Exxon's 2007 Tax Bill: $30 Billion 83 comments
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Corporate profits receive a lot of media attention, but what receives considerably less attention are the corporate taxes paid on corporate profits. Do a Google search for "Exxon profits" and you'll get about 8,000 hits. Now try "Exxon taxes" and you'll get a little more than 300 hits. That's a ratio of about 33 to 1.
I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last year.
By the way, Exxon pays taxes at a rate of 41% on its taxable income!
[Update: The $40.6 billion and $39.5 billion figures are after-tax profits. For 2006, Exxon's EBT (earnings before tax) was $67.4 billion, it paid $27.9 billion in taxes (41.4% tax rate), and its NIAT (net income after tax), or profit, was $39.5 billion.]
Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. That's $27,000,000,000 per year, a number so large it's hard to comprehend. Here's one way to put Exxon's taxes into perspective.
According to IRS data for 2004, the most recent year available:
Total number of tax returns: 130 million
Number of Tax Returns for the Bottom 50%: 65 million
Adjusted Gross Income for the Bottom 50%: $922 billion
Total Income Tax Paid by the Bottom 50%: $27.4 billion
Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).
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This article has 83 comments:
We'd all be way better off eliminating corporate taxes completely, and generating federal revenue exclusively from individual income taxes. Gross national individual income/federal budget = average tax rate. Sliding scale: those making the least pay a much lower percentage, those making the most (benefiting the most from our society and economy) pay a higher percentage. To file your taxes you look at one table. No exemptions. All sources of income count the same. This would give us a balanced federal budget every year, too.
they bring home the bacon to the US
Actually, taxing any company is ridiculous. As someone above so rightly pointed out, businesses don't pay taxes. They pass them on as a cost of doing business. We as consumers pay the taxes.
The fact is that consumers do not pay XOM's income tax bill (I believe that Mark Perry refers only to the income tax bill.) Only XOM shareholders pay that bill. Taxes are paid on net income, which is the profit left after costs incurred in the manufacturing process (e.g., higher crude oil prices; energy input costs; etc...)
The taxes that consumers do pay related to XOM are the excise taxes (state and federal) on gasoline. These are completely unrelated to the pre-tax price at which a retail gasoline merchant sells product. That price is a function of manufacturing / transport / marketing costs and the competitiveness of the market. Retail gasoline is as close to a textbook price-competitive market as one can find (at which price equals marginal cost.)
As a former corporate finance specialist for ExxonMobil I can assure readers that the retail gasoline and diesel business in North America is usually only marginally profitable. The attractive returns in the integrated oil and gas business recently have been in refining, where huge barriers to entry and rewards for economies of scale exist, and of course in the highly risky business of exploring for, finding and producing crude oil.
Finally, even though consumers do not directly pay XOM's income tax bill when they buy gasoline at an Exxon or Mobil station, we pay it nevertheless because most of us are XOM shareholders to some degree. From blue-collar workers to Wall Street titans we have an interest in pension funds or investment portfolios that carry large chunks of XOM stock.
As Peter Drucker once noted, if we define socialism as the common ownership of economic assets then the United States via it's pension funds and widely dispersed investment wealth is the most socialist nation in human history.
An American individual doesn't begin to pay income taxes until he has adjusted gross income of slightly north of $30k. Up to that level deductions serve to negate any income tax.
The 35% rate is a marginal US income tax rate. The 41.4% rate is an average rate that covers all sorts of income (much of it outside the US) fro sales, asset dispositions, etc..., some of which is taxed at rates much higher than 35%.
Not that you're particularly interested in accurate details...
This more than anything is why our tax code is so bad. If a Ph.D. can't figure out how much a corporation actually pays in taxes, how is the average voter supposed to make informed decisions?
Therefore, because cash tax depreciation is faster, the depreciation amounts are larger each year during the life of the capital asset and income is reduced by more than it would be under book depreciation. Thus, cash taxes are lower than book taxes.
What you've missed, however, is that while this year's income tax expense will translate into some deferred taxes this year's cash taxes will include deferred taxes accrued in previous years and paid this year. So your analysis that yields a 10% tax rate isn't correct.
I don't know what Exxon will pay in cash taxes this year. I haven't looked at its financial statements lately. I do know, however, that most all of its income tax expense will translate to cash taxes at some point. So your point really comes down to the difference between tax expense today and the net present value of deferred taxes plus cash tax paid this period. The $21 billion figure you quote is undiscounted; the actual NPV of the deferred amount is much lower.
And don't even begin to complain about taxes at the pump. They are comparatively low to laughable compared to the rest of the developed world who treats gas consumption as a social burden and invests in novel concepts like mass transportation and fuel efficiency.
The size of Exxon Mobil is staggering. Their tax bill is not in comparison. The size and scope of tax deductions they enjoy make their tax burden relatively low. The tax code has been setup to treat profit from oil exploration as more sacred.
A few points to remember:
1. You are not entitled to anything... cheap gasoline included.
2. The point of setting up a for-profit business is TO MAKE PROFITS.
3. Exxon does not set the price of oil.
4. Exxon's profit margins are 11%, not unreasonable when you compare it to Pfizer, which manages to make 17% on the backs of the sick and dying (who may not have an analogous option to number 4 below).
4. If you are dissatisfied with the price of gasoline, you may, at any time, take a train, ride a bike, walk, or ride the bus. All of these options will reduce your energy costs.
I wouldn't say I'm dissatisfied by the price, but the fact you act like we have a choice in the matter shows your ignorance. Maybe it's mine... remind me, which federal agency spends $30+ billion on bike trails. I see Amtrak subsidized with about $1 billion a year. Heck in my city we don't even have sidewalks between neighborhoods, much less the opportunity to work anywhere within walking distance of an affordable home.
Each dollar poured into the highway system is another dollar wasted on an inefficient transportation system. This is a system which kills 40,000 people a year. It's a system designed to maximize personal consumption at the cost of lives, the environment, and natural resources.
I don't think Exxon is unjustified in their profits, but this articles premise is, "look at how much they give back to us!" which is, frankly, bullshit.
I'll just quote Anwar Bhamla for emphasis"
"Most tax liability is deferred for ever."
Now, for those with their panties and skivvies in a wad about the tax breaks given the industry, do you really think doing away with these will help us get more domestic oil and gas? Those breaks make it economical to drill wells. Without them, the wells will not meet investment return hurdles and simply won't be drilled. I've seen this hundreds of times in analyzing projects and running economics. Either the royalty rates/burdens or the costs or the taxes were too high so the project just wasn't pursued. Now, would you rather give XOM a tax break and they invest in a $4 billion LNG plant/project, or they don't get the tax break, they don't do the project and natural gas prices in the US float up to about $12/MCF?? What about the poor people freezing in New England? Ok, well what about the poor people freezing in places I give a darned about?? What about the CHILLLLDDDRRREEEENNNNN... OMG, I'm starting to sound like a Democrat. time to go.
Don't be mad at exxon for making a profit it's what there supposed to do - many people with 401k and other plans benefit from this.
The government makes many times what Exxon & others do for doing litteraly nothing other than income redistribution.
Exxon does not set the world crude oil price. Supply & demand does.
Reduced refinary capacity, ethanol boondoggles (we now import refined gasoline & ethanol from other countries) and the dozens of gasoline formulas are all major components to high gas prices.
MY final point is that just because Exxon makes a lot of money doesn't mean that no one else can - profit is not a pie, they didn't keep anyone else from making money by taking there piece. We live in a wonderful country full of freedom & opportunity - go out and start your own Exxon!
Additionally, note, that unlike you and me, XOM carries a ton of tax liability around from year to year. Notice the current $22B on their balance sheet. This is because they have a team of tax litigation consultants/lawyers working to find ways to offset these liabilities from year to year. So although their bill might be $30B, they won't pay that much. So, thankfully, I know I will be able to sleep better tonight not worrying about a company that will have to pay an outrageous tax rate of 7.4%!! (This is why the legitimate business press does not go around saying Exxon overpays their taxes. They simply don't pay as much (on a percentage basis) as you and I.
Enjoy.
My first reaction to this is that it was written by Exxon Marketing. ( Billion is enough to pay the entire mean earnings to 257,000 families this year. Hmmmmmmm seems like they are really hurting...
Bob P
My husband still owes $800 of $1600 in federal takes from 3 years ago when he made $19,000. This year, we made a combined income of $40,000 and have a baby on the way. I won't be surprised if we end up owing again an have to use our "stimulus package" check just to call off the IRS attack dogs. I just don't understand how a federal government can ask so much of us when a family of 3 is going to live in a crappy basement apartment without health insurance. I'm going to try having my baby out of the hospital to save the money to pay uncle same.
The IRS attack dogs on $800... I wish my life were so simple.
Clearly you are young and there is no shame in that. You are where you are supposed to be.
the world is a bigger picture than your crappy basement apartment with no marketable education and no entreprenurial skills. The upper 5% of earners in this county pay 39% of the tax bill.
I don't mean to be cruel, however; Which one of us should pay for your family to live? You? The government? Me? Someone else? Which one of us? Does George W owe you a decent living?
Or should it be the grownup parents of your child?
Sorry to be blunt, not sorry to be truthful
Karl
Not "owed", rather "still owe." Most of the bill was already paid. $800 is what we STILL owe. No one's paying for us; we're taking care of ourselves.
What kills me is the handouts that lenders, and soon, house-flipping speculators are getting. What ever happened to all that helpful conservative advise I always get: "Pull yourself up by your bootstraps!" HA! That argument only works until the shoe's on the other foot, and then conservative capitalists run to mommy government just as quickly as the populist liberal.
BTW. Nice comment about "no marketable skills." I have a 4-year degree and currently work full time in web design and marketing. My husband has a 2-year and works with disabled children. But hey, if it makes you feel better to think that we're just poor dumb gas-station workers, you go right ahead. (If I had it to do over again, I'd rather have my $40,000 back than have a degree. Everything I do at work was self-taught anyway.)
I don't really care if corporate taxes or capital gains goes up or down. So many other thing factor into the national debt that I also can't control so it doesn't matter. Some day, something major will change (flat tax, VAT tax, etc.), until then, I'll just deal with the way the wind blows.
I just wish the working-poor/lower-mid... could get some friggin' respect! I'm not askin' for a break, or for pity, or for a hand-out (and we've gotten none)... we're gonna do just fine 'cause we know how to make due with less than you poor SOBs up there on the hill with up-side-down mortgages.
I'm paying a midwife $3000 bucks cash so I can have my kid at home, then I'm gonna' strap that little sucker to my back, head back to the office, and flop a breast out when he squalls. That's the determination and Yankee thrift that built America, and that's what'll build it again when the bankers are done with it.
Just remember, it wasn't the farmers and workers throwing themselves out of windows on Wall Street during the Great Depression, it was those who were "kings in their own eyes" and couldn't take the humbling.
when it's all gone , you pray for the blessing for XOM.
Good luck finding and delivering into you own lap, a great product.
I stead ,stop whining and buy some XOM stock and became part of the solution , instead of a cry baby.
While your at it , try cutting 3000 lbs of useless steel off your silly SUV, H2 or what ever.
do something and stop y crying.
You pay taxes and spend what is left. EXOM spends and then pays taxes on what is left. That is why you can give yourself a $3-5K raise by starting a home business. Then you get to deduct your business expenses and pay taxes on whats left.
I suggest you read "Rich Dad, Poor Dad" by Robert Kiasaki (not sure about the spelling of the name). You can get it any bookstore or Amazon.com
But that's not the end of the story. Every federal and state regulation regarding the industry is essentially an additional government tax on that industry as the oil industry's resources are used to serve government purposes not corporate purposes. Those sort of regulation taxes are well hidden within the corporations cost of doing business.
Anti trust regulation also prohibits vertical and horizontal monopolistic corportate behavior, forcing sales between functional entities at many junctions in the oil business from exploration to production to pump sales. Money changing hands at each juncture is seen as a business transation by separate businesses and taxed accordingly. A barrel of oil will be taxed many times through many businesses before it is eventually sold at the pump. This is an additional govenment taxing system that is hidden in the cost of doing the oil business.
In addition Exon Corp isn't a company of one or two private owners. It is a corporation. It has shareholders. So that when the large portion of the Exon Corp net profit is distributed annually to tens of thousands of shareholders (mutual share investors, retirement program investors, individual investors, other "institutional investors") in the form of dividends and capital gains, that same Exon net profit money is again taxed by the state and federal governments according to each investors personal status and income situation.
Bottom line: Government combined by far makes the greatest profit off the oil industry. Much more than the obvious 40 to 60 cents net off each gallon sold at the pump compared to an average net of 5 cents per gallon for the oil companies.
Conclusion: it is government not "big oil" that has by far the most to lose in the move to alternative (non petroleum/carbon based) energy systems. Big oil would mostly lose the enormous costs including the enormous government related costs associated with the oil industry. It is big government NOT big oil that is holding up energy progress and driving up the price of energy.
Remember just off the corporate tax on Exon Corp alone the federal government made 41% of what Exon and its shareholders made. So who is "gouging" the American public? Exon or the government.
Oil prices are screwing us--now reflected in everything we buy, particularly food. People on fixed incomes are scuttling about trying to make ends meet. Not a good scene.
Meanwhile we all jabber, jabber, jabber.
ITS THE GOVERNMENT that's causing the price to go up! Why isn't anyone talking about that, and also all the restrictions they put on oil companies which also drives up prices even further.
Where are the people with brains will see this and not the rhetoric about blaming Big Oil!
Barack Obama said yesterday that he wants to impose a "windfall profits tax" on American oil companies. This is a stupid idea, unless you want to reduce the supply of oil and thereby increase prices even further.
But it did cause me to wonder why we don't have a windfall profits tax on authors. Think about it: it takes as much work to write a 300-page book that sells 1,000 copies as to write one that sells 1,000,000. Yet the former author is paid almost nothing, while the author who happens to write a best-seller gets rich. Where is the fairness in that? Besides, the oil companies need their profits to make huge capital investments in oil drilling equipment, ocean platforms, pipelines, and so on. What capital investment does an author need his windfall profits in order to make? A new pencil? An author could easily pay extra taxes on his windfall profits and have plenty of capital left over for his next book.
A windfall profits tax on authors seems like a no-brainer. Coincidentally, Barack Obama's 2007 income of around $4.2 million came almost entirely from book royalties. Now, that's what I call a windfall! If authors' windfall profits are taxed at 90%, Obama can write a check to the Treasury for around $3.2 million. What do you say, Barack? Why not a windfall profits tax on authors?
First, why is oil getting more expensive for Americans?
We have US Dollars, and we want to buy oil on the open market.
The idiot liberals see the US Dollar as a static element in this equation, but the FACT is, the dollar is dropping. Do any of you fools leave this country? The Canadian Loony is now on par with our green-back. Now, if we were using GBP (Great Britain Pounds) to buy our fuel, it'd be about the same price. If we were using gold, it would be cheaper. But we are not, we're using US Dollars. So when the value of the dollar goes down, it takes more dollars to buy the same thing it did yesterday. So oil is going up, dollar is going down, the affect to us is a double negative.
If we would DRILL our own oil, we wouldn't be penalized for a weak dollar because we wouldn't be buying it on the open market. We'd also be adding to the global supply which would drive the price down.
Second, India and China are just starting to rev. up their economies. These countries are just starting to use oil on a large scale, when they were not doing so 10 years ago. This is driving demand through the roof, while supply is remaining stagnant.
Why are US oil companies making so much profit? Couple reasons: first, as I noted above India and China are now large customers. Second, economies of scale... it's because of the massive volume. These are global companies folks... somebody, please read XOM's 10-K. They are making their money internationally, not domestically. Get it?
The weak dollar helps them on the international stage as well. They are a global company but they report earnings according to US GAAP, converted into US Dollars for the American SEC. This means that 10 years ago GBP 100 in profit would have translated into USD 150. Today, it translates into USD 200. Get it? More profit in USD due to the weak dollar even if their local currency profits are static.
And others have made a great point about ExxonMobil still not paying the settlement to the people whose lives were destroyed, a significant number of which have died during the the Prince William Sound fiasco- 20 years and Exxon still doesn't want to do the right thing- even with these record profits!
Thank God for you Mark Perry! I mean- if you don't defend the energy companies who will? I mean- it's not like they can afford to PAY to be protected, right!??!
; )
Keep up the great work- you're a real live shining knight lol
(except for the part where you make me throw up)
Thank God for liberal values! Change is coming baby!
Are they doing it to cause an economic collapse here in America? If it hits $150 or more a barrel, watch out...
Again who is the gov't to decide how much is wind fall? We should all be terrified when the gov't says "hey you make to much we want more...." This will do nothing to fix the oil prices. Nothing. More likely it will hurt us more. These are failed policies.
"Sales and other operating revenue includes sales-based taxes of $31,728 million" (footnote on page 2)
"Income taxes $29,864 million" (page 16)
"Sales based taxes $31,728 million" (page 16)
"Other taxes and duties $40,953 million" (page 16)
Which totals $102,545 million (or $102.545 billion) in taxes.
The real issue should be all of you picking up a pin and writing your Senator and Congressman and demanding that they do whatever is necessary to become energy independent. That includes building refineries in the US, opening up "every" reserve we have within US control and doing everything we can to stick it up the real problem, foreign producers and countries, like Venezuela and Iran, who are speculating on oil futures and making a bundle on it....
Why is our government not acting with a single front and confronting the head on? We have some of the largest reserves of oil and natural gas on the earth and “will not product them”!!!
If you want to change the dynamics, tell the world we will produce them and refine them and keep it all for ourselves……..
Get real... Windfall Profits Tax did not work last time and it will not work now.
Our elected officials need to be held accountable for this mess... We should demand that they use every means possible to let the world know, especially the other producers, that we the largest consumer will not be held hostage by them. Open up the flood gates and start drilling and refining some US oil from any place we have reserves....
I have no sympathy for people who buy into the myth that you can buy a house outside of your means (or on an interest only mortgage), run up huge credit card debt and expect to be bailed out, they brought that upon themselves by believing the bullshit that they're "owed" something, but show a little compassion for the working poor who are trying to make a go of it without going into debt and without asking for hand-outs.
Unlike XOM who are crying the blues because the government wants to take away their $18 billion subsidy. Oh, wait - the article doesn't mention that does it.
I suggest you examine all of the details of its financial statements that are fully disclosed in the Security Exchange Commission report (K-10) which the company is required to file. In the 2007 report, Exxon Mobil states it’s net income before taxes was $70,474,000 and while the company’s consolidated statement reported “income taxes” of $29,864,000, the breakdown reveals only $4,490,000 was actually US Federal Income Taxes. That represents 6.4%.of its total income before taxes. The remaining portion, after US state income taxes, amounted to $24,744,000 in foreign income taxes.
I hope that in the future you use all the resources available, including SEC and EIA reports that provide greater transparency than press releases put out by corporate PR departments.
Basic economic illiteracy
Basic ignorance of business
Emotion-based versus logic-based "thinking"
are clearly on the rise.
Really, I am afraid. Indeed, I intend to vote for Obama to speed the US's coming economic collapse--I would rather the Dark Ages come quickly and, thus, end sooner.
May G--gle have mercy on our souls.
fjasyr said above:
"If you read their 2007annual report, you come away with the impression that Exxon Mobil paid $29.8 billion dollars in US income taxes. That’s 42% of their net income before taxes. However, the percent that is actually US income taxes is less than the rate of payroll taxes deducted from a worker’s wages.
I suggest you examine all of the details of its financial statements that are fully disclosed in the Security Exchange Commission report (K-10) which the company is required to file. In the 2007 report, Exxon Mobil states it’s net income before taxes was $70,474,000 and while the company’s consolidated statement reported “income taxes” of $29,864,000, the breakdown reveals only $4,490,000 was actually US Federal Income Taxes. That represents 6.4%.of its total income before taxes. The remaining portion, after US state income taxes, amounted to $24,744,000 in foreign income taxes."
Since Exxon is getting its oil from foreign holdings at a cost that is a small percentage of the market price, the foreign taxes paid to the countries owning the oil seems arguably justifiable. The point to see is that Exxon paid a very modest U.S. tax rate of 6.4% of its income before taxes.
Taxation of oil and gas companies is extremely complex, and Exxon's reports distributed to the press and the public shed little light on the true tax burden. The often include in their "tax" burden, amounts of sales and other similar taxes that they collect on behalf of governments, yielding statements like, "Exxon paid more in taxes than it earned." If you applied this approach to accounting, most retail businesses would pay more in taxes than they earn, even if they paid no income taxes.
Here's the actual breakdown of 2007 Exxon taxes (in $millions):
www.jacksonforest.com/...
These numbers can be compared to 2007 revenue $370 billion, and net pre-tax income of $70,400 million ($70.4 billion).
Little U.S. tax is paid because most of the profits are attributed to overseas operations; so even though Exxon is a U.S. company, our tax laws don't require payment of taxes on profits of overseas operations. Obviously, it pays the companies to have their accountants set things up so that as much as possible of operations are set up overseas in places with low income tax rates.
ExxonMobil’s U.S. tax burden is already very large.
* From 2003 to 2007, our U.S. tax bill ($64.7 billion)
Its obvious the writer of this post hasnt done his research.
look for your self:
www.exxonmobil.com/cor...
I LOVE YOUR IDEA BECAUSE WE COULD ALSO APPLY IT TO THOSE HOLLYWOOD KNOW-IT-ALLS, GOD THIS IS A GREAT COUNTRY -- THANKS CONSERVATIVE.
see conservative comments up above on "writers"
Exxon's 2007 Income Tax (Dollar amounts are USD)
1. US Income Taxes
US Income US Income Tax Tax Rate
$13,700,000,000 $4,666,000,000 34.06%
2. Excluding Deferred US Taxes of $439,000,000
US Income US Income Tax Tax Rate
$13,700,000,000 $4,227,000,000 30.85%
3. Non-US Income Tax
Non-US Income Non-US Income Tax Tax Rate
$56,774,000,000 $24,329,000,000 42.85%
NOTE: Since I was mainly trying to get a feel for US Federal Income Tax only, I've excluded some items that Exxon includes In their 44% global effective tax rate calculation. These include:
State tax, net of fed tax benefit $410,000,000
Other US $276,000,000
US Tax on Non-US Income $263,000,000
Comparing a corporation's global income tax vs. the bottom 50% of US taxpayers seems a bit odd, kinda comparing apples and oranges. If you wanted to stick with the bottom 50% comparison, it should probably look more like this (assuming the author's #s are correct):
US Fed Income Tax- bottom 50%: US$27.4 billion
XOM US Fed Income Tax: US$ 4.6 billion*
*Before deferred income tax of US$0.4 billion
Let me know if you see any errors in my calculations or logic.
www.sec.gov/Archives/e...
So add the $40.6 billion in after tax profits and $30 billion of taxes and their taxable revenues are $70.6 billion. Here's the really interesting, and in my opinion gross part. Exxon Mobile was allowed to deduct $379.4 billion dollars from their gross revenues. That's an 85% deduction.
41% taxes my a&s.....
Interesting dodge, but we see though it. You (and I) don't pay taxes on our income., We pay taxes on our income minus deductions - in other words, "net income", not "gross". Same for Exxon.
That's how there are able to be more than a few people who earn an income and legally pay no tax.
Next?
As far as the drilling for oil thread goes, we are the only country in the world that will not drill for its own oil. The rest of the world - including the Arab oil states - looks on us as hypocrites.
And I don't have to remind you which party is the fiercest opponent of offshore drilling.
(Spills, byt the way, come from ships bringing in oil because we don't get our own here. So if you want to stop another Exxon-Valdiz, lobby your congressmen to back off on their stupid obsession against drilling here.
Not only that, but drilling would bring in several billion $$ a year in taxes and royalties to the government.
They'd rather go broke than give up their sacred dogma.)
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Exxon and the oil industry has been being bailed out for years. And why not a wind fall tax. The personal tax filer has to face Alternative Minimum Tax (AMT). It's time to stop. Stop the madness - no more "incentives" and no more bailouts- period.
On Feb 26 11:13 PM gym wrote:
> Sorry for going off topic at the end of my rant. my basic points
> are:
> Don't be mad at exxon for making a profit it's what there supposed
> to do - many people with 401k and other plans benefit from this.
>
>
> The government makes many times what Exxon & others do for doing
> litteraly nothing other than income redistribution.
>
> Exxon does not set the world crude oil price. Supply & demand
> does.
>
> Reduced refinary capacity, ethanol boondoggles (we now import refined
> gasoline & ethanol from other countries) and the dozens of gasoline
> formulas are all major components to high gas prices.
>
> MY final point is that just because Exxon makes a lot of money doesn't
> mean that no one else can - profit is not a pie, they didn't keep
> anyone else from making money by taking there piece. We live in a
> wonderful country full of freedom & opportunity - go out and
> start your own Exxon!
>
>
Time to move along.
href="www.thetopgamblingsite...">top gambling sitethe caveat that this amount includes "state and federal gasoline taxes," as if Exxon pays those taxes. This all smells like a propaganda effort on Exxon's behalf.
What bet would you like to make that backs-up your presumption Exxon paid 28 and 30 billion dollars in US federal taxes? Name the bet, I'm all for easy money.