Capitalism, The Fed and Economic Policy
Comments
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Zod said:It is a weird phenomenon. Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population). Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).
1 retirements
2. people aren’t qualified to fill some of these good positions
3. jobs you do qualify for are low skill, low pay
I can’t tell you how many computer engineers are being brought in at my wife’s company from abroad. It’s a lot. Your laid off manufacturing worker has zero qualifications for that and we don’t produce enough. Some of those people just leave the workforce and don’t count against the unemployment numbers
seems like you are left with super high skilled, high paying jobs or jobs with such low skill requirements anyone could do it and people won’t do them if that means going down the job ladder. You are missing the middle
skill mismatches are a big problem0 -
Cropduster-80 said:Zod said:It is a weird phenomenon. Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population). Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).
1 retirements
2. people aren’t qualified to fill some of these good positions
3. jobs you do qualify for are low skill, low pay
I can’t tell you how many computer engineers are being brought in at my wife’s company from abroad. It’s a lot. Your laid off manufacturing worker has zero qualifications for that and we don’t produce enough. Some of those people just leave the workforce and don’t count against the unemployment numbers
seems like you are left with super high skilled, high paying jobs or jobs with such low skill requirements anyone could do it and people won’t do them if that means going down the job ladder. You are missing the middle
skill mismatches are a big problem0 -
mrussel1 said:Cropduster-80 said:Zod said:It is a weird phenomenon. Is unemployment low because economic activity is high, or is it low because the percentage of people in the workforce has significantly reduced (most likely because of the again population). Low unemployment is usually a sign your at the top of a business cycle, but due to demographics it could be something that sticks around due to a shrinking workforce (as more people retire than enter the workforce).
1 retirements
2. people aren’t qualified to fill some of these good positions
3. jobs you do qualify for are low skill, low pay
I can’t tell you how many computer engineers are being brought in at my wife’s company from abroad. It’s a lot. Your laid off manufacturing worker has zero qualifications for that and we don’t produce enough. Some of those people just leave the workforce and don’t count against the unemployment numbers
seems like you are left with super high skilled, high paying jobs or jobs with such low skill requirements anyone could do it and people won’t do them if that means going down the job ladder. You are missing the middle
skill mismatches are a big problemYou’ve got half an office of people threatening to quit rather than commute an hour each wayPost edited by Cropduster-80 on0 -
09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
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Halifax2TheMax said:Even in nearly full employment, I know so many hiring managers who keep many jobs open for months and months on end in their attempt to find the perfect candidate, whether it’s somebody young who helps their demo targets or someone who helps meet their corporate DNI targets. Even in full employment, the power is with the employer in the white collar corporate world. So many times I’ve heard “wish I went with the earlier candidate, because the later one didn’t turn out to be an all star.” And if candidates want WFH exclusively, maybe they are broadcasting their true potential, but employers can be blind to that.
The restaurants and other services, they have it tough nowadays.0 -
Jack Welch, master of human capital.
Corporate employers have had the upper hand since Reagan, and when you’re a human slasher like Jack, treating employees and families like garbage, pay virtually no tax on profit, the world you left behind is the world you helped create.Jack, relax, kick some gluteus max.0 -
Yup, sure, no profiteering here. Just benevolent oil companies doing their thing. Hey, here’s an idea! Let’s lower their tax rate! Heck, let’s subsidize them some more!New YorkCNN Business —
ExxonMobil and Chevron both reported massive profit jumps thanks to record gasoline prices during the quarter.
Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.
Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.
Including one-time items, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron brought in $11.6 billion.
ExxonMobil’s net income came to $2,245.62 every second of every day of the 92-day long quarter. On that basis, Chevron earned $1,462.11 per second.
Since it takes about two minutes to pump 20 gallons of gas, that means between them the two oil giants earned more than $400,000 between them in the time it took you to fill you tank.
https://www.cnn.com/2022/07/29/energy/exxonmobil-chevron-earnings/index.html
09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
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Halifax2TheMax said:Yup, sure, no profiteering here. Just benevolent oil companies doing their thing. Hey, here’s an idea! Let’s lower their tax rate! Heck, let’s subsidize them some more!New YorkCNN Business —
ExxonMobil and Chevron both reported massive profit jumps thanks to record gasoline prices during the quarter.
Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.
Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.
Including one-time items, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron brought in $11.6 billion.
ExxonMobil’s net income came to $2,245.62 every second of every day of the 92-day long quarter. On that basis, Chevron earned $1,462.11 per second.
Since it takes about two minutes to pump 20 gallons of gas, that means between them the two oil giants earned more than $400,000 between them in the time it took you to fill you tank.
https://www.cnn.com/2022/07/29/energy/exxonmobil-chevron-earnings/index.html
Scio me nihil scire
There are no kings inside the gates of eden0 -
Just kidding Hal, that is just something I have heard people repeat so many times that I think they have started believing it. In other news.
https://www.commondreams.org/news/2022/07/28/2021-big-oil-has-spent-over-200-million-sabotage-climate-action-analysisThe oil and gas industry, one of the most powerful corporate forces in American politics, has spent more than $200 million over the past year and a half to stop Congress from slashing carbon emissions as evidence of their catastrophic impact—from deadly heatwaves to massive wildfires—continues to accumulate in stunning fashion.
That topline estimate of the fossil fuel industry's lobbying outlays and congressional election spending in the U.S. was calculated by Climate Power, which provided its findings exclusively to Common Dreams.
Nearly 80% of the industry's campaign donations during the time period examined went to Republican candidates, according to Climate Power, whose analysis draws on data from OpenSecrets.
Until Wednesday night, when Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) announced a surprise deal on climate investments, it looked as if the industry's influence campaign had fully paid off, having helped crater the Democrats' sweeping Build Back Better package.
Earlier this month, Manchin—the leading individual recipient of oil and gas industry cash in Congress—informed the Democratic leadership that he would not support moving ahead with renewable energy spending as part of a less ambitious bill, an apparently fatal blow to the hopes of climate action this year and possibly years into the future.
Manchin, for now, appears to have reversed course, striking an agreement with Schumer that contains a historic $369 billion in climate and energy spending, including billions to speed the country's lagging transition away from fossil fuels. If accepted by all 50 members of the Senate Democratic caucus, the reconciliation bill can pass without GOP support.
Schumer, who said the measure would put the country "on a path to roughly 40% emissions reductions by 2030," announced that he expects a vote on the legislation by next week. Sen. Kyrsten Sinema (D-Ariz.), a key swing vote, has not commented on the deal.
Noreen Nielsen, a senior adviser to Climate Power, told Common Dreams that with the new framework, "a strong signal was sent that deep pockets only go so far."
"Democrats took their biggest step ever towards showing that politicians who protect profiteers fleecing Americans at the pump are on the wrong side of history," said Nielsen. "All the money in the world couldn't stand in the way of an agreement to move forward on a bold plan to ramp up American-made clean energy, lower energy bills for families, and take on climate change."
But while climate advocates welcomed the proposal overall as a potential game-changer for the environment, they also stressed that the deal is littered with the fingerprints of the oil and gas industry, which—according to Climate Power's new analysis—has spent $63.5 million on lobbying so far this year.
As part of the agreement, Democratic leaders—including Schumer and President Joe Biden—agreed to reform the regulatory process for pipelines and other fossil fuel infrastructure in the coming months, a victory for Manchin and his industry backers.
Such reforms could clear the way for the Mountain Valley Pipeline, a fracked gas project in West Virginia and Virginia that, if completed, would spew 89,526,651 metric tons of greenhouse gas emissions into the atmosphere each year.
continues....
Scio me nihil scire
There are no kings inside the gates of eden0 -
static111 said:Just kidding Hal, that is just something I have heard people repeat so many times that I think they have started believing it. In other news.
https://www.commondreams.org/news/2022/07/28/2021-big-oil-has-spent-over-200-million-sabotage-climate-action-analysisThe oil and gas industry, one of the most powerful corporate forces in American politics, has spent more than $200 million over the past year and a half to stop Congress from slashing carbon emissions as evidence of their catastrophic impact—from deadly heatwaves to massive wildfires—continues to accumulate in stunning fashion.
That topline estimate of the fossil fuel industry's lobbying outlays and congressional election spending in the U.S. was calculated by Climate Power, which provided its findings exclusively to Common Dreams.
Nearly 80% of the industry's campaign donations during the time period examined went to Republican candidates, according to Climate Power, whose analysis draws on data from OpenSecrets.
Until Wednesday night, when Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) announced a surprise deal on climate investments, it looked as if the industry's influence campaign had fully paid off, having helped crater the Democrats' sweeping Build Back Better package.
Earlier this month, Manchin—the leading individual recipient of oil and gas industry cash in Congress—informed the Democratic leadership that he would not support moving ahead with renewable energy spending as part of a less ambitious bill, an apparently fatal blow to the hopes of climate action this year and possibly years into the future.
Manchin, for now, appears to have reversed course, striking an agreement with Schumer that contains a historic $369 billion in climate and energy spending, including billions to speed the country's lagging transition away from fossil fuels. If accepted by all 50 members of the Senate Democratic caucus, the reconciliation bill can pass without GOP support.
Schumer, who said the measure would put the country "on a path to roughly 40% emissions reductions by 2030," announced that he expects a vote on the legislation by next week. Sen. Kyrsten Sinema (D-Ariz.), a key swing vote, has not commented on the deal.
Noreen Nielsen, a senior adviser to Climate Power, told Common Dreams that with the new framework, "a strong signal was sent that deep pockets only go so far."
"Democrats took their biggest step ever towards showing that politicians who protect profiteers fleecing Americans at the pump are on the wrong side of history," said Nielsen. "All the money in the world couldn't stand in the way of an agreement to move forward on a bold plan to ramp up American-made clean energy, lower energy bills for families, and take on climate change."
But while climate advocates welcomed the proposal overall as a potential game-changer for the environment, they also stressed that the deal is littered with the fingerprints of the oil and gas industry, which—according to Climate Power's new analysis—has spent $63.5 million on lobbying so far this year.
As part of the agreement, Democratic leaders—including Schumer and President Joe Biden—agreed to reform the regulatory process for pipelines and other fossil fuel infrastructure in the coming months, a victory for Manchin and his industry backers.
Such reforms could clear the way for the Mountain Valley Pipeline, a fracked gas project in West Virginia and Virginia that, if completed, would spew 89,526,651 metric tons of greenhouse gas emissions into the atmosphere each year.
continues....
09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
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Damn you Brandon! We all know who passed that stellar piece of legislation and signed it, promising 4% GDP growth quarter over quarter for 10 years to pay for that tax cut. Or do we?
"Large oil companies in the United States have been paying taxes at a significantly lower rate than most other corporations. The chief reason is that there are provisions in the U.S. tax code that allow energy companies to defer and avoid federal income tax payments. The 2017 Tax Cut and Jobs Act slashed the effective tax rate for corporations, and oil companies were among the biggest beneficiaries of the changes because of the ability to defer taxes. The industry also benefits from generous subsidies."
— Investopedia, 8/25/21
The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices.On Friday, Exxon reported net income of $17.9 billion for the three months ended June 31 compared with $4.7 billion in the year ago period. Revenue came in at $111 billion, a 68 percent premium over the same period. Chevron, meanwhile, earned $11.6 billion, versus $3.1 billion in 2021. Sales hit $64 billion, up 80 percent from a year ago.
The blockbuster results come a day after Europe-based Shell also posted record profits: The three, plus France’s TotalEnergies, collectively earned nearly $51 billion in the most recent quarter, nearly twice what they brought in during the same three months in 2021, according to Reuters.
Chevron, Exxon post record profits from oil-price boom - The Washington Post
09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
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Halifax2TheMax said:Damn you Brandon! We all know who passed that stellar piece of legislation and signed it, promising 4% GDP growth quarter over quarter for 10 years to pay for that tax cut. Or do we?
"Large oil companies in the United States have been paying taxes at a significantly lower rate than most other corporations. The chief reason is that there are provisions in the U.S. tax code that allow energy companies to defer and avoid federal income tax payments. The 2017 Tax Cut and Jobs Act slashed the effective tax rate for corporations, and oil companies were among the biggest beneficiaries of the changes because of the ability to defer taxes. The industry also benefits from generous subsidies."
— Investopedia, 8/25/21
The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices.On Friday, Exxon reported net income of $17.9 billion for the three months ended June 31 compared with $4.7 billion in the year ago period. Revenue came in at $111 billion, a 68 percent premium over the same period. Chevron, meanwhile, earned $11.6 billion, versus $3.1 billion in 2021. Sales hit $64 billion, up 80 percent from a year ago.
The blockbuster results come a day after Europe-based Shell also posted record profits: The three, plus France’s TotalEnergies, collectively earned nearly $51 billion in the most recent quarter, nearly twice what they brought in during the same three months in 2021, according to Reuters.
Chevron, Exxon post record profits from oil-price boom - The Washington Post
Scio me nihil scire
There are no kings inside the gates of eden0 -
static111 said:Halifax2TheMax said:Damn you Brandon! We all know who passed that stellar piece of legislation and signed it, promising 4% GDP growth quarter over quarter for 10 years to pay for that tax cut. Or do we?
"Large oil companies in the United States have been paying taxes at a significantly lower rate than most other corporations. The chief reason is that there are provisions in the U.S. tax code that allow energy companies to defer and avoid federal income tax payments. The 2017 Tax Cut and Jobs Act slashed the effective tax rate for corporations, and oil companies were among the biggest beneficiaries of the changes because of the ability to defer taxes. The industry also benefits from generous subsidies."
— Investopedia, 8/25/21
The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices.On Friday, Exxon reported net income of $17.9 billion for the three months ended June 31 compared with $4.7 billion in the year ago period. Revenue came in at $111 billion, a 68 percent premium over the same period. Chevron, meanwhile, earned $11.6 billion, versus $3.1 billion in 2021. Sales hit $64 billion, up 80 percent from a year ago.
The blockbuster results come a day after Europe-based Shell also posted record profits: The three, plus France’s TotalEnergies, collectively earned nearly $51 billion in the most recent quarter, nearly twice what they brought in during the same three months in 2021, according to Reuters.
Chevron, Exxon post record profits from oil-price boom - The Washington Post
0 -
Halifax2TheMax said:Yup, sure, no profiteering here. Just benevolent oil companies doing their thing. Hey, here’s an idea! Let’s lower their tax rate! Heck, let’s subsidize them some more!New YorkCNN Business —
ExxonMobil and Chevron both reported massive profit jumps thanks to record gasoline prices during the quarter.
Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia’s invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.
Chevron earned $11.4 billion excluding special items, up 74% from the first quarter and 247% from a year ago.
Including one-time items, both earned hundreds of millions more: ExxonMobil’s net income reached $17.9 billion, while Chevron brought in $11.6 billion.
ExxonMobil’s net income came to $2,245.62 every second of every day of the 92-day long quarter. On that basis, Chevron earned $1,462.11 per second.
Since it takes about two minutes to pump 20 gallons of gas, that means between them the two oil giants earned more than $400,000 between them in the time it took you to fill you tank.
https://www.cnn.com/2022/07/29/energy/exxonmobil-chevron-earnings/index.html
why didn’t people care when they were losing money?0 -
Halifax2TheMax said:static111 said:Just kidding Hal, that is just something I have heard people repeat so many times that I think they have started believing it. In other news.
https://www.commondreams.org/news/2022/07/28/2021-big-oil-has-spent-over-200-million-sabotage-climate-action-analysisThe oil and gas industry, one of the most powerful corporate forces in American politics, has spent more than $200 million over the past year and a half to stop Congress from slashing carbon emissions as evidence of their catastrophic impact—from deadly heatwaves to massive wildfires—continues to accumulate in stunning fashion.
That topline estimate of the fossil fuel industry's lobbying outlays and congressional election spending in the U.S. was calculated by Climate Power, which provided its findings exclusively to Common Dreams.
Nearly 80% of the industry's campaign donations during the time period examined went to Republican candidates, according to Climate Power, whose analysis draws on data from OpenSecrets.
Until Wednesday night, when Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) announced a surprise deal on climate investments, it looked as if the industry's influence campaign had fully paid off, having helped crater the Democrats' sweeping Build Back Better package.
Earlier this month, Manchin—the leading individual recipient of oil and gas industry cash in Congress—informed the Democratic leadership that he would not support moving ahead with renewable energy spending as part of a less ambitious bill, an apparently fatal blow to the hopes of climate action this year and possibly years into the future.
Manchin, for now, appears to have reversed course, striking an agreement with Schumer that contains a historic $369 billion in climate and energy spending, including billions to speed the country's lagging transition away from fossil fuels. If accepted by all 50 members of the Senate Democratic caucus, the reconciliation bill can pass without GOP support.
Schumer, who said the measure would put the country "on a path to roughly 40% emissions reductions by 2030," announced that he expects a vote on the legislation by next week. Sen. Kyrsten Sinema (D-Ariz.), a key swing vote, has not commented on the deal.
Noreen Nielsen, a senior adviser to Climate Power, told Common Dreams that with the new framework, "a strong signal was sent that deep pockets only go so far."
"Democrats took their biggest step ever towards showing that politicians who protect profiteers fleecing Americans at the pump are on the wrong side of history," said Nielsen. "All the money in the world couldn't stand in the way of an agreement to move forward on a bold plan to ramp up American-made clean energy, lower energy bills for families, and take on climate change."
But while climate advocates welcomed the proposal overall as a potential game-changer for the environment, they also stressed that the deal is littered with the fingerprints of the oil and gas industry, which—according to Climate Power's new analysis—has spent $63.5 million on lobbying so far this year.
As part of the agreement, Democratic leaders—including Schumer and President Joe Biden—agreed to reform the regulatory process for pipelines and other fossil fuel infrastructure in the coming months, a victory for Manchin and his industry backers.
Such reforms could clear the way for the Mountain Valley Pipeline, a fracked gas project in West Virginia and Virginia that, if completed, would spew 89,526,651 metric tons of greenhouse gas emissions into the atmosphere each year.
continues....
problem is that those are the assets they dump or at least stop investing in every time oil prices crash. Happened the last two oil cycles then it starts up again when they are way into the black. It’s short sighted obviously but it also requires them to be making a lot of money.It’s hydrogen mostly. They also are developing carbon sequestration. As long as they make money they don’t care what the source is0 -
mrussel1 said:static111 said:Halifax2TheMax said:Damn you Brandon! We all know who passed that stellar piece of legislation and signed it, promising 4% GDP growth quarter over quarter for 10 years to pay for that tax cut. Or do we?
"Large oil companies in the United States have been paying taxes at a significantly lower rate than most other corporations. The chief reason is that there are provisions in the U.S. tax code that allow energy companies to defer and avoid federal income tax payments. The 2017 Tax Cut and Jobs Act slashed the effective tax rate for corporations, and oil companies were among the biggest beneficiaries of the changes because of the ability to defer taxes. The industry also benefits from generous subsidies."
— Investopedia, 8/25/21
The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter as Russia’s war in Ukraine upended global energy markets and left consumers stretching to cover record high pump prices.On Friday, Exxon reported net income of $17.9 billion for the three months ended June 31 compared with $4.7 billion in the year ago period. Revenue came in at $111 billion, a 68 percent premium over the same period. Chevron, meanwhile, earned $11.6 billion, versus $3.1 billion in 2021. Sales hit $64 billion, up 80 percent from a year ago.
The blockbuster results come a day after Europe-based Shell also posted record profits: The three, plus France’s TotalEnergies, collectively earned nearly $51 billion in the most recent quarter, nearly twice what they brought in during the same three months in 2021, according to Reuters.
Chevron, Exxon post record profits from oil-price boom - The Washington Post
Scio me nihil scire
There are no kings inside the gates of eden0 -
US inflation slows from a 40-year peak but remains highBy CHRISTOPHER RUGABER1 hour ago
WASHINGTON (AP) — Falling gas prices gave Americans a slight break from the pain of high inflation last month, though overall price increases slowed only modestly from the four-decade high that was reached in June.
Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year jump in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise in more than two years.
Besides gasoline, among the consumer purchases whose prices sank from June to July were airfares, which plunged nearly 8%. Hotel room costs fell 2.7%, used car prices 0.4%. Such items had previously delivered some of the economy's steepest price jumps.
continues.....
_____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
Nasdaq is officially back in a Bull market.
0 -
mrussel1 said:Nasdaq is officially back in a Bull market.09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
Libtardaplorable©. And proud of it.
Brilliantati©0 -
Halifax2TheMax said:mrussel1 said:Nasdaq is officially back in a Bull market.0
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