Big Oil getting fatter at our expense

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I read the small article in the business section recently on how Exxon Mobil's earnings grew by 53 percent. They earned $9.25 billion in the last financial quarter.

Sure seems strange to me the whole country is in a recession, with 9.4-percent unemployment rate, and Exxon earns $9.25 billion in the last quarter. There is just something wrong with this picture.

And what's up with the regular citizens? Not a word about how the oil companies have been slowly inching the pump prices up and up and up, and still no protesting. I just don't get it. You know first it's the gas, then groceries, then clothing because of gas prices.

So when do the lowly citizens get a break? Not this way -- or am I the only one who sees this?

Mary Ellen Macleod

Augusta

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usapatriot
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usapatriot 02/16/11 - 01:22 am
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"... 52 percent of Exxon is

"... 52 percent of Exxon is owned by mutual funds, index funds, and pension funds. ... about 2 million individuals own Exxon stock...company insiders hold less than 1 percent of the company."

"...the amount of taxes it paid in 2008 was 2.5 times as much as its net profit. The $45.2 billion profit figure makes a snappy headline, but the $116.2 billion in taxes that it paid is relegated to a footnote."

http://www.usnews.com/opinion/articles/2009/02/11/exxon-big-oil-profits-...

Oil company profits are about 8-10% of sales. There are scetors making more and sectors making less. Is 8-10 cents on the dollar profit ok with you if you were in business? What if your tax bill was 2.5 times your profit?

Major oil producers have to buy roughly half the oil they refine. This oil is mostly from countries hostile to us or unstable. When you hear how much a barrel of oil is, that's what speculators and traders are paying. Refiners have to buy it from them at a higher price.

Whilke our economy is hurting, many countries are growing very well. Along with that growth comes the need for more energy. When supplies remain stagnant and demand rises, so does the price.

So Mary,

1) Buy stock or into a mutual fund that holds oil company stock. Share some of that profit.

2) Ask Obama why he's keeping these companies from drilling for our own resources.

omnomnom
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omnomnom 02/16/11 - 01:35 am
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or 3) change your driving

or 3) change your driving habits like a big girl. Anyone think this is more like inflation? Somehow people think that's just a natural thing. Like gravity.

Sideshow Bob
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Sideshow Bob 02/16/11 - 04:18 am
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Wealth envy makes me sick.

Wealth envy makes me sick. Buy oil stock and you too can get some of that profit.........or do you want the government to just take their profits like the Sec. Of State promised to do?

carcraft
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carcraft 02/16/11 - 05:41 am
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We do not develope our own

We do not develope our own natural resources and then cry when somebody else developes theirs and sells them to us at a profit! LOL When the foriegn owned oil companies are the only ones that still exist when Obama is through you will rreally see increases in gas prices. Obama has DUMPED trillions of dollars on the world market, of course we are going to have inflation. It is just starting and highly demanded products like energy in the form of gas and oil are going to be the tip of the spear!

southernguy08
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southernguy08 02/16/11 - 06:57 am
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So Mary Ellen, are you
Unpublished

So Mary Ellen, are you advocating Maxine Waters answer to rising gas prices? She threatened a Shell Oil exec years ago that, "This liberal is advocating socialism...er...um...I mean...government takeover of your industry."

Carleton Duvall
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Carleton Duvall 02/16/11 - 07:39 am
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Those that have no idea how

Those that have no idea how business works should never make negative comments. It makes them look uninformed which, of course, they are. Why doesn't she complain about the four thousand dollar bonuses that GM workers are getting?

afadel
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afadel 02/16/11 - 08:34 am
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Wow, all those oil company

Wow, all those oil company ads on CNN must be working if people here are genuinely defending these companies.

We need to stop oil exploitation in sensitive regions such as the Gulf of Mexico and northern Alaska because the risks of environmental damage outweigh the benefits.

We need to stop the practice of "fracking" used to extract natural gas because of its environmental damage.

We need to reduce our consumption of oil and other fossil fuels because of the risk of climate change.

For the latest news about why electing a Republican-majority Congress threatens the safety of our environment, visit

http://www.uptonupdates.com/

which documents the actions of the Chairman of the House Energy and Commerce Committee, Representative Upton.

chascush
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chascush 02/16/11 - 08:58 am
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afadel, ‘For the latest news

afadel, ‘For the latest news about why electing a Republican-majority Congress threatens the safety of our environment, visit’
I am not a repub but I guess you think the DUMocrats are good for this country. You have ODed on the Hussein kool-aid.

nofanofobama
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nofanofobama 02/16/11 - 09:19 am
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afadel-if you fell so adamant

afadel-if you fell so adamant about oil usage--quit driving, quit eating etc..our economy is based on oil .. our standard of living is based on oil..we need more oil so we dont buy it from the middle east...if oil bothers you lower your standard of living but not mine. and i dont buy the global warming business either..and we do have the natural resources to be self-sufficient ***imagine the jobs and tax revenue etc it would spawn if we were allowed to develop them...and you know what, we do it as enviromently friendly as possible..t

southernguy08
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southernguy08 02/16/11 - 09:37 am
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AFADEL, the Dems you seem to
Unpublished

AFADEL, the Dems you seem to put so much faith in, along with their Republican counterparts, are very much a part of our nation's 14 TRILLION dollar national debt. Defending oil companies is silly? How silly is it to defend government that can't even balance it's budget or secure our borders? Yeah, the same government that liberals seem to think is capable of running our healthcare. Yeah, I'm laughing.

Chillen
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Chillen 02/16/11 - 10:04 am
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What we really need is a

What we really need is a major development in alternative energy and about 100 new nuclear power plants.

Oil will run out eventually (and with global demand, it will be sooner than later). We need to be prepared, at the forefront of it.

Additionally we need to cripple the arabs. Everytime you drive your car you are funding the terrorists who are using our money to harm us therefore causing our govt to spend more & more of our hard earned tax money on defensive measures and military action.

Alternative Energy (not solar or wind, something new). Nuclear Power. That is where this administration should be funneling money - not to the unions & cap & trade.

Let's get on with it.

dichotomy
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dichotomy 02/16/11 - 10:47 am
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Geez Mary Ellen, why don't

Geez Mary Ellen, why don't you go in and beat up the owner at the mini-market where you pump your gas too. He makes a couple of cents on every gallon you buy.

I don't have a problem with the oil companies making 8%-10% profit. And the higher the international price of oil goes, so will the total amount of their profit. But it is still about the same percentage. If you want to get mad at someone, be mad at our president and the anti-fossil fuel whackos in our congress who prevent us from developing out resources and force us to buy more and more oil from overseas. Don't worry though. As the price of gasoline zooms past $4.00 a gallon, diesel approaches $5.00 a gallon, and everything else we buy that is manufactured from petroleum based products skyrockets, the world economy will probably collapse again and the price of gasoline will eventually drop a little. Food prices are already skyrocketing due to our stupid ethanol policy and the worldwide impact of the price of oil on fertilizer, harvesting, and transportation. It ain't the oil companies' fault sweetie. It's our own stupid anti fossil fuel policy, the president's irrational drilling ban, the refusal to develop ANWR, and the reality of transferring more and more of our demand into the international oil markets. Our idiotic policies are not only driving up the cost of gasoline here, we are driving up the cost of basic corn and grain based food across the world and food riots are already starting in the poorest countries. Our holier than thou environmentalist policies are beginning to starve poor people around the globe. That is in addition to the fact that they have had little or no positive impact. Don't blame the oil companies Mary Ellen. They are just the middle men playing the game by the rules our president and our congress have made. We and the rest of the world are suffering the consequences. We have a groups of people in this country, including many liberal politicians, who are determined to bring us down through the artificial manipulation of the cost of energy and right now they are winning. They should ask the starving people in the Middle East and Africa whether they would rather have a few less carbon particulates in the air or the abundance of our cheap corn and wheat that USED to be available to the food market instead of being put into the mandated Ethanol market. Oh by the way, have you checked YOUR grocery bill lately. Up about 25% is it? That grocery bill is directly tied to our lack of drilling and our Ethanol policy.

carcraft
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carcraft 02/17/11 - 05:31 am
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afadal-A true liberal and

afadal-A true liberal and quote "We need to reduce our consumption of oil and other fossil fuels because of the risk of climate change." I remeber when it wasn't climate change, it was "Global cooling" the clouds from pollution were going to block the suns energy and we were going to freeze. Then it changed to "Global warming" , CO2 was going to trap the heat in the atmosphere and we were going to bake, snow would be rare and all the polar bears would die. Since we have now had the coldest winter in decades we now must fear "climate change". Climate change is really neat for tree hugers and liberals because if it gets cold or it gets warm it is TADA "climate change". No need to fudge statistics, make up BS formulas to manipulate data (see Micheal Mann's hockey stick graft) etc, just what ever happens it is due to climate change gass we are polluting with ( used to be called green house gasses but can't do that any more so it is now climate change gas) BWAHAHAHAHA

carcraft
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carcraft 02/16/11 - 12:10 pm
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Hay, lets grow corn we could

Hay, lets grow corn we could use to feed peope and make it "green energy" so we can increase food prices while producing an energy product that gives you less energy than it takes to prooduce and we will use tax payers money to subsidize it so consummers really won't know they are paying twice for it..Uh been there done that...LOL

usapatriot
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usapatriot 02/16/11 - 02:03 pm
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When politicians realize they

When politicians realize they don't have an answer for a problem, they demonize someone/thing to get people's attention focused on.

High energy prices but ideologically opposed to oil? Blame "big oil." Call for windfall profit taxes to sound tough during a campaign while taking oil company donations. Once elected, forget about it.

Unemployment and a bad economy got you down? Blame the rich, who, btw, earn $200k or more a year.

American jobs lost to foreign companies? Blame Corporate America, not burdensome Federal taxes and regulations.

A politician can do no wrong. They are experts at everything, every industry when they have done nothing except run for office.

When people criticize "big oil", politicians are smiling.

Aiken Pyles
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Aiken Pyles 02/16/11 - 02:55 pm
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Oil exploration and refining

Oil exploration and refining should be subsidized as a military defense and commerce department priority. Cheap energy = wealth and growth of capital.

Look at all the plastic around; it comes from oil. Imagine food & good's costs with gas at 25¢ a gallon. Do you know that inflation is the cruelest tax on the poor? Under Obama's war against domestic oil, food prices are up 19 to 30%.

Imagine that working people who saved and invested could reap the profits without being taxed. Millions of us might be able to retire earlier instead of being clawed back down by ill-conceived government intervention into our economy and the billions in redistributive taxes required to fix these mistakes.

Millions of early retirements would open up jobs for young people. Millions more rich retired people could be volunteering and contributing to charities. Building capital should be a national priority, not weighing down the productive people.

burninater
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burninater 02/16/11 - 04:21 pm
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usapatriot, in conjunction

usapatriot, in conjunction with your Exxon tax numbers, did you notice this little tidbit in Techfan's Forbes link?

In 2009, "None of ExxonMobil's income taxes were paid in the U.S.".

Interesting.

carcraft
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carcraft 02/17/11 - 05:28 am
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If you think gas is expensive

If you think gas is expensive now wait till the government is in charge of production...LOL

usapatriot
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usapatriot 02/18/11 - 12:20 am
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"General Electric Last year

"General Electric Last year (2009) the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion. "

"Avoiding taxes is nothing new for General Electric. In 2008 its effective tax rate was 5.3%; in 2007 it was 15%. The marginal U.S. corporate rate is 35%. "

If none of those Exxon taxes went to the US, then I guess Dem and GOP lawmakers and the President need to figure out how to get some. Exxon Mobile definitely paid taxes, just not to USA.

Maybe if USA didn't have the highest corp income tax, we'd be getting it rather than some other country with a lower rate. Last I knew, some is better than nothing.

Btw, isn't GE CEO Jeff Imelt an Obama pal?

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