ElGuineu

Exxon's Record $9.32 Billion Q1 Income Taxes: Update

Dr. Perry writes, "Record oil prices netted Exxon Mobil $10.89 billion in the first quarter,,," but then goes on to say that they paid $9.32B in taxes, leaving the impression they [only] earned (10.89-9.32=) $1.57B for the quarter. However, if the 10.89 is "net" income, as he states, then the taxes have already been deducted. Correct? It looks to me like Exxon's tax rate was approx (9.32/(10.89+9.32) or about 46%, which is normal for a corporation, is it not? I have 3 more questions: 1) How many gallons of gasoline did Exxon sell in the quarter, and 2) Dividing this number into their $10.89B profit, how many cents per gallon does this amount to?, and 3) How does it compare to the 18.4 cents/gal McCain wants the federal government to give up for the summer? Remember, this would be a 100% loss of this revenue source, at a time when the Federal government is already spending more than it takes in.