Exxon quarterly profit falls, output tumbles

Comments (3)
HDSS wrote:

Amazing…what would happen if the US remove the Future Trading floor and move back to the ‘Supply and Demand’ model of the past? Would gasoline drop to its real pricing of 1.64 – 1.85 dollars per gallon? That the Obama staff would open the world’s largest known reserves from Alaska to the midwest to pump more oil into this region and finally turn off the foreign oil imnports? Exxon would not be near the top ten profitable business in America. LOL

Nov 01, 2012 9:02am EDT  --  Report as abuse
apk44 wrote:

raise gas up to 5.00 that should fix things ..for the gas companies

Nov 01, 2012 9:14am EDT  --  Report as abuse
americanguy wrote:

Output dropped because there is a world glut of oil and gasoline, and they can’t store the stuff, so they dropped output themselves. That’s the real reason. While this story is not a lie, it is kind of a half truth. Maybe one day our government will enforce the laws it has against RICO, price fixing, and price manipulation.
Remember where gas prices were 4 years ago. US gas prices were at average 1.99 a gallon. (Sept. 15, 2008—The barrel continues to drop below $100 a barrel for the first time in six … 3, 2008—U.S. Gas prices drop to $1.72 a gallon.”
“Jul 16, 2012 – China’s implied oil demand fell 0.4 percent in June from a year earlier, contracting for the second time in three months as refineries scaled back …”
“(Reuters) August 2012 – U.S. crude oil demand fell to its lowest in nearly four years in July as the middling U.S. economy and fuel efficiency gains weighed on consumption, the American Petroleum Institute said on Friday.”

Nov 01, 2012 10:35am EDT  --  Report as abuse
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