Exxon oil isn’t American oil
I keep hearing variations of “we ought to be drilling for American oil instead of buying oil from the Middle East.” I’d just like to point out the obvious here. There is no American oil until you and I pay Exxon for it! They own it and are a multinational company. They will sell it to us as well as to anyone else.
One other thing. Support your local farmers and buy organic if possible. Eating locally saves fuel, provides fresher foods, and helps your neighbors.
One last thing. Look into the Piedmont Land Conservancy. It’s a worthwhile organization working to keep local farmland in family hands and parts of our area concrete-free and green.
Bob Ponzoni
Greensboro
Comments (5)
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CNN had an Interesting article about Exxon's record profit and the taxes they pay last week
"According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.
Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'"
In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second."
Exxon's Taxes worldwide are 3x their profits.
What other business has to pay 3x their record profit in taxes?
http://tinyurl.com/5hcbhs
Posted on August 4, 2008 8:16 AM
Sounds as if we will need to start bailing out Exxon shortly with those staggering tax bills.
My heart goes out to them in their plight.
My thanks go out to CNN for pointing this out, now maybe congress can come to their aid.
Shame on you Bob, for being so mean spirited
towards this poor "American" company.
Posted on August 4, 2008 9:27 AM
Hugh completely ignores the very well-made point of the letter. Drilling for "American" oil is a canard that sounds good to people who can't or won't understand that oil is a commodity traded on a world market. It may come out of the ground off the coast of Cape Hatteras, but it's just as likely to be sold in India.
Posted on August 4, 2008 11:22 AM
Member name assumes that the world will always live at peace with Global trade uninterrupted.
It's better to get caught buckling your belt than with your pants all the way off.
Posted on August 4, 2008 11:57 AM
"What other business has to pay 3x their record profit in taxes"?
Since Corporate Taxes in America are 35% and corporate profits typically range from 6% to 12% ... I'd say damm near all of then Hugh.
Disclaimer: This detail is neither an approval nor rant of the stated "factoid".
==
and Hugh is right .. once we go after Iran .. as Hugh has so often prognosticated .. living at peace will be harder .. of course I'd argue those off shore platforms would make easy targets for these:
http://en.wikipedia.org/wiki/Image:Iranian_kilo_class_submarine.jpg
Posted on August 5, 2008 6:03 AM