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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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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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