Tuesday, Apr 29, 2008
And Opec Says Expect Oil At $200 A Barrel?
CNN News: Shell's profit soars to record $9 billion
Despite poverty, starvation, losses worldwide of jobs, homes, bank accounts and a decent lifestyle, the oil barons are profitting quite handsomely. And, as usual, at every one else's expense. Make you boil? When does anyone bother to stop them?
Posted by indiablue19 @ 06:20 PM (436 views) Add Comment
11 Comments
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1. Yerhavingalaugh said...
Why would George Dubbya want to stop the gravy train for all his chums?
2. planning4acrash said...
And the rest, imagine, shoeshiners will be buying junior oil company stocks if it hits that high. Maybe the housepricecrash simply signals the end of the beginning of this STUPID monetary "boom" (hyperinflation).
3. Bananasplit said...
apparently, they need 9000000000 to look for and extract more ££££££££££££££.
4. planning4acrash said...
This is NOT profiteering. Oil is bid4in global free market auctions that reflect supply & demand, speculation forms the majority of current oil price inflation, driven by $ printed by banks 2 shore up their balance sheets. Coming2 a petrol pump near you!
5. enuii said...
Don't forget that your Pension scheme (unles it's a public sector one paid from taxes) is invested in many things including Oil Companies, think before you whinge. Anyway Oil at the petrol pumps has still only gone up 5.5% per annum over the last 5 years (from 83p to 108p per litre) including the tax taken by Grievous Financial Harm Brown and 3.5 billion profit pales into insignificance compared to the amount Brown has wasted propping up the housing market to save his political lizard skin.
6. dohousescrashinthewoods said...
I still think oil will run out and, as it does, the price will rise and the whole thing will be prolonged by more expensive-to-extract oil coming on stream. The price then can't fall or the expensive reserves will be uneconomical to extract.
I thought it was speculation at $100, but it sagged and then rose to $120. Maybe it is another (wee?) bubble but if that's how the rich get rich, maybe we should hitch a lift on the gravy train. Oil is cheaper than Evian, which sounds to me like it is still too cheap. The one thing I have learned is that the press are paid shills, so when they really start ramping it, you should quietly exit whilst everyone is cheering.
7. plato said...
That's right, don't forget it's not the price of oil, it's the tax which accounts for what? 80% of the cost in the UK. What on earth is the gov't doing with the money.
Just a footnote -------- Water is next.
8. last_days_of_disco said...
I don't mind people who do real things, making money. Its the money men that get my goat. They do nothing, have been shown to have no integrity, but really the biggest objection to them is their lack of imagination. At least someone who refines oil into petrol has to have a clue, or he gets blown up I worked in a refinery once, so I do have some respect for oil companies. Its not an easy job.
9. dohousescrashinthewoods said...
Picking up on last_days_of_disco's comment, I have gained some respect for the Sharia model. Putting aside accusations that the name is used purely as a cover to legitimise standard practice and attract Muslim business, the concept is that you "share profits" instead of charging interest. So, instead of "creating fake money" and then siphoning real money out of the economy in the form of interest (aka the Federal Reserve model), the loan has to actually produce something.
There is a big difference between sticking a new car on your credit card and borrowing money in order to build a business. One results in a millstone round your neck (and you having to pay double the price), the other enables value to be created. Credit is, like many things, a tool that must be used correctly. This criteria is in fact a classic rule-of-thumb from old-fashioned banking.
It does make me wonder how you can seriously have a Sharia owner-occupier mortgage though. Reselling houses at ever-increasing prices is, need I repeat our statement of the obvious, not value-creating.
10. Rimmer said...
I sadly work for an airline, if oil goes to $200 a barrel it will cause 50000 job losses in the UK airline industry alone.
I sincerely hope its a bluff and holds firm no higher than $100.
At $200 a barrel we will all be farming, there wont be any other industries left to do.
11. also sold to rent said...
Rimmer, you need to change to another industry. And there will be other industries: alternative energy production and efficiency technology companies should do well. Or farming.