Windfall Profits, so where is the rape of the consumer?

[Rearden]

Originally Posted by widebody911

Also: what would Exxon's profits look like if they hadn't spent billions on buying back their own stock? They're currently spending more $$ on their own stock than they are on exploration.

Stock repurchasing does not affect net income: you record the amount paid to repurchase stock as an increase (debit) to treasury stock and a decrease (credit) to cash.

[sammyg2]

Originally Posted by widebody911

http://www.ajc.com/blogs/content/shared-blogs/ajc/opiniontalk/entries/2008/04/01/tas_breaks_for.html

Oil companies argue that tax breaks help spur exploration and therefore keep prices down but some elected officials aren’t so sure.

There are tons of similar quotes out there. If there are no tax breaks, then what are they arguing to keep? And why do they spend $300M a year lobbying?

Um, an op-ed ed in an opinion blog referencing fantasy third party heresy is not quite the detail I was looking for.

[sammyg2]

Originally Posted by widebody911

Also: what would Exxon's profits look like if they hadn't spent billions on buying back their own stock? They're currently spending more $$ on their own stock than they are on exploration.

O ....K .....
Buying back stock is a good thing, not a bad thing. It makes the company stronger, it makes the shares more valuable, it offsets income tax, (do you have any write-offs on your taxes?) As a shareholder I applaud their share buy-back program.

Next,
just exactly where would you have them explore?

Where can they go that they haven't gone already, where can they go that is open to exploration and that is reasonable enough to be profitable?

Where?
Maybe they can spend a few more $billion in Venezuela only to have that government steal all their resources and assets?
Maybe they can explore in Iraq so the democrats can accuse Bush of going to war to make his oil buddies rich?
Maybe that can explore in the rest of the gulf? Nope, democrats won't allow that. Maybe they can explore off the pacific coast? Nope, the democrats won't allow that.
Maybe they can explore in other parts of Alaska? nope, Pelosi won't allow that.
So I ask you, where do you want them to explore that they aren't already?

You're grasping at straws trying to say something negative about the oil companies but haven't backed up a single claim so far.