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Big Oil’s Banner Year

americanprogress.org -- General economic theory holds that companies will produce more of a good if its price is higher, or if it receives subsidies. Funny that these rules didn’t seem to apply to Big Oil in 2011, when the highest oil price since 1864 and $2 billion in subsidies to the five largest oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell—yielded lower oil production than in 2010. But these five oil companies combined made a record-high $137 billion in profits in 2011—up 75 percent from 2010—and have made more than $1 trillion in profits from 2001 through 2011.[1] This exceeds the previous record of $136 billion in profits in 2008

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Submitted Feb 07, 2012 By: Cakes77

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Cakes77 Champion Author Harrisburg Posts:3,497 Points:1,332,215 Joined:Aug 2006	Message Posted: Feb 8, 2012 9:20:09 AM Ignore Cakes77 Report Abuse Thanks for your nice comments folks on this article. Keep them coming!
drpepperTX Champion Author Texas Posts:4,967 Points:395,320 Joined:Apr 2011	Message Posted: Feb 7, 2012 10:26:53 PM Ignore drpepperTX Report Abuse Since 1864??? LMAO, my ten year old could write better than these clowns. But then again it's an opinion piece from americanprogress.org, should we really expect more from liberals?
jjjleblanc Champion Author Rochester Posts:4,732 Points:1,199,165 Joined:Jun 2008	Message Posted: Feb 7, 2012 9:37:34 PM Ignore jjjleblanc Report Abuse So far....
IwanFL Sophomore Author Gainesville Posts:224 Points:80,610 Joined:Dec 2011	Message Posted: Feb 7, 2012 4:44:15 PM Ignore IwanFL Report Abuse ITS ALL ABOUT MAKING MONEY
LEGION57 Champion Author South Carolina Posts:1,492 Points:249,475 Joined:Mar 2011	Message Posted: Feb 7, 2012 3:41:20 PM Ignore LEGION57 Report Abuse Right on humblepie.
humblepie Champion Author Toledo Posts:17,394 Points:2,011,270 Joined:Mar 2006	Message Posted: Feb 7, 2012 3:02:35 PM Ignore humblepie Report Abuse and just think of all the jobs they have created unlike obamanomics..............
ritefielder Veteran Author Jackson Posts:256 Points:411,965 Joined:Apr 2008	Message Posted: Feb 7, 2012 2:56:32 PM Ignore ritefielder Report Abuse The correct term is oligopoly. This is a direct quote from Investopedia "Definition of 'Oligopoly' A situation in which a particular market is controlled by a small group of firms. An oligopoly is much like a monopoly, in which only one company exerts control over most of a market. In an oligopoly, there are at least two firms controlling the market. ...The retail gas market is a good example of an oligopoly because a small number of firms control a large majority of the market." http://www.investopedia.com/terms/o/oligopoly.asp#axzz1ljAeGLJi
Palantas Sophomore Author Indianapolis Posts:153 Points:152,570 Joined:Sep 2011	Message Posted: Feb 7, 2012 2:46:04 PM Ignore Palantas Report Abuse Isn't that terrific.
BurntOrange Champion Author Austin Posts:6,696 Points:1,230,680 Joined:Nov 2007	Message Posted: Feb 7, 2012 2:28:53 PM Ignore BurntOrange Report Abuse Too funny.Take a look at table 1 in this fine piece of journalism. The totals for 2011 production are not summed properly, and therefore the 25% figure is not even close to correct. Guess the proof readers at American Progress had too many margaritas at lunch. [Edited by: BurntOrange at 2/7/2012 2:29:23 PM EST]
K9LO Champion Author North Dakota Posts:1,417 Points:307,065 Joined:Nov 2010	Message Posted: Feb 7, 2012 2:07:07 PM Ignore K9LO Report Abuse Tax the greedy bastards and give the money back to the people. That's right, the government is greedy along with the oil companies.
BurntOrange Champion Author Austin Posts:6,696 Points:1,230,680 Joined:Nov 2007	Message Posted: Feb 7, 2012 2:06:02 PM Ignore BurntOrange Report Abuse Edpap wrote: "It is time to breakup the oil monopolies" -------------------------------- Multiple monopolies of the same commodity is an oxymoron. monopoly: exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices
BurntOrange Champion Author Austin Posts:6,696 Points:1,230,680 Joined:Nov 2007	Message Posted: Feb 7, 2012 2:02:26 PM Ignore BurntOrange Report Abuse "the highest oil price since 1864" Yup, back in 1864, gas prices were ridiculous. This is a slam-piece on the oil industry, not news.
Edpap Champion Author Pennsylvania Posts:1,579 Points:152,250 Joined:Oct 2011	Message Posted: Feb 7, 2012 1:54:35 PM Ignore Edpap Report Abuse It is time to breakup the oil monopolies.
djwhit Champion Author Ohio Posts:1,337 Points:867,055 Joined:Jul 2009	Message Posted: Feb 7, 2012 1:52:31 PM Ignore djwhit Report Abuse Yes, AND HOW GIVE IT BACK THE OIL Companies HAVE STOLD FROM US LONG ENOUGH...............
gizbo123 All-Star Author Los Angeles Posts:514 Points:1,437,510 Joined:Dec 2005	Message Posted: Feb 7, 2012 1:45:28 PM Ignore gizbo123 Report Abuse Let's not forget the massive profits the Big Gov makes on taxes.