong with record profits. Every time any business, whether it be Exxon or the taqueria down the street exceeds previous earnings, then it has a record profit. If not for record taxation, there would be more record profits for everyone. For reasons completely foreign to me however, there are people out there who think record profits are a bad thing, and that they should be punished for that accomplishment. Part of where we are headed as a society, I guess.

I know its fun to hate on the oil companies, but nobody looks at the percent of profit. Sure they made a few billion dollars but their expenses are pretty damn high as well. Microsoft to Best Buy had higher percent profits. Then you have so much burecratic tape keeping their hands tied from doing more to lower costs.

[cam76034]

I know its fun to hate on the oil companies, but nobody looks at the percent of profit.

Congratulations, you just proved to have more knowledge about Eco 101 than 90% of the American Public.

[icepenguin66]

Congratulations, you just proved to have more knowledge about Eco 101 than 90% of the American Public.

Sweet! What do I win?!

[sammm]

Sweet! What do I win?!

Enjoy!

http://www.cnn.com/2008/LIVING/04/23...ces/index.html

[Nexus Flux]

Well I just paid $3.89/gal, yay a new personal high.
What do I win besides getting ever closer to living off of Raman noodles in a plywood shack?

[cam76034]

Sweet! What do I win?!

You're already in the top 10%, what else do you want?

Enjoy!

http://www.cnn.com/2008/LIVING/04/23...ces/index.html

Bonus points to the first person who can find the glaring error in the CNN article referenced above!
(warning: involves basic high school math skills)

[Titus]

Bonus points to the first person who can find the glaring error in the CNN article referenced above!
(warning: involves basic high school math skills)

Well lets see... $101 for 25 gallons is $4.04 a gallon, but the sign pictures says 4.09 9/10.

Then there is the comment that he is filling up every 200 miles and getting 10 miles per gallon. That would be a 20 gallon fillup, which is a ways from the $100 fillup the article highlights, and much less than the 25 gallons he just said he got.

[cam76034]

I should have said errors. 25 gallons in what should be a 20 gallon tank is one of them. Anybody with any knowledge of accounting who has ever received a paycheck should catch the other one.

[icepenguin66]

You're already in the top 10%, what else do you want?

How about the top 10% income to go with that?