I’m sure everyone has visited the fuel pump over the past month and said, holy mother of sweet Pete, gas is up again! Personally, I’ve had to visit the fuel pump a few times over the past few weeks, in this country and in another. Fuel costs have definitely risen over the past year and the odds of the $1 mark ever hitting our local fuel stations marques is very, if anything, dim as that new planet outside of Pluto.
You must ask yourself, why are these prices going so high? Why am I trading in my Benz for a hybrid Honda? It is because you have corporations such as B.P. sucking the life and blood from this country. Imagine if you would, making $55,000.00 a minute. The only person I can think of that performs this type of income minute by minute, day after day is Bill Gates. The good boys from Microsoft work their humps off to be creative, daring and spiteful. However, John Browne over at B.P. is making his multi-hundred million dollar a year salary, day in and day out just by feeding the pipe lines with something they’re not even drilling any more!
B.P. reported an income of over $7 Billion dollars. That is over 30% more than last year to date income for the corporation. You want to try and explain to me, that isn’t a simple cause for fuel costs? Let us put this income into perspective if you have a moment.
The current population of California is somewhere near 34 million people. Lets say that we’re feeling mighty generous with our $7 freaking billion dollars and we decided we wanted to buy all 34 million citizens of california a tank of fuel, say 15 gallons? Wow, that is an incredible deed. If anyone did that, they would surely be broke right? The cost of filling up everyone, even the tiny tikes in California would be less than 1.6 billion dollars. That is outstanding! That would still leave me enough money to buy my $24 million dollar island in the tropics somewhere. Pay out the winnings personally of every state lottery in the country. Give 100 million dollars to my favorite homeless assistance charity such as Midnight Moon in Los Angelos, oh and still pay for my god-awful huge yacht!
I could think of numerous vulgar, profain and offensive statements to throw the direction of these corporations, but I will refrain and keep them to myself. I am still having a difficult time with the numbers I just threw out at everyone. I find it hilarious how I could do so much for people and still have over 3 billion dollars left over to, say, I don’t know.. something good! Why not, its tax deductible right?
I cannot lay claim to how I would be if I had 7 billion dollars. I have never even dreamed of having that amount of cash in the bank. I have however dreamed of having roughly 100 million and let me say, it would go a long way! They should rebuild the WTC, granted it will cost more than the 1.6 billion it cost America back in the late 60s, but it could be done right?
You must remember, this is this year to date only. Imagine the 7 billion less thirty percent BP grossed last year. I’ve noticed the content of the post has changed directions as my emotions have come out into my context.
Anyone who isn’t upset by this, well, I don’t understand how. We are all paying out the rear for fuel, while corporations suck the money dry. We have a bad economy, hah.. wonder why!
Additional Resources
BP Profit Statement
NY Times Article on CEO of BP
BP, largest profit in UK
This article has appeared on digg.com and is gaining a bit of attention. I received a comment in a thread over at digg.com that referenced this article on a San Diego paper, titling, “Gush of oil exploration is on tap!” When in fact, the only thing on tap is the higher amount of expenses being deducted before profits calculated. I really hope people are not using this type of material to, make it okay, per se.
Granted, this post has had some great comments from individuals voicing their concerns and opinions. That is the point of discussion. I am pleased to see some of the points people are making, especially to my statements above. I realize 7 billion isn’t pure profit, but its a huge amount of money, a sum that most individuals are not even capable of visualizing in their wildest fantasys.
Jul 25
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15 Comments Oil Executives Sucking America’s Life Blood
Shane
July 25th, 2006 at 4:05 pm
1Gotta love corporate greed! This makes me sick when you compare the $7b+ to the measily $1m BP donated to the Red Cross for Kartrina relief. How thoughtful :roll:
Justin
July 25th, 2006 at 4:26 pm
2Despite the fact that I bet roughly 40% if not more of this income some how is fed back into the government, it is still a mad, sick, corrupt and disgusting amount of money. Not only because it isn’t in my pockets, its due to the fact that they really don’t do alot with it but make investors wealthier and society poorer… ass clowns!
EvilCheeseWedge
July 25th, 2006 at 5:05 pm
31. Why not figure out how much PROFIT they make instead of basing all this on their gross revenue? If they spent their entire gross revenue their employees (all of them, even the puppy-eating CEO’s) will be paid $0 and every single one of their bills and all taxes will go unpaid.
2. Filling up all of CA’s gas tanks is a nice thought, but it’s stupid. First of all, if you’re going to spend someone else’s money for them in the name of giving back to the people, why not spend the money researching fossil fuel alternatives? Surely that would be more crippling to BP’s life-blood-sucking abilities and benefit even more people than just the residents of CA. Secondly, it’s just an easy answer to a hard question anyways. You can sit here and blame BP for gas prices all you want, but they are only part of the problem. If you’re worried about BP sucking the life blood from America, then you might consider the fact that the higher the prices rise, the more motivation we’ll have to find alternative fuels.
3. Assuming 34 million people, each needing 15 gallons of gas, with California’s national average gas price on 7/25/06 ($3.175) the total cost is slightly over $1.6 billion, not under. And by slightly, we’re talking $19.25 million over.
4. BP shouldn’t do anything they don’t want. In this country we have freedom. BP has the freedom to go into business for any reason they please. If they go into business to make money, they are totally free to, just as you are free to sit here and cry about it. If you don’t like it, then don’t buy it. Maybe even do something about it. And by do something, I mean something productive. Writing a whiny fact-ignoring blog entry does nothing. Since you’re so pressed to force other people to do “nice†things, why don’t YOU volunteer time or donate money to the Red Cross. Instead of spending time blogging, volunteer. Instead of spending money on your hosting, donate.
Justin
July 25th, 2006 at 5:33 pm
4EvilCheeseWedge,
I quoted the price by the national average, if you’re wishing to be absolutely meticulous about the subject as you have so proven to act as, try doing better math. The national average is $3.03 as of today. However, there are definately not 34 million people needing gasoline in California. That was a mere suggestion that, what-if. So using the same what-if technology, as we all love to do, what-if there were 34 million drivers in California?
To the first entry of your comment, superb, I agree. However, just as the media loves to do, we don’t always portray everything in absolute truth. But I did not lie. I don’t believe I did, I just didn’t give out all the details, its how the media works..
Do you send the same hate mail to USA Today? I appreciate your comments though, you’re another driving force of my attitude and gratitude towards this country, brahahah! Props! PEACE!
EvilCheeseWedge
July 25th, 2006 at 6:36 pm
5National average, fair enough, but by your logic we’re still not gassing up the entire population of the country, so the same flaw applies.
Right, I agree, but it’s a hole worthy of pointy out. If BP’s profits are growing at a rate of 30% compared to last year of the same quarter, then there is definitely some room for arguments. However, I do not know BP’s actual profits this year. Even discounting excessive executive pay you’re going to end up with a lot less profit than gross revenue. And for the record, I didn’t accuse you of lying.
I don’t read USA Today, but if I saw something like this I most assuredly would send them mail. Also, this or the comment before wasn’t “hate mail†merely “forceful criticismâ€, if you will. Okay, well maybe.
Justin
July 25th, 2006 at 8:11 pm
6Personally, I’m not aware of their overall profits as well. However, you figure the operating costs are going to be extremely high, yet, I still reckon to believe that they are still incredibly high. Otherwise, there is absolutely no benefit for anyone to invest with the corporation.
I guess a little more research could be useful for a conversation as such. I found myself reading 7 followed by more zeros than I cared to count and realized, holy mother, that is a ton of grip. By grip I mean money and by holy mother, I mean wow..
I believe every article is going to have its anamolies, guess it all just depends on what you wish to point out. I believe, and I just might, in due time, or lack of time and increased boredom come up with a few details to backup my spout off above. BP has an incredibly large bank account, profits could be decreased by donations. The entire goal of a corporation is to reduce overall, visible, profits by as much as possible.
The corporate world depends on depreciation and such to make it appear as though they’re not making near as much money as they are. Its something every company does, always will and we all expect it.
I would say that 7 Billion is still shooting either a) extremely high or b) a little low.
There are two factors BP is concerned with, one– shareholder value and two– profits and loss statements for the end of the quarter.
Not sure where you stand, but I’m sure 1 million was a bit, stengy :)
Donna
July 25th, 2006 at 9:44 pm
7When we were all paying around $1.50 for a gallon of gas, oil was going for around $30.00 a barrel. Now oil is over $70.00 a barrel. If you want to be mad at someone, the Chinese demand for oil is the real culprit. It’s supply and demand…something we all profit from.
Justin
July 26th, 2006 at 7:59 am
8I don’t find any relation of fuel cost fluctuation and my pockets… except for my dwindling cash availability heh.
I remember a local news broadcast including a poll, “Are the current fuel costs causing financial hardship in your family?” I recall, phoning in the answer as no. Really I don’t see much difference, driving is driving, I just find myself driving less and riding more.
Still, let me vent, sheesh!
Nick
July 26th, 2006 at 12:57 pm
9Well I’m not saying who should be mad at who, but when you make that much and donate so little, it’s a little baffling. Try Wal-Mart who makes so much money but donates less than 1% (last time I checked) to anyone. I’m not saying they aren’t doing good for others, but it seems as though the only way to get decent donations are from individuals.
Justin
July 26th, 2006 at 1:32 pm
10Nick, you have hit a point right on the freaking head! That is what drove me to right this. The fact that such a little percentage is kicked back to the consumers, if BP donated more to red cross even, that money is to help get people back on their feet, back to buying fuel and back to the real world. Not sure who makes the decision on that subject and I’m sure its a weak point, however, you would assume they would donate more, being a deduction and all.
Ray
May 22nd, 2007 at 3:58 am
11The answer is simple. Gas prices will drop to unbelievable lows.
Start putting the oil executives in jail and take away all their personal holdings.
WHen thei attorneys show up to represent them, put them in jail too.
Put them in jail for price fixing , racketeering, and colusion. Since I’m not an attorney general, I don’t know all the violations the oil companies have commited so I leave it up to them to file charges.
Greyfox
July 18th, 2007 at 9:28 am
12Many believe that America is being blackmailed by the oil industry with the intent of forcing the US to open more oil fields in Alaska, off the the west coast, and Florida? Their argument that gas prices will come down when these oil fields are open. The oil companies at the same time are telling us that the major reason for high gas prices is the lack of oil refineries ……..so they import refind gasoline from Europe. If the oil companies do not have the refining capacity to handle more crude oil, why should the US open more oil fields for the oil companies?
ed
September 12th, 2007 at 6:29 pm
13First we loose the blue collar sector. Next we have gas that people cant afford. We have a president who is more interested in spending our childrens money and the hell with the little guy who is here. Well I for one will vote against the party in office no matter who they put up. ENOUGH IS ENOUGH WHERE ARE THE PEOPLE WE ELECTED WHEN WE NEED THEM?????
NVDon
June 11th, 2008 at 10:13 pm
14Perhaps we shouldn’t be looking at or blaming the oil executives at all but at our own diplomats in Washington, D.C.! It is because of the inability, or unwillingness, of both the Senate and Congress to address the issue directly and not be swayed by the myriad of lobbyists and environmentalists who want to block every piece of legislation brought forth that allows for drilling in places like ANWR, Atlantic off-shore, Pacific off-shore, Gulf off-shore as well as targeted area throughout this country. We have more than enough oil resources to resolve this whole issue but our politicians don’t have the guts to pass such legislation. President Clinton himself vetoed the ANWR legislationg and swore he would not allow any drilling anywhere in the US to take place.
To me, that is pure nonsense and the primary reason for the high gas prices we are experiencing today.
Yes, let’s figure out how to produce alternative energy for the future but in the meantime let’s be smart and use what resources we have right under our feet until such time as the alternative fuels are identified and ready for prime-time. We should have done this back in the 70’s so that we wouldn’t be experiencing this issue today.
As US citizens we need to voice our opinions to all of our representatives and to stress the need to drill now wherever oil is available. The oil companies also need to begin to add new refineries now so they are ready when the new oil wells begin flowing and providing this country with US oil. Our oil imports will dwindle to nothing and so will our costs because we will not be importing. Perhaps we may even have enough to export and offset some of our costs. Gee, that’s a novel idea…
stk
September 24th, 2008 at 4:49 pm
15Since you feel that oil corporations are sucking consumers dry, the solution is simple: buy stock and profit. ;)
I love how people blame corporations for the end result. Prices at the pump are a LOT more complex than “corporate greed”.
I will agree, however, that most corporate executives receive salaries (including bonuses and perks) which are absurdly out of line.
We are paying “out the rear” for fuel, but we really only have ourselves to blame. America consumes 25% of the world’s oil production and only has the ability to replace less than 2% of what they use. (read: we’ve already used most of our available reserves … sure there’s more, but not enough for energy independence). The sucking sound you’re hearing is the sound of America, pumping in oil from around the World. Even if everyone rode their bike to work - a fantasy scenario if there ever was one - it’d hardly make a dent.
Get used to high-dollar gas as best you can. We’re in for a long, rough ride.
-stk
(retired geophysicist i.e., “oil finder”)
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