I have no problem with this.

The country runs on oil. The whole world runs on oil. The demand for oil has been increasing every year since it first became a commodity. It's not at all surprising that the profits of the people who have gone into the business of meeting this increasing demand should increase as well.

And even though Exxon's profits keep going up, my own "rofits"--quality of life, size of retirement fund, amount of financial assistance and nice gifts I can give to my family and friends--also keep going up. So I figure I'm definitely getting my money's worth out of all the oil I buy.

Beyond that, I can't figure out why I should care how well Exxon is doing off our business transactions. What little caring I can muster up is definitely of the "glad to hear they're profiting from our arrangement, too" variety.

As far as I can tell, Exxon doesn't owe me anything beyond the oil I've paid them for--which they've happily delivered to me. Why should I care what they do with the rest of their wealth?

Gas went up to $3 a gallon. Did you cut back?  how much?  The supply was cut, it is now coming back on line.  Yes they made big profits.  But they would not have if you did not continue to buy it.

Most of my driving is to work and back. Cutting down is not an option.

The rise in gas prices occured after Hurricane Katrina, in response to reduced supply...or so we have been told. But Exxon Mobil was not the only oil company to post record profits. If the Big Oil companies acted in collusion to artificially raise prices, that is illegal. Moreover it is against American interests.

Check out Bill Frist's comments today: "If there are those who abuse the free enterprise system to advantage themselves and their businesses at the expense of all Americans, they ought to be exposed, and they ought to be ashamed." Bill Frist is the Senate Majority Leader. He is not anti-business by any means, but he is right on target with his remarks today and his call for Senate hearings on the matter.

He continued "We need to increase refinement capacity, provide more energy resources, encourage conservation, invest in science and technology, and, most importantly, transition towards energy independence, including the use of more alternative fuels."

Something that most people are also not aware of. The loss off oil rigs off the Louisiana coast was, in the most part, covered by insurance.

America as a country suffered a severe blow. It is an obligation of all Americans to pull together for recovery.

Everyone knows BP and Amoco and Phillips and SuperAmerica and Sinclair and Holiday and Marathon are all just brand names that Exxon uses to spread their presence around, after all.

I like your sarcasm!

And you make good points!

I have no problem with this either.

Anyone who has spent time evaluating Exxon knows this rate was accomplished with a 9% percent profit margin. Some of the other companies hover around 10-12%. That's far less than google or just about any tech stock. We know the rise in price was not a return to the '73 price gouging but an increase in demand.

Also note that Katina has still knocked out over 50% of the capacity to refine crude and is not expected to return to normal until next year. A windfall profits tax will not solve the refining problem. Nor will stopping any development of another plant being built in the midwest. Remember the last plant was built in this country in 1973 and usage has gone up since then.

Not to be argumentative and perhaps I should have linked to this article on CNN: http://money.cnn.com/2005/10/27/news/senate_oil.reut/index.htm, but Senators from both parties felt that there was enough of an issue here to convene hearings.

I quoted Bill Frist's comments earlier. Frist further said "I have asked them to call as witnesses executives from the major oil companies and representatives of the state attorneys general, who have the initial responsibility of keeping the behavior of local energy providers on the straight and narrow."

There is at least enough reason for the hearings to be called.

As a side note: Interesting how profit has come to be a bad thing in some people's eyes.

The sad note is they would not be getting those profits if the people decrying them did not keep buying their products.

Power to the Profits, they fuel the economy!!!

Why do companies that use fuel complain about high fuel prices? It cuts into their profits. Why are we supposed to feel bad that the trucking company, salesman, taxi or even airline is losing profit margin because of high fuel prices, while at the same time we're supposed to hate the oil companies for making profits?

A lot of factors have gone into the high fuel prices, some legitimate, some not... Maybe we are just seeing the natural result of what happens when government stifles progress in an industry to the point that it is forced to continue doing things the same way for 40 years. Since no new refineries have been built, very little new technology has gone into the way gasoline (and other petroleum products) are produced.

Whatever your job is, think of what it would be like you if were forced to do it pretty much the same way it was done in the 70s. Think of doing much of what you do using 70s technology and prodecures... then come tell me how great it is that the government has such a stranglehold on fuel production.

As a side note: Interesting how profit has come to be a bad thing in some people's eyes

I've never thought profit was a bad thing. However I do think greed is.

I'm not an ostrich. I just don't have a problem with Exxon charging as much as the market will bear.

The market isn't bearing it very well. Bus lines have eliminated routes and increased fares to cover increased fuel costs. Here in the midwest we're being warned of 70% heating fuel increases. Plane fares have soared. My office is relocating another 40 miles away. I may have to consider staying with them. The pay raise I'm due in January will be eaten away by the increased fuel cost. When it's the only game in town, it does impact what the market will bear.

People work to maintain and increase their standard of living. I resent having to put in overtime to offset increased energy costs, and rob my family of that time and effort. If I had a viable alternative, I'd come off the grid in a heartbeat.

"I don't really buy that. That's like saying Walmart doesn't want to open more stores.

Of course they want to build more refineries, more product means more sales, which means more profit.

As a side note: Interesting how profit has come to be a bad thing in some people's eyes."

In reality the oil companies don't want to build refineries because the return on investment is far lower than the return on production. The margins for the refineries are low when compared to the rest of the distribution and production chain. The new bill will not spur a new batch of refineries to appear or even be proposed. At best, one will see the existing refineries will be expanded.

Wow! I guess I am just supposed to walk 17 miles one way to work in order to not buy the product I decry. That is the saddest and most pathetic excuse for these raiders yet.
It's a tough time for the oil companies! 9.9B
Hurricane Katrina, Hurricane Katrina, yeah that's the ticket! 9.9B
Shortages due to increased consumption by China. 9.9B
Lie lie lie lie lie lie lie lie lie lie, yet lets trot out and defend them.

In other words it's not the same to convince a person to buy a product they don't need then to wait for people to come flocking to you for a product they can't live without.

Uh ... ok.
So what does all that have to do with the oil companies wanting to make more profit.

More product still equals more sales which still equals more profit.