Exxon Mobil's Profits up 75%

[ISiddiqui]

I have bad news for most of you. The prices aren't likely to back to $1.00 anytime soon... Hell, probably not in our lifetimes. The price of gas was WAAAAY too low (compare it to inflation.. gas is probably the only good whose price did not go up with inflation). We got spoiled with it. I think we have a new equilibrium price, which will be over $2.00, at least, which is problem closer to what gas should cost.

So... get used to it, basically .

[Ryche]

Yes, we've been extremely spoiled by the price of gas. Right now I'm ecstatic to see it at 2.13 a gallon. Quite frankly it was overdue to go up in price so I'm not going to complain that we're suddenly getting gouged.

The Chinese demand will increase gradually as well, but unless their standard of living increases dramatically, we won't be competing with hundreds of million more drivers from there, and those drivers certainly won't have massively developed superhighways available to them like we do.

Supply still will not be an issue anytime soon. As prices go up, more supplies become available because it becomes profitable to exploit them.

[Subby]

"Suckers..."

[sterlingice]

That's one hell of a second chin...

SI

[sachmo71]

well, hopefully demand will start to fall, and they'll take it in the shorts.

[sachmo71]

Originally Posted by sterlingice

That's one hell of a second chin...

SI

that's his money-sack.

[KWhit]

I'm no expert on anything, much less economics, but I can't understand how a company whose raw material costs skyrocket is able to make record profits.

[moriarty]

Originally Posted by KWhit

I'm no expert on anything, much less economics, but I can't understand how a company whose raw material costs skyrocket is able to make record profits.

I haven't read through their financials, but ... in general I believe oil companies perform better with higher oil prices. It would be pretty easy to trend earnings vs. oil prices as a check:

Up 1.8 Billion profits in Q3 due to the increase in oil prices (I'm assuming they sell much of the oil globally that they retrieve from exploration/production). Higher oil prices = bigger revenues.

Up $727 from refining margins. Reduced supply in the gulf = imbalance on supply/demand curve = higher price of gasoline. This is offset by the higher raw material prices (which they likely leveled out due to futures contacts and/or internal accounting with their production division).

Up 1.6 billion from a one time restructuring of a Dutch purchase/division (doesn't really have much to do with the price of oil).

[Warhammer]

I know for a fact that the gas stations themselves don't make much money on the gas they pump. Their prices are more or less set based upon a cost plus system. If they charge over what they are supposed to, the wholesalers increase their price to the station. The place where the stations try to make money any more is on the convenience store sales. My buddy told me to beware of any station that routinely has their receipts at the pumps "out of order." Those are the dealers that aren't fixing the things so you get your receipt from the cashier and hopefully buy something from the store.

[Flasch186]

one way to help their profits = cutting costs:

Exxon-Mobil Employees Given Fake Flu Shots

2 hours, 27 minutes ago

BAYTOWN, Texas - Fake flu shots were given out last week at a health fair at Exxon Mobil Corp.'s Baytown complex and an investigation was under way, authorities said.


Exxon Mobil spokeswoman Treacy A. Roberts said Thursday that the
FBI told the company that what was administered "definitely not the flu vaccine."

It doesn't appear that the fake shots were harmful, but steps were being taken to ensure workers' safety, U.S. Attorney Chuck Rosenberg said in a statement Thursday.

Exxon Mobil offered blood tests and counseling to the up to 1,000 employees who took part in the health fair at the oil company's vast complex of refineries and chemical plants just east of Houston.

The FBI and the U.S.
Food and Drug Administration are investigating what was in the syringes and whether others might have received the fake vaccine, Rosenberg said.

Jeanne Miller, another Exxon Mobil spokeswoman, said a doctor provided the shots in Exxon's first use of an outside contractor to administer the shots. She declined to identify the doctor because of the federal investigation.

In the past, Miller said, company medical staff had offered flu shots at health fairs.

FBI officials did not explain how they found out about the potential fraud, Roberts said.

In May, a nurse in Minnesota, Michelle Torgerson, pleaded guilty to dispensing a drug without a prescription, admitting she used diluted vaccine left over from an earlier clinic and pocketed the cash when she gave college students shots at $20 each.

[Flasch186]

Originally Posted by sachmo71

that's his money-sack.

ROFLMAO

[sachmo71]

Evil money grubbing, fake flu shot giving, jabba the hut looking bastards!

[rkmsuf]

How could they let 1,000 people get injected with who knows what?

[panerd]

Originally Posted by rkmsuf

How could they let 1,000 people get injected with who knows what?

I am sure KevinNU7 can explain how all of the big companies give fake shots and we just retarded if we are surprised by something like this.

[moriarty]

It's the "definitely not the flu vaccine" part of the quote that would scare me if I was one of the unfortunate recipients.

[Ksyrup]

Originally Posted by moriarty

It's the "definitely not the flu vaccine" part of the quote that would scare me if I was one of the unfortunate recipients.

Yeah, I can imagine the conversation - "I don't know what they shot you up with, but it definitely wasn't flu vaccine. Hell, you may all turn into flying monkeys next week, I don't know, but the one thing I can tell you is that you'll probably be a flying monkey with the flu."

[sterlingice]

Originally Posted by Flasch186

one way to help their profits = cutting costs:

Exxon-Mobil Employees Given Fake Flu Shots

2 hours, 27 minutes ago

BAYTOWN, Texas - Fake flu shots were given out last week at a health fair at Exxon Mobil Corp.'s Baytown complex and an investigation was under way, authorities said.

Jeanne Miller, another Exxon Mobil spokeswoman, said a doctor provided the shots in Exxon's first use of an outside contractor to administer the shots. She declined to identify the doctor because of the federal investigation.

FBI officials did not explain how they found out about the potential fraud, Roberts said.

My dad used to work at that plant. Then again, he was a contracted programmer so if he had asked for a flu shot, they'd have sad "asses to you, pal" anyways.

The scary part of this story is that without what sounds like a whistleblower, they never would have known. All that to save, what, maybe $50K? How dirty and underhanded do you have to be to do something like that. Never mind if they were actually doing testing on their employees. That seems remote, but even if it's just sugar water- how damned crooked do you have to be to give people fake flu shots?!?

SI

[Flasch186]

Originally Posted by sterlingice

My dad used to work at that plant. Then again, he was a contracted programmer so if he had asked for a flu shot, they'd have sad "asses to you, pal" anyways.

The scary part of this story is that without what sounds like a whistleblower, they never would have known. All that to save, what, maybe $50K? How dirty and underhanded do you have to be to do something like that. Never mind if they were actually doing testing on their employees. That seems remote, but even if it's just sugar water- how damned crooked do you have to be to give people fake flu shots?!?

SI

Every dollar counts

[Raiders Army]

Originally Posted by ISiddiqui

I have bad news for most of you. The prices aren't likely to back to $1.00 anytime soon... Hell, probably not in our lifetimes. The price of gas was WAAAAY too low (compare it to inflation.. gas is probably the only good whose price did not go up with inflation). We got spoiled with it. I think we have a new equilibrium price, which will be over $2.00, at least, which is problem closer to what gas should cost.

So... get used to it, basically .

Exactly.

[moriarty]

Originally Posted by sterlingice

The scary part of this story is that without what sounds like a whistleblower, they never would have known. All that to save, what, maybe $50K? How dirty and underhanded do you have to be to do something like that. Never mind if they were actually doing testing on their employees. That seems remote, but even if it's just sugar water- how damned crooked do you have to be to give people fake flu shots?!?

SI

Hold on, do we know that the company (some employee) purposely gave them the bad shots? The article only says it was a sponsored heath fair. It could have been a local doctors office, a bad supplier of meds, anything based on the brief description there. Have they released any more info?

[st.cronin]

I don't see anything in that article that makes me think the company is responsible for the flu shots. If that turns out to be the case, somebody better go to jail.

[moriarty]

Originally Posted by st.cronin

I don't see anything in that article that makes me think the company is responsible for the flu shots. If that turns out to be the case, somebody better go to jail.

Either way I think someone ought to go to jail ... unless it was a complete accident somehow.

[st.cronin]

Originally Posted by moriarty

Either way I think someone ought to go to jail ... unless it was a complete accident somehow.

That was my point. If somebody did something to save money, and medical care was compromised... I think that somebody belongs in federal pound you in the ass prison.

[CraigSca]

Update - looks like it wasn't Exxon/Mobil, but someone trying to bilk Medicare...

http://www.baytownsun.com/story.lasso?wcd=23504

Man charged in flu shot scam

By Ryan Culver Baytown Sun

Email storyPrint story

Published October 29, 2005

The owner of a Houston health care company remains behind bars today after his company issued more than 1,000 fake flu shots to local Exxon Mobil workers during a safety fair last week.

Iyad Abu El Hawa, 35, was arrested Thursday for his role in a scam to defraud Medicare by providing flu vaccinations at company health fairs. His company, Comfort & Caring Home Health, provided approximately 1,000 Exxon Mobil employees and 80 private contractors with shots full of what the FDA said was “some form of purified water” instead of the flu vaccine.

“This is a callous and disturbing crime which put at risk patients - particularly the elderly - who thought they had been inoculated against the flu and were not,” U.S. Attorney Chuck Rosenberg said at a press conference in Houston Friday. “He purposefully put at risk many, many people.”

Authorities said El Hawa’s plan was to administer fake vaccines and bill Medicare for the service of real vaccines. Investigators uncovered records showing that El Hawa also gave fake flu vaccines to 14 residents recently at a senior housing facility in La Porte. The FBI found those resident’s Medicare records in El Hawa’s office.

Preliminary tests indicated the syringes were filled with purified water, but more tests were being performed on the fluid that was injected and the syringes themselves, Rosenberg said. No injuries have been reported.

“There is no cause for concern based on preliminary results,” said Hermina Palacio, head of the Harris County health department. But she advised people who got the shots to get tested for blood-borne pathogens such as HIV, hepatitis B and hepatitis C.

El Hawa, who was convicted of assaulting a police officer in 1999, was seen throwing syringes into a dumpster across the street from his office when FBI investigators arrived to question him. Investigators seized 32 syringes and are currently performing tests on them.

The efforts of an unidentified contract nurse hired to work at the safety fair Oct. 19 and 20 brought this scam to the attention of the FBI. She told federal investigators that she became concerned when she overheard El Hawa’s employees say they were up all night filling syringes. When those employees showed no knowledge or concept of the vaccination lot numbers, which are used to track vaccinations and the patients who receive them in the event of a problem, she took two syringes prepared with the “vaccine” and brought them to the FBI.

The ensuing investigation uncovered the Medicare scam involving the bogus flu vaccinations. If convicted of Medicare fraud, El Hawa could face 10 years in federal prison and a fine of $250,000. If any serious injury is caused by his alleged actions, the prison time could increase to 20 years and if someone dies from his alleged actions, he could be sentenced to life in prison.

“We are satisfied that the FBI and other agencies in the investigation progressed to this point, we will continue to support those agencies,” Exxon Mobil spokeswoman Jeanne Miller said. “They are still investigating whether the syringes were reused.”

An additional investigation into a Baytown physician who might have partnered with El Hawa is also still under way. Miller said she did not know the role the local doctor, who is licensed by Texas, and didn’t want to interfere with the investigation by releasing his name. As far as Exxon Mobil’s involvement with the procurement of the vaccine, it stopped with the local doctor.

“We contracted with a local independent state licensed physician’s office to administer the shots and that is the extent of our contract,” Miller said.

Dr. Shariq Rauf, who was not involved with the flu vaccinations and specializes in infectious diseases, said the shots would probably not be harmful because the “vaccine” was not delivered into a vein.

“Most of the time, if it is not into the vein, there would be just localized reaction in the area in which it was injected,” Rauf said. “Apart from that, there wouldn’t be much reaction.” He added, “If the water was contaminated, there is a potential for local infection and sometimes even the infection getting into the blood stream.”

The question of whether the nurses reused needles is probably a more serious concern at this point.

“If they used one needle for more than one person, there could be transmission of blood-borne diseases like Hepatitis or HIV,” Rauf said.

Exxon Mobil officials notified their employees about the issue and recommended they all get tested for “the standard range of blood-borne pathogens,” or germs.

Miller said this is the first time in recent years flu shots have been offered at the company’s safety fair. Previously, the company did offer flu shots to employees, but by privately scheduled on-site office visits. This is also the first time the company has contracted with a third party to offer flu vaccinations. Miller said it was too early to know how or if Exxon Mobil would offer flu vaccinations in the future.

“We will of course look into this type of situation,” Miller said. “But right now our focus has been on getting the test results and communicating with our employees.”

Miller said she was the person responsible for informing employees when the FDA told them that what was actually in the flu shots shouldn’t be harmful.

She didn’t want to speak for all 1,000 employees who received flu shots last week, but in a word she expressed what she thought many of them felt after hearing the news: relief.

[sterlingice]

Ok, I'll take back what I said about E/M for this fiasco. Send the doc to federal pound-me-in-the-ass prison as previously stated. Still doesn't absolve E/M of their previous transgressions, it just means they didn't do this.

Kindof scary to think about flu shots nowadays, tho. Any fly-by-night place can set up to give cheap shots, I guess. I've only got one once and it was from the university so I'm guessing it was legit, but, really, how many other places and people could be getting scammed by something like this.

SU