Friday, November 7, 2008

ExxonMobil's $400 Million Insult

The following article provides a simple, in depth explanation of how oil companies achieve record profits but do NOT gouge consumers. Bill O’Reilly -- ARE YOU LISTENING??? Before you think a windfall profits tax is the answer, understand that is a cost that you, the consumer will pay. Corporations do not pay income tax. The tax will pass on to you at the pump. Also note that the federal government makes more money per gallon (by way of gasoline tax) than the oil companies do. Oil companies make about $.05 cents per gallon profit, yet the federal government gets $.46 cents per gallon in tax revenue. It is quite interesting that a nickel per gallon profit is considered obscene.

This article was brilliantly written by Glenn Kenny. As a former employee of “big oil,” I concur with his analysis:

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