Wednesday, April 30, 2008

Just Venting

I guess not everybody is hurting at the pumps - see link below for one oil company, Shell.  And this is after all their creative accounting to hide their true profits - Just like Air Canada which sells its airplanes to its own leasing company when it wants to show a profit and buys them back from its own leasing company when it wants to show a loss in revenue. 


One international company I worked for had no qualms about admitting that it had two completely  separate accounting systems, one sets of books for the government and one for themselves. It's all an accounting sham game and big oil are past masters at it. Believe it or not while reaping in these grotesque  profits  these oil companies through their lobbyists are still demanding and getting  government grants and tax breaks in the millions.

 

Remember that  even these doctored Shell profit reports  are based on last year's $90.00/barrel prices, not the $119.00/bl present going price.  And don't believe this crap about this being the world market price - they are the world market because they control all oil except maybe Venezuela and Iran.

 

There's nothing wrong with making a healthy profit, my retirement depends on it.  But this excessive level of profit on an essential commodity which is totally controlled by big oil is sending the whole world economy into a tailspin and possibly into a  Great Depression like in the 30's, which is exactly what my retirement doesn't want.

 

Just venting

 

Bob

 

http://edition.cnn.com/2008/BUSINESS/04/29/shell.profit.ap/index.html

Thanks Bob A.

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