Lots of new yachts to be named after George

[Purrybonker]

I'm sure everyone caught the spirit, if not the image of George Junior signing the new energy bill. On the wires there's an action-hero shot of him signing off surrounded by his posse of grateful beneficiaries. As one columnist put it...

"The energy bill, four years in the making, 1,700 pages long and a million miles in the wrong direction, was signed by President George W. Bush this week. It throws billions in subsidies at Big Oil even though Big Oil has no clue how to spend the Everest of surplus cash it has accumulated from record high prices. Energy conservation is given scant attention. The bill's centrepiece idea on that front is extending daylight savings time by about a month. We are not making this up."

This is too, too funny really. I'm close to a finance type with an oil co and one of the more tedious parts of her job is the counting of the cash receipts from operations day in and day out. They've got piles of the filthy stuff crammed into every possible nook and cranny and frankly, have completely run out of ways to spend it. The lads and lasses in the group that manage debt are scrambling to find new hobbies in a work environment that simply offers absolutely nothing for them to do other than to lend a hand to the treasury folk in hauling around the stacks of bullion and bags of cash.

Meanwhile the managerial types amongst them have a new problem: How to deal with the tax consequences of triggering seven figure stock option exercises in addition to the multiple six figure earnings-based bonuses hitting their bank accounts. And I'm not talking about the executive ranks here - that's just the middle managers and the senior professionals. The more senior folk will make Ken and Bernie et al, look like hilarious pretenders to the high earnings crown in '05, '06 and '07 with the gains that are already locked-in.

Thanks George - these folk really, really need the help, honest they do. Your latest "piece of work" will not only offer immediate help to this downtrodden industry, it's lack of attention to anything meaningful on the consumption side will continue to perpetuate this beautiful "cash cow" of $60 oil and $3 gasoline.

[Purrybonker]

oh, and besides...

shhhh; a little secret between us girls George -

They (the oil guys) were making good profits when crude was $20 and are structured to be in the black at anything much north of $15, but what's an extra $40 per barrel or so between good friends? And really, if John Q. Public gripes about the broadened environmental rapage that you have facilitated and his not being able to afford gas to drive to work or to pay his hydro bill because of spiking natural gas prices there's a solution for him too. Why he can just go out and invest a few hundred K in our stock - that should produce enough dividend earnings to cover the spread in gasoline prices. See - everyone wins!!!

[juanbenae]

those sinking ships outta keep the coast gaurd busy.

[widebody911]

You didn't even mention the sweetheart MTBE immunity deal.

[kach22i]

http://www.chron.com/cs/CDA/ssistory.mpl/business/energy/3277270

WASHINGTON - The oil industry has agreed to contribute $2 billion to help clean up spills of a gasoline additive that is fouling groundwater in exchange for immunity protection against dozens of lawsuits, people familiar with the negotiations said............................

Municipalities and their attorneys have estimated the total cleanup will cost more than $20 billion. The American Petroleum Institute, an oil-industry trade group, has estimated the cost at closer to $1.5 billion.

A provision pushed by House Majority Leader Tom DeLay and GOP Rep. Joe Barton, chairman of the House-Senate conference negotiating a final energy bill, would protect MTBE makers against product-liability lawsuits. DeLay and Barton are from Texas, home of the biggest MTBE makers.

paying 2 billion now to save 20 billion later, and getting paid to do "oil research" - oh mama what a deal we are paying for.

[tabs]

The oil co's know what to do with those windfall profits...they keep sending me my increased dividend checks..

[Hugh R]

I'm in Toronto (spending millions of US$ on a movie) I guess they don't mind our $ though. I read today in the local rag (The Globe or something like that) that we're also F'ing Canada out of a NAFTA soft wood (lumber) tariff that a NAFTA court says we weren't entitled to collect. Its like $7 billion that we're simply saying we won't pay irrespective of what the NAFTA court says. That's because we're the big, bad, ugly Americans, and as the local rag admits, we're doing it because we can. BTW Purry, aren't you Canadian, or at least live in Canada? Why don't you post something for a change about what you don't like about the Canadian gubmit? Like that your socialized medicine program has your citizens flocking to the U.S. because they can't get timely medical treatment? In all fairness, I read today that Health Canada is talking about funding your citizens being able to go to the US for treatment.

I won't have medical benefits when I retire, so my plan is to move to Canada when I retire and suck off their Nationalized medical program (my parents were Canadian and I have duo-citizenship).

[Purrybonker]

Originally posted by tabs
The oil co's know what to do with those windfall profits...they keep sending me my increased dividend checks..

woo hoo.... How's your math there young fella?

"increased dividend checks" might get you 5% earnings these days. I guess that's a little better than your friendly banker will give you - but let's not ignore thats skant payback for considerably more risk and exposure to loss on capital.

If you consider that payback for $3 gas - I'm really happy for ya.

[Joeaksa]

Originally posted by tabs
The oil co's know what to do with those windfall profits...they keep sending me my increased dividend checks..

Way back in the 1970's I purchased a 2% share of a wildcat oil well with my Father. It struck black gold and we paid off our investment in the first 18 months. The rest is gravy...

Still get checks every month.... I love it when a plan comes true.

JoeA

[Purrybonker]

Originally posted by Hugh R
I'm in Toronto (spending millions of US$ on a movie) I guess they don't mind our $ though....

Well and I guess you don't mind the more favorable tax/incentive enviroment and/or lower production costs that exist there, or are you just filming in Canada because you love Canadians and want to spread economic largess around the world? Give me a break.

As to the rest of your remarks - pick a subject, any particular subject and toss up a thread if you have angst that you feel a need to vent.