Posted by
Tartag75 on Wednesday, February 27, 2008 9:52:08 PM
Well as part of my job I like to check the Oil futures on Bloomberg.com. I love how back in Novembre 2006 people were actually voting for Democrats becasue they believed they would lower oil and gas prices. Since the Dems hav gained power we are paying I Think around 1.50 more on average than we were paying at this time last yr. In febuary of 07 i was paying about 1.88 a gallon for 87 octane gas. But the media have been extremely quite about this. I havent seen any major news program talking about how high oil and gas are going to be. The projections are 4 dollar a gallon gas this summer. I for one understand that the govenrment cant make the oil and gas prices lower except that they take the tax off that we pay. On average the US government makes 60 cents per gallon while the gas station makes around 10. So who is gouging us? I dont want to defend the oil companies but the media and democrats say they are making record profits. Lets see how accurate that is. JP Morgan Chase had a revenue of 99.9 billion in 2007 with a net income of 14.4 billion that means they made 14% after everything is said and done. Exxon Mobile had a revenue of 404.5 billion and a net income of 40.6 billion so that means about 10% profit after all is said and done. Remember net income is equal to the income that a firm has after subtracting cost and expenses from total revenue. So since JP Morgan seems to have made more net income that Exxon Mobil should we tax JP Morgan more since they made big profits? I mean their total profit is bigger than Exxon Mobils % wise. I guess that is some food for though.