How much profit should Big Oil be allowed to have?

Question

I recommend we cap Big Oil profits at $1million. But I think we need a government committee to decide exactly how much profit evil corporations should be allowed to make.

Answer 1

I hope this is just a provokation.  No one can seriously believe that, in America, there is any need to cap profits in any particular industry, can they?

Oh, yeah....never mind

EDIT:  TO dkstrng or whatever:  In exchange for granting a monopoly, government regulates those utility prices.  No one is arguing that ExxonMobil should have a monopoly, are they?

and to the guy below me:  What a great idea - let's turn the oil industry over to the only whorehouse in America that can't turn a profit (Congress).  Seriously, name ONE government program that is efficiently run?  Amtrak?  the Post Office?  Please.

Answer 2

As much as us consumers will allow them.

POWER TO THE PEOPLE!!!!

Answer 3

they should be allowed to make as much

profits as they're willing to work for

..as long as they pay their taxes

only non-profit organizations should be tax exempt

Answer 4

They should be allowed to have all of the profit they make, after taxes.

How much of your profit should you be allowed to keep?

Do you have any idea how much it costs "big oil" to earn those profits?

Do you have any idea who actually owns big oil? -- it's pretty much everyone who has a bank account or a 401k retirement plan.

Here's a list of the top holders of  Exxon.....  http://finance.yahoo.com/q/mh?s=XOM

Answer 5

You ask this as if Oil corporations held some sort of reputable way of doing business, when we all know that for decades they have tried to manipulate and monopolize the business. The day they stop their scheming practices of controlling the market that's the day they will have earned all their profits.

Answer 6

Not just big oil.  The government should have complete control over all private industry.  All the money should be funneled to social and welfare programs.  I've got a big screen TV at home and don't get to watch it much.  I'm looking forward to sitting in front of it all day everyday all paid for by hard-working Americans.

Answer 7

Not a cap but a percentage.  They can take as much as they want right now.  If it were really about supply and demand then why isn't there a supply problem?  Shouldn't there be long lines for gas and rationing?  

Oil speculation is c**p.  

Moreover, we already regulation energy locally.  Most municipalities say the the electric and water companies can only make a certain percentage in profit because they have a monopoly.  If we can regulate them then why can't we regulate big oil?

There are only handfull of oil companies in the U.S.  Very little competition.  I believe it's called an Oligopoly.

Answer 8

None.  $0.00.  All oil industry profits should go to research, development and disbursement of green energy alternatives 100 years ago.

Answer 9

This question is a joke, right?  If you don't like the amount of money that oil producers are making, then here's a list of things you can do:

1. Stop patronizing them by biking everywhere.

2.  Don't buy anything made of plastic.

3.  Help oil companies find new domestic supply.

3.  End the War in Iraq.

4.  Get the Federal gov't to stop threatening Iran.

5.  Tell the Federal Reserve to stop inflating the money supply by $1 trillion per year.

6.  Convince everyone you meet to do the above.

7.  Convince everyone you meet to convince everyone they meet to do the above.

Answer 10

When consumers are captive to a highly integrated and increasingly merged corporate industry and there are currently no other viable alternatives, the representatives of the people need to seriously look into that transfer of money from the consumers to the companies.  

Answer 11

Spoken like a true communist.  So you HONESTLY think that there should be a limit as to how much an industry or a company or an individual makes?  Okay.  

How about Microsoft who are making 1000% profit on Vista software?

How about IBM who posted billion dollar / tripple digit profits for the 1st and 2nd quarters of the year thanks to increasing Ipod, Iphone, Itude, and lap top sales?

I fail to see why oil companies are the target of communist regulation for 14% profits on average, while manufacturers of video games, computers, and software get away with making BILLIONS without any complaints.  

Answer 12

s***w that, nationalize the oil industry. Cut out the profit factor.

Also I get the impression that you are a troll, sorry if you are not.

Answer 13

   Ohhh why dont we cap your salary too ? How would that be? Bet you would have an awful lot of incentive to go to work then wouldnt ya ?Bet you would just run to work and work your buns off for your employer out of the goodness of your heart wouldnt  ya ?  Why dont we just cap all profits and salaries and give the rest to the government hows that ? Sound like a fair and equitable plan to you ?

Answer 14

Are you saying that you want to dictate how much money a public company can make? We are capitalists, how can you justify punishing a company for being successful? What is next? How about everybody makes the same amount of money despite there education or job. That would be sweet right? A doctor makes the same as a bus driver and we all get into the bread lines, health lines and our children are tough that everybody is equal no matter what they study or achieve. You know it wasn't that long ago that a man had similar Ideas of hope and change. His name was Hitler and he also was a fantastic socialistic thinker with a knack to move the crowds with his wonderful speeches.

Answer 15

In that case all oil companies would suspend business in the US and just sell their product overseas.  If they cant make better than 5 or 6 percent profit then they are better off getting into another line of work where amateur (and I am being extremely generous here), economists try to use faulty logic to fix something that isn't broken.

By the way, did you know that the government makes more in taxes than the oil company makes in profit on gas?  If we really want to reduce the price why not start by making the government get their hooks out first?

Answer 16

The world is full of idiots and most of them see to be in the US lately.

This country is based on free enterprise, corporations should be making profits.  Many americans have investments into large corporations in stocks, 401, IRA's whatever, and they depend on profits.  If corporations end up posting losses, you get layoffs, shutdowns, lack of earnings.

Corporate profits help businesses grow and our earnings grow.  The government taxes enough.