Article from the Washington Post.
http://www.washingtonpost.com/wp-dyn/content/article/2005/10/25/AR2005102501655.html
$this->bbcode_second_pass_quote('', 'N')ow, even as high gasoline prices continue to anger motorists and aggravate financial problems at General Motors Corp. and Ford Motor Co., the oil companies have begun to report record quarterly profit. Yesterday, British energy giant BP PLC reported $6.5 billion in third-quarter profit, up from $4.9 billion in the same period last year. And tomorrow, analysts expect Exxon Mobil Corp. to show that it earned nearly $9 billion over the past three months -- the largest corporate quarterly profit ever.
...To deflect the damage, the energy industry is relying on an ad campaign that was escalating even before hurricanes Katrina and Rita blitzed Gulf Coast petroleum refineries. The print and television ads are designed to educate consumers and lawmakers with a "we're all in this together" tone.
PeakOil is You
WA Post: Oil Doesn't Want Focus on Big Profit
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WA Post: Oil Doesn't Want Focus on Big Profit
by LadyRuby » Tue 25 Oct 2005, 22:53:56
Is this guy (from the American Petroleum Institute) really saying what this article says he's saying (see below)?
$this->bbcode_second_pass_quote('', '"')Yes, our numbers are large, but when you figure the size of the companies, we are at an all-industry average," Cavaney said. "We are half the size of the returns of the financials and pharmaceuticals."
Yesterday, House Speaker J. Dennis Hastert (R-Ill.) called it "fine" that energy companies are reaping record profit. "However, there have been allegations of price gouging in the wake of the hurricanes. This is unacceptable, and any company who does it will be prosecuted," he said.
...
Oil price hikes and corporate profit spikes are caused by supply and demand, Cavaney said. And the annual 5 to 10 percent decrease in the world's oil supply, combined with government resistance to allow drilling in places such as Alaska's wildlife refuge and the emergence of China as a major oil user has tipped the needle to the demand side of the equation, he said. The oil company ads seek to explain the complicated energy industry math to consumers, Cavaney said.
"We started back in the year 2000, trying to warn people that we were in a position that increases in demand were exceeding capacity," but no one listened, Cavaney said. "What we took too much for granted was that people understood our business."
So a five to ten percent annual decrease in supply, he says? What exactly does he mean by that?
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LadyRuby - Heavy Crude
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Re: WA Post: Oil Doesn't Want Focus on Big Profit
by Leanan » Tue 25 Oct 2005, 23:01:41
$this->bbcode_second_pass_quote('', 'S')o a five to ten percent annual decrease in supply, he says? What exactly does he mean by that?
Sounds like he's saying we're past peak.
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Leanan - News Editor
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Re: WA Post: Oil Doesn't Want Focus on Big Profit
by savethehumans » Wed 26 Oct 2005, 03:09:19
This is NEWS?! 
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savethehumans - Heavy Crude
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Re: WA Post: Oil Doesn't Want Focus on Big Profit
by rogerhb » Wed 26 Oct 2005, 04:49:25
$this->bbcode_second_pass_quote('Leanan', '')$this->bbcode_second_pass_quote('', 'S')o a five to ten percent annual decrease in supply, he says? What exactly does he mean by that?
Sounds like he's saying we're past peak.
$this->bbcode_second_pass_quote('savethehumans', 'T')his is NEWS?!
Remember these are not OPEC.
"Complex problems have simple, easy to understand, wrong answers." - Henry Louis Mencken
