Search This Blog

Sunday, August 17, 2008

Exxon Mobil's Profits, Taxes and Costs

Much has been made of the reported profits of oil companies; the implication is that Bib Oil is ripping us off. The left has relied on the fact that Exxon Mobil’s profits for the last quarter were the largest in corporate history. And it’s always an excuse to demonize the part of a free economy that is the bĂȘte noir of the Left at the time.

The Chairman of Exxon Mobil, Rex Tillerson, gave an interview to ABC news recently and this is what he said:
"I saw someone characterize our profits the other day in terms of $1,400 in profit per second. Well, they also need to understand we paid $4,000 a second in taxes, and we spent $15,000 a second in cost," Tillerson told ABC News' Charles Gibson. "We spend $1 billion a day just running our business. So this is a business where large numbers are just characteristic of it."

I would gladly buy my gasoline from the Leftists who demonize Big Oil is they produced any. Oh, they don't? Their product is hot air?

Fill-er up at Exxon.

No comments: