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.
5 comments:
Plus, a great deal of Exxon is owned by retirement trusts and mutual funds. In other words, people profiting from Exxon are average people trying to build a life.
And another thing: Corporate profit doesn't go under the mattress, people. It usually is recycled back into the economy through retirement trusts, investemt banking vehicles (and yes, some consumption) where it funds capital investement by other entities, which translates into a better econuomy and more jobs.
If someone thinks its unfair that an oil company makes a profit while they themselves pay the price at the pump, here's my answer. Hop onto your wind powered solar bike and peddle down to the nearest Schwab office, open an account and buy some Exxon. Then, when you receive your obscene quarterly dividend that has already been corporately taxed, pay your personal income tax on it. With what little is left, peddle down to the gas station and give it to "someone in need" standing at the pump.
Ahhh the proverbial sound of crickets.
Well, that's what the libs want to force on individuals and corporations.
I'm still trying to find a business model where I don't do anything for someone and they pay me for not doing it.
welcome to the federal gov't
Think how well my mutual fund (for retirement) could have done without the gubment taking all that ill gotten gain.
Gordon:
Here's a post from my place from March 7th. It parallels the first anonymous comment.
ightrunner.blogspot.com/2008/03/exxon-mobil-needs-hug.html
"I'm still trying to find a business model where I don't do anything for someone and they pay me for not doing it."
You don't have to look far. The business model you speak of is called the United States Federal Government.
Thanks Gordon. That was just teed up to nice for me not to jump in.
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