More Record Profits - This Time Exxon

[Essex502]

An excerpt from the full article:
Refining and marketing profit of $1.51 billion was the highest for a quarter since 1991, reflecting improved refining margins worldwide.
Full Text of ExxonMobil's Quarterly Results (http://www.marketwatch.com/news/yhoo/story.asp?guid=%7B544CB992-0868-4AE4-877D-3E9071DCBAAA%7D&siteid=myyahoo&dist=myyahoo)
There you go again...refining margin that is directly applied to every gallon of gasoline you buy.

[rvrtoy]

HUH...Who knew. Maybe we should all buy stock in Exxon/Mobil. Our dividends could help pay for our outragous gas prices.:rolleyes:

[carbonmarine]

1990 - 1991 also saw the iraqi war at a per barrel price
above 42.00 dollars.....you guys act like this is something new for Jiminney Crickets
Yukos today which said they will have to back out 2% of the global supply due to tax a tax skimmish with the Russian Gov't nullified Saudi Arabia's annoucmnet earlier this month to raise supply....
* NOTE: The free market is reacting ...... its the way its
supplosed to be and its what investors demand & expect from their investments....
Rick32

[OGShocker]

More good news!!
Thank you!

[Freak]

2$ a gallon is just the beginning. This is a interesting time, soon (within the next 5 yrs). I think gas prices in the us will be the same as the rest of the world. I think Royal Dutch/Shell scandal is just the tip of the iceberg. Shell stunned the financial world four months ago by revealing that it had overstated its proven reserves by a full 20 percent. Since then, Shell has cut its reserves four times, wiping 4.9 billion barrels off of their balance sheet.
You cant believe OPEC numbers since each country tends to want to pump more and generate greater revenue, they have a history of overstating the estimates of how much oil they actually have in the ground. During the 80s, estimates of OPEC's total reserves magically jumped from 353 to 643 billion barrels, despite the lack of new oil fields or significant improvements in drilling technologies. The Saudis themselves jacked up their stated reserves from 170 to 257 billion barrels.
New sources of oil are becoming increasingly difficult to find and more expensive to develop. Global discovery peaked in 1964 and has declined ever since. In 2000, there were 16 discoveries of oil "mega-fields." In 2001, we found eight, and in 2002 only three such discoveries were made.
Today, analysts say we consume about six barrels of oil for every one new barrel discovered.
THE IMPLICATIONS OF the global oil shortage could not be more profound. As increasing demand exceeds supplies, oil prices will rise substantially and international competition for reserves will grow ever more rancorous. The impact will be felt throughout the global economy and in every American's wallet.
President George W. Bush himself stated, "What people need to hear loud and clear is that we're running out of energy in America." and his Energy Adviser, Matthew Simmons, has acknowledged "The situation is desperate. This is the world's biggest serious question." I don't think it's B.S. either because we cannot be as naive to think oil will never run out.

[mirvin]

Essex, I read all your posts on this subject and I've been thinking about why it is that nobody seems to care? It seems like something that the boating community should care about......I think I figured it out:
This is the type of thing that the boating community just CAN'T care about. If we collectively put our mind to it, we would go insane. I'ts just too much to wrap our heads around without going bonkers. When I fill up my tank, I don't think twice because I know I would fill up my tank no matter what the cost because I want to go boating and it makes me feel good to do so and if I got myself all wrapped up in what it costs it just wouldn't be fun and I would be angry and people would get hurt;)
I do however get angry when I fill up my truck, because that is something that I must do as apposed to something that I want to do.
Thanks for your hard work bringing us this info.
mirvin;)