re: Re- blame it on Big Oil
Reply to: comm-674079335@craigslist.org
Date: 2008-05-09, 8:20AM PDT
Wow do you believe everything they spin on Right wing radio?
you said " They can't build more refineries without such outrageous restrictions that it isn't profitable."
This is absolutely not the case. In the last 10 years the Oil companies have been closing refineries...not applying to build any more. There OWN INTERNAL DOCUMENTS prove that they have deliberately reduced their refining capacity to increase gas prices. This is indisputable. And you blame the government?
1. Microsoft did not make make a bigger profit than the oil companies. Microsoft posted 4.3 billion dollars in profit in the first quarter of this year. Exxon Mobil posted profits of $10.89 billion dollars.
2. Actually the oil companies do not pay 40% in taxes. You are including Gas taxes in that figure. Those taxes are paid by consumers to pay for roads to maintain the transportation infrastructure. The oil companies do not pay those taxes. You and I do to use the roads and the tax on gas is the fairest and easiest way to assess the necessary taxes to pay for that infrastructure.
3. Oil companies are provided with a multitude of federal corporate income tax credits and deductions results in an effective income tax rate of 11% for the oil industry, compared to the non-oil industry average of 18%. Recent tax breaks in the Bush Energy policies have effectivel lowered income taxes on Oil companies to under 5%.
The simple fact is that since George W. Bush was elected, Profits at the 4 major oil companies have tripled to quadrupled. This is not a coincidence.
- it's NOT ok to contact this poster with services or other commercial interests
PostingID: 674079335