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Big Oil Windfall Profits
Big Oil Windfall Profits
ExxonMobil Corporation made $124,000,000,000 in profits last year.
$124,000,000,000.
Billion…with a "B".
Nine zeroes.
That isn’t the gross amount that they took in from sales; that is their profit after all the deductions were made.
They made that much profit because they raised their prices through the roof, and, since there isn’t any shortage of oil in the world, they could sell A LOT OF OIL!!!!!!
According to the government's industry analysts, there is no oil shortage. However, there appears to be one because of the oil speculators who are seeming to buy great amounts of oil (not really) to drive the prices up. Somehow, they are manipulating the market, according to these expert, government analysts to make it appear that demand for oil is nine times greater than the current supply. Again, according to the experts, in reality, there is no oil shortage whatsoever.
I don’t quite understand it. What I do understand is that my gasoline budget is busted.
I also understand that, if this rise in gas prices was driven by supply and demand, then ExxonMobil would be making more money per gallon sold, but they would be selling fewer gallons because there wouldn’t be that many physical gallons to sell!
$124,000,000,000 in profits should tell anybody that there is no shortage of the commodity.
Now, my state’s senior senator, Chris Dodd, co-sponsored a bill in congress this week that would impose a windfall profits tax on the oil companies. This tax would amount to $17,000,000,000 that ExxonMobil would have to fork over to the government.
Republicans in the senate are vehemently opposed to this bill because, they claim, it would hurt the consumer. They say that, if this tax was imposed, Big Oil would be forced to raise prices again to cover the tax!
Let’s do some figuring here.
ExxonMobil made $124,000,000,000 in profits last year. That comes out to $339,726,020 profit a day, $14,155,250 an hour, $235,920 a minute, $3,932 a second – PROFIT!!!!!
Now, if they were taxed $17,000,000,000, that would reduce their yearly profit to $107,000,000,000. In other words, with this tax, they would only realize a profit of $3392 per second.
The Republicans are right! How the hell can any reasonable person expect a company to survive on a profit of a mere $3392 per second? Time to tighten your belts!
The Republicans also say that the way to rectify the high price of gas is to relax federal restrictions and allow the Oil Companies to sink more wells in pristine wildernesses and national parks. That way, the amount of oil available would increase.
Once again, according to the government's own analysts, there is no oil shortage!So, by putting more oil on the market, that will only give ExxonMobil more of the commodity for which they can charge exhorbitant prices!!!
Voodoo economics is alive and well.
They must really think that we are stupid.
Are you as angry about this as I am?
Time for a change.
posted on June 13, 2008 5:00 AM ()
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