1/30/2009

Quarterly Exxon Obscene Profit Reality Check

People! Pay attention! We have covered this topic before....

Yes...Exxon made a profit of $45 billion. Feign shock/disgust/outrage at the "obscene" profits if you want. But know this...your rage is aimed in the wrong direction.

While Exxon was earning a $45 billion profit out of $477 billion of revenue...governments around the world were squeezing a profit of $116 billion out of that same revenue.

Yes, that is right. According to the numbers, Exxon paid $116 billion is total taxes in 2008. That is a profit 2.5x the one that Exxon is supposedly guilty of earning.

So if you think we need a 'Windfall Profit Tax" when it comes to oil profits, perhaps we should levy it on government, because no one made a bigger windfall than them.....

2 comments:

The Dunadan said...

The government takes twice as much as Exxon makes in profit for doing nothing. But Exxon is the greedy one.

Great post. Enjoy your blog.

http://counterrevolution.wordpress.com

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