Who gets rich off $3 gas - who doesn't

[Adrenachrome]

Who gets rich off $3 gas - who doesn't

EIA estimates it costs U.S. oil companies an average of about $24 a barrel to find, develop and produce oil worldwide, but that doesn't include costs like transportation, administration, or income taxes - which can be substantial. While Exxon made $40 billion in 2007, a 60% increase from 2004, it paid $100 billion in taxes and royalties.


http://money.cnn.com/2008/03/13/news/economy/gas_gallon/index.htm?eref=rss_topstories

Good article that's just a snippet.

[D3V]

I'd say Halliburton has gotten rich on Oil, considering they got grants from the government, how odd that a CEO of a company, that just happens to be Vice President pushes bills to get signed for a war that is still unjustified just to solely make record profits for his company, that has ended up straight in his pocket..

[Willkillforfood]

We're experiencing stagflation because of such high oil prices. For every 10% of oil price increase it is estimated that GDP growth is slowed by .5%. We've had quite a bit more than 10% of oil price increase this year which has slowed our economy down incredibly and is helping push us into recession. The bad thing about stagflation is that it leaves price levels higher while shrinking the overall real GDP of the economy, leaving more people without jobs and prices higher. Lowering interest rates also increases price level. Therefore our inflation this year is gonna be huge.

[D3V]

No shit, this fucking sucks. I'm tired of the bullshit.

[Xenn]

And ethanol is making pizza prices skyrocket!

Gah!!

[Grav]

I love how the oil companies are complaining about the "pinch." I also love how people say "the cost of gas is rising, but the profit margin across the board is the same!" if that's the case, why are profits up 60%? There is obviously some skimming across the top occuring...

[Adrenachrome]

Profit Margin.

[Grav]

What?

[Chruser]

http://www.zelaron.com/gear/BarbGank.jpg

[Asamin]

We're experiencing stagflation because of such high oil prices. For every 10% of oil price increase it is estimated that GDP growth is slowed by .5%. We've had quite a bit more than 10% of oil price increase this year which has slowed our economy down incredibly and is helping push us into recession. The bad thing about stagflation is that it leaves price levels higher while shrinking the overall real GDP of the economy, leaving more people without jobs and prices higher. Lowering interest rates also increases price level. Therefore our inflation this year is gonna be huge.
This also means that I will start collage for a cheaper price because the recession is supposed to start right then and many people won't be able to go to collage, giving me a better chance for a good scholarship.

[Grav]

College applications are up across the board this year, as far as I know. I don't think the economy is stopping much.