Exxon Mobil’s big profit, big taxes
On “Exxon’s profit fuels criticism” (Aug. 1.):
While Rep. Nancy Pelosi (D-San Francisco) and the rest of Congress bellow about these “excessive” profits, there is never a mention that these oil companies are paying more than 40% in taxes.
I would think this important in an unbiased story on the Business page.
Exxon Mobil continues to extend its unprecedented profit streak for another quarter, the most of any company in the history of mankind.
If we follow Sen. John McCain’s and the Republicans’ call for more drilling, where will that extra oil go? To Americans? Or to the vast international oil lake that speculators and Big Oil have so skillfully manipulated?
As long as our cars run on just one kind of fuel, there will be nothing to stop oil companies from charging anything they want. Throw in huge fleets of high-performance electric cars recharged with free solar power and the problem of high oil prices will be an inconvenient memory.
You could have provided more balanced coverage about Exxon Mobil’s profit. Its taxes were essentially the same as its profit. Your graphic could have shown examples of what government could have spent Exxon’s taxes on.
To earn its profit, Exxon had to purchase mineral rights, it had to drill successful wells, it had to lift the oil from well below ground, it had to transport it thousands of miles, it had to refine it into useful products and it had to transport it to consumers.
To earn its taxes, government just passed a law.