The report points out two things that are in the public record, not tree hugger
opinion.
1) The oil company's reported a ROE of 22.1%
If the company I worked for (IBM) had ever reported ROE above 15%, the party
would still be
going on.
2) They are investing nothing in the refining business that will increase
supply. As a matter of
fact Shell Oil sold a small refinery last fall. They wanted to tear it down and
sell the land, but
the nasty, incompetent state government somehow forced them to sell it to a
company that
is using it to produce ---- Gas. If the stupid government had stayed out of it,
we would have
more grazing land in California and Shell Oil would have received much less for
the sale.
The oil company's are doing exactly what a publicly owned business has a legal
obligation to do,
make as much money as possible for the stake holders. If they can legally
control the market
and make 1,000% ROE, they are NOT ripping anyone off. They are just doing an
excellent job.
They have done an excellent job in the last few years. They have totally
eliminated risk.
Their customers will buy their product as long as the price does not damage the
economy.
They have bought up the competition and they are not stupid enough to start
"gas wars".
Now the good news, I'm done with this subject for the rest of this year,
Bryan
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