OIL Profiteers

Before the Flood

2008-02-23 I found this in my electronic journal back to 2008 when gas prices had hit $4 and someone asked Obama when he could take his kids on a weekend drive.

People might want to go to Global 500  and see how much the oil companies are actually earning.  It is almost incomprehensible. For 2006  Exxon Mobil had revenue of $340 BILLION dollars and PROFITS after taxes of $36 BILLION!  Shell had $306, $25, BP $268, $22 and Chevron that sincere, concerned, company that advertises had $189 and $14 BILLION and finally $167, $13 BILLION for ConocoPhillips respectively.  That’s over $1.3 TRILLION DOLLARS of revenue in ONE year.   And profits, after taxes of $110 BILLION.    And I left out Total which is the French oil company.

For 2007 the top five oil companies had after-tax profits of $120 BILLION.  That is profit!!  Think about a company trying to generate a million dollars in sales or even a profit of 1 million and then think not 10 million not 100 million but 1,000 million times another 100!  After paying all expenses and taxes.  Whoa baby.  Where does that money go; not to special dividends to shareholders, not to help the food crisis, it has to go to benefit those companies.  Unless governments step  in and do their jobs, nothing will change.

Here is an idea, why doesn’t our government impose a tax on at leas the US companies in this list to cover the cost of the Iraq war which is being fought for the benefit of these companies?   Or what about a tax that is used to fund a real energy policy that doesn’t destroy the planet and further the profits of the oil companies.  A 20% surcharge would be a reasonable thing to do.  There is no reason for any company to have the control over that much money.  It  is inherently corrupting and against public policy and the good of mankind.

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