Posted by oldtanker on September 10, 2013 at 09:21:00 from (66.228.255.116):
In Reply to: Gas prices posted by old on September 09, 2013 at 18:44:55:
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Old I can't tell you how many times I've read that oil companies are making record profits in the news. But I don't trust those folks in the news business to be completely honest. Keep in mind that if I have a business and I make one penny more this year that ever before I made a record profit. If next year I again make one penny more....well you see. So questions come to mind. Net or gross profits? Are those profits needed to stay in business. You want to be able to pay for things up front rather than have to borrow money to keep operating. One oil company is expecting to make 58 billion in total income this year. Don't know what they have to pay for this years operation but they expect to spend 36 billion in exploration and drilling next year. One of the things that got the "big 3" in trouble a few years ago was the fact that they were not making enough to pay day to day operations without borrowing money. They produce the oil and sell on the market. Bidders set the price. They may be making the profits but the bidders (speculators) set that profit. That's why certain politicians (most of them) who have claimed they were going to look into it have failed to do so. Plus there is nothing illegal in speculating on a market.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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