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There Will Be Blood For Oil - De File
Does Collecting Make You Feel Dirty?
cbertsch
cbertsch
There Will Be Blood For Oil
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cbertsch From: cbertsch Date: June 29th, 2008 08:50 am (UTC) (LINK TO SPECIFIC ENTRY)
I know what you mean. But there have been record profits for some oil companies in the Bush Era, so, even if they aren't more profitable than firms in other sectors, the perception that they are enjoying an advantage in the 2000s is not entirely off base. We need to stop believing in cheap oil, surely. But we also need the help of the government and private industry to ease our transition to other modes of energy usage, rather than the sort of mindset that would have us wait until later.
schencka From: schencka Date: June 29th, 2008 11:02 pm (UTC) (LINK TO SPECIFIC ENTRY)
Funny, I read the Moyers article a moment ago here: http://www.commondreams.org/archive/2008/06/28/9953/

Regarding the profit margin of the oil conglomerates, hearing that they "only make 8%" scares me all the more. ExxonMobil, for example, takes that 8% and: "Exxon's record profit was $11.7 billion in the fourth quarter of 2007" (http://www.iht.com/articles/2008/05/01/business/exxon.php).

Since they have been turning roughly a $10 billion profit every quarter since 2005, that indicates that the scale they're operating on puts midsize countries to shame. For example, the GDP of Romania is $166 billion per year (https://www.cia.gov/library/publications/the-world-factbook/print/ro.html).

How about a $300 billion GDP for Switzerland?

All that just flat-out scares me. Even the Supreme Court gave the Exxon Valdez spill folks a favor, turning $5 billion in damages to a pocket-change $500 million -- divide that by 33,000 aggrieved and it's not much for losing your way of life for ten years.

Makes me excited, again, for the Obama campaign -- his first "business" was community organizing in inner-city Chicago!

--Adam Schenck
cbertsch From: cbertsch Date: June 30th, 2008 02:10 am (UTC) (LINK TO SPECIFIC ENTRY)
Yes, it is the scale of their operations that is most troubling. Sort of like the mega-corporation at the center of the new Wall-E film. Well, not quite. But trending in that direction.
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