Exxon Mobile has released their 2008 Financial and Operating Review. Looking on page 16 (18 of the PDF) we find that Exxon made a profit of $45.22 billion — and paid $112.757 billion in taxes. For every dollar in profit, there was $2.49 in taxes.
It appears that a Senator John Warner (R-Virginia) thinks he knows better how to drive in the west than the people that live in the west. The good (*cough* *cough* *choke*) senator wishes to reimpose a national speed limit. This is the ultimate in bureaucratic idiocy. Okay, it looks like Hillary also wants this piece of nonsense.
Someone should take him out to some desert in the west — one of those places with a long, straight ribbon of highway with no vehicles in sight for miles — and tell him that he can’t exceed 55mph. Unfortunately, he’s probably too old and senile and wouldn’t learn anything from the experiment.
Too many of the senators — probably people in Washington as a whole — are used to either flying everywhere or having someone else chauffeur them around while they drink margaritas or play on their laptops.
There are things that the national government should decide and there are things that the states should decide. Speed limits are clearly something that the states should decide.
Well, the bar has been set. The Democratic [sic] leadership of congress has stated that because drilling in ANWR or in deep water won’t be productive for ten years that it shouldn’t be done. How nicely short sighted of them.
Let’s take their insane yardstick and start to apply it to other potential energy solutions. How long will it take to get wind farms to supply all of the electricity for the United States? More than ten years? Then don’t blow money investing in wind farms.
How long will it take to bring another hydroelectric dam online? More than ten years? Don’t flush money down the drain by investing in hydroelectric dams.
In Oil Company Profits we talked about Exxon’s profits per gallon — we also brushed on the amount of taxes that Exxon pays and highlighted the fact that taxes account for a significant larger portion of what we pay at the pump than Exxon’s profits.
The Grouchy Old Cripple (warning, an R-rated site — don’t go there at work or while the kids are watching) let’s people know that Bernie Sanders is advocating additional taxes on oil companies.
The five largest oil companies in this country have made $600 billion in profits since George W. Bush became president. Do we need a windfall profits tax? You bet we do. — Bernie Sanders (Ind-VT)
Instead of researching back to 2001 when George W. Bush took office (my DSL link is painfully slow for some reason), I only researched back to 2003 for the five largest oil companies. There is a debate on which oil companies are really the largest; the ones that I used are: Exxon, Royal Dutch Shell, British Petroleum (BP)1, Chevron, and ConocoPhillips.
The bottom line, is that from 2003 to 2007, the five biggest oil companies made 499,617 million dollars in profit. During that same period, the five biggest oil companies paid 1,343,804 million dollars in taxes. The following chart compares the big 5 oil companies profits versus the taxes they paid from 2003 to 2007.
Being Robbed At The Gas Pump
Every time that I go to the gas pump, I know someone is financially raping me. The question is “Who?” The Democrats and others want me to believe it’s the oil companies, but they take one or two basic facts (Exxon’s world wide profits and number of gallons of gasoline pumped in the US), make up a bunch of other numbers, do a lot of hand waving, and come up with a wild eyed guess at profit per gallon that is completely wrong.