Wednesday, April 02, 2008
Who Profits from Oil
It's that time of year when BIG OIL executives are corralled to Washington to take a beat down from some dumb ass congress person.
We've been seeing and hearing about all the BIG OIL record profits. But who really profits from BIG OIL?
Unlike a senator, I have more intelligence than an amoeba, so I actually used this new thing here called google and I looked it up.
Well, Exxon made 40 billion on sales of404 billion dollars, roughly a 10% net profit on sales; not bad.
But they didn't hit the lottery, the government did. For all the sales taxes, duties and income taxes collected, the government pulled in a cool 102 Billion bucks on Exxon's sales of 404 Billion; nearly 25% of all of Exxon's sales goes to some governmental entity.
What a great gig! The Mob can't pull one off that good. So the next time you pay $80.00 for a gallon of gas, just think about how many ways Nancy & Harry the Weasel get to spend $20 of it.