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planete_isolee | Shell Oil's obscene profits? |
Doesn't record profits by Shell prove that the oil companies are abusing their almost monopolistic position, and justify that European governments consider steps to be taken to curb their excesses?
Additional Details
To clarify, I do not comment on the price - or government taxes.
The point of the question is why do they make record profits when they contribute to the short supply with lack of refining capacity...
In how many other industries would you expect to make more profit when you are do a worse job? |
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budding author
|
I usually read other answers before I dip my foot in the water, your question is no exception !
From most of your answers I see we should actually be feeling sorry for Shell?
Govt taxes people they employ etc etc??
What is the meaning of 'profit'? Have I got it all wrong? It means 'money made on an enterprise, or transaction'?
Now if I buy a dozen pair of socks for a dollar and employ AN Other to sell them, I have to pay this guy, I also have to pay my taxes to the Govt, I will still end up with a profit !
If I end up with no profit from this deal I am not going to buy any more socks to sell am I???
I noticed a question on here the other day about shell charging for air in filling stations! Regardless of massive profits!
Shell BP the lot of them Banks included are not in business to employ folk they are in business to make money, if they could manage without employing any one they would make more money, and they would love to do that!
Curbs (to say the least) should be taken!
You have been far too polite with your question. |
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barbel_basher
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Everybody is entitled to profit but lets look at this another way.While Shell have made 9 billion the government have made over twice that amount. For every pound spent at the pump, the chancellor takes 65pence. Think on. |
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Alex
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Same answer as to other Shell questions .......Shell directly employ 10,000's of people all over the world. Indirectly they are responsible for the jobs of 100's of thousands, possibly millions. Companies like Shell supply energy solutions. What would you run your car on if you had no petrol? What would power stations burn to make electricity if they had no natural gas? The success of Shell and companies like them means they give employment to an ever increasing number of people, they invest billions in research for new energy products. Without these companies we would be in the dark ages (literally). So no I don't mind a bit and I hope they continue to be successful. And by the way if your complaint is centred around the cost of petrol, be aware that more than 90% of the cost of petrol in Britain comes from taxation by the government.
If you want to have a go at unreasonabole profits - what about the banks. What do they do for society? Nak all as far as I can see and their profits are comparible to the oil companies, but without the contribution. |
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armchair261
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1) The oil industry is nowhere near monopolistic. The largest publicly traded oil company in the world is Exxon. It has a 3% market share by production. The largest publicly traded oil companies (i.e. Big Oil) control something like 15% of the world's production combined. How is that a monopoly?
2) Oil prices are not set at will by the oil industry. Otherwise, why do prices often come down? Oil is, for example, $10 less per barrel than it was a month ago. How could that happen if the industry wants to maximize profits through higher prices?
3) Refinery capacity in the US, is higher than it's been since the early 1980's, and global capacity is now higher than it's ever been. More gasoline was produced in the US in 2007 than any year in history. Drilling rig utilization was higher than it's been since the early 1980's. Why do you think the industry is spending all of this money if it wants to reduce supply? Where did you get your information that capacity was being reduced?
4) Oil industry profit margins are not unusually high. The profit Shell just reported was $7.32 billion... on sales of $82.6 billion. That's a margin of 8.9%. Compare that to other industries, and then tell me, why exactly is that unfair? You fail to recognize that when oil prices go up, so do costs the industry pays for its services. Shell is investing $28 billion in 2008. Why would they do this if not to increase supply? Why is a $7 billion profit obscene when you're investing $28 billion back into the business of finding more oil and expanding refinery capacity?
You have just slandered an entire industry and about a million people. Do you have the evidence to back it up? |
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davethemann550
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Totally agree, why are there not higher taxes on this or why is more not being invested into some of the poorer countries they are taking the oil from |
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TallPaul
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While the amounts are huge, it is only 3% of their turnover. If you ran a company at that profit margin you'd shut up shop and go home. They pay colossal amounts in tax. |
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please ask m
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it is up to the end users if everybody and I mean everybody did not buy fuel in any form for a day or two, the fuel companies would have a problem, if everybody could withold from buying for longer than a few days all at the same time I mean, there would be an over stocking of fuel, and nowhere to store it, but individuals and business's would have to make a joint effort to do this and teach the fuel companies they do not control us like they do now |
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beetlebug
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http://www.pipelinecard.org/
Sign up to this... Give it a go...At least they are trying to make a difference.
I have to drive to work as Public Transport is not available so feel angry that prices are constantly rising and fully support any ideas to make a difference. In Dec another organisation wanted everyone to boycott Shell and BP and use other petrol outlets until prices tumbled. Unfortunately, most of us are so complacent and just accept (this is the way it is) that these multi national companies and Government can keep hiking prices and taxes..VOTE and MAKE A STAND |
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pirate_princess
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The governments love their sucess, remember that more of the price we pay goes to them than Shell & the likes!! |
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