Sounds like you're good with that, Jeff...you and Roger both....
Last edited by K G; 12-26-2009 at 08:54 PM. Reason: corrected spelling
That's funny...I was more concerned about the spelling of demagogue....
In perspective ... it would take 10 X $40.6 billion to pay for 5 years of the new health coverage proposals? Or, if there are 10 U.S. oil companies making such profits, it would take all of their profits to be directed to the health care proposals.Exxon’s $40.6 billion profit in 2007 is roughly equal to receiving “$30 for every person in China and $132 for every U.S. resident.” Another way of looking at it is that Exxon made $77,245 per minute in 2007—that’s more money generated per minute than 70 percent of Americans earned all year, according to the Census Bureau.
Whew! Anybody want to do the math on how much the new health care proposals will cost on a per minute basis? I'm glad you called our attention to these numbers, Roger.Exxon made $77,245 per minute in 2007—that’s more money generated per minute than 70 percent of Americans earned all year, according to the Census Bureau.
As long as we are dependent on petroleum products, that is the price we pay. And this may demonstrate why have become so dependent on Mid-East oil rather than our own.The “finding” costs to explore and develop an oil field range from $5 per barrel in the Middle East to $67 per barrel off of the U.S. coast.
I do believe that the oil companies pay a lot of taxes on that income as well? Or am I wrong on that? I'm sure there are plenty of "deductions" on their tax returns, but at the bottom line, do they pay taxes or just get refunds?
Wasn't there a "windfall" tax imposed on the oil companies as well? Builders did the same thing during the housing boom. Now when the large builders have fallen on hard times, tax breaks for them have been proposed (though not for the "small" builders).So when the market price jumps due to speculators, political unrest, supply disruption, or other similar events, it is a windfall for the oil company.
If the oil companies were manipulating the "speculators", then it would appear there would be reason for prosecution. OTOH, if the speculators are acting independently, isn't that the way the free market operates?
I believe that the article mentioned that some of the refineries are owned by oil companies, but not all.
"Know in your heart that all things are possible. We couldn't conceive of a miracle if none ever happened." -Libby Fudim
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Great post, Gerry....but making "sense" of "cents" has never been of much interest to Roger.... .....whatever is "wrong" was/is/shall always be Bush 43's fault....
I actually don't believe in corporate income taxes for anyone, but do not understand why oil companies receive tax incentives not enjoyed by other industries. I also do not understand why oil companies are allowed to get away with not paying required royalites on oil taken from public lands. Why should the taxpayer be giving that oil to oil companies for less than market value especially when much of that oil is then sold overseas.