A Real Energy Strategy for America: Shale Oil

New Media Journal ^ | May 31, 2008 | Jonathon Moseley

[servantboy777]

The point was, there are others with research that indicate abuses.

I am not anti-business. I am however weary of corporate Americas relentless pursuit of the bottom line to the extent that it has harmed the middle class standard of living substantially over the last decade.

Corps have been shifting manufacturing all over the world in an attempt to get the cheapest labor force, circumvent the cost of basic worker benefits, rid themselves of any or all environmental safeguards and worker safety regulation.

True, Congress has made doing business here in the states burdensome, but with over 60 thousand lobbyist in Washington alone, I can't help but to think corporate America indeed has the upper hand when it comes to policy favorable to their interest.

Tell me, do the American people have sixty thousand lobbyist roaming the halls of Congress with pockets stuffed full of cash and perks to sway policy????

I'm thinking we have a government for and by the corporate / foreign lobby. Again, sad.

[servantboy777]

>>Oil companies typically show a profit margin of 9% to 10%”

I'm thinking your facts are a bit skewed.

Over the past 12 months, for example, ExxonMobil has made pre-tax profits of $164 billion on sales of $369.5 billion.

This would be 45% margin.

[thackney]

Taxes are not part of business profits. They are an expenses and include things like the pass through excise taxes and royalties.

No business in any industry includes taxes as part of their profits. That is an attempt to make oil industry seem more profitable when the reality is more of the revenue goes to taxes than nearly any other industry.

[servantboy777]

The GAO reported in 2000, 94% of all U.S. companies paid less than 5% — and 61% paid nothing at all.

In 2000 alone, 94% of all U.S. corporations paid less than 5% of their total income in corporate taxes, the GAO said in a report. Among the largest corporations — the 1% of all corporations that owns 93% of all corporate assets — 82% paid less than 5% of their income in taxes.

Yea, that's fair. Small to medium business and the middle class are left to pick up the tab for the willy nilly spending of our federal government.

[thackney]

Among the largest corporations — the 1% of all corporations that owns 93% of all corporate assets — 82% paid less than 5% of their income in taxes.

Show me some oil companies that get to pay those rates.

ExxonMobil 2007
Revenue $404.6 Billion
Profit $40.6 Billion (10.0%)
Taxes $102.5 Billion (25.3%)

Sales-Based taxes $31.728B
Other taxes and duties $40.953B
Income taxes $29.864B

2007 Financial & Operating Review
http://www.exxonmobil.com/corporate/files/news_pub_fo_2007.pdf
Page 16

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ConocoPhillips 2007
Revenue $194.5 Billion
Profit $11.9 Billion (6.1%)
Taxes $30.4 Billion (15.6%)

Taxes other than income taxes $18.990B
Income taxes $11.891B

2007 Annual Report
http://www.conocophillips.com/NR/rdonlyres/3838234F-F20C-4BCE-AE8D-78DE29D67455/0/07RevisedARfinal.pdf
Page 60

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Chevron 2007
Revenue $220.9 Billion
Profit $18.7 Billion (8.5%)
Taxes $35.7 Billion (16.2%)

Taxes other than income taxes $22.266B
Income taxes $13.479B

2007 Annual Report Supplement
http://media.corporate-ir.net/media_files/irol/13/130102/reports/CVX_ARsupp07.pdf
Page 3

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Marathon 2007

Revenue $62.8 Billion
Profit $4.0 Billion (6.3%)
Taxes $8.5 Billion (13.5%)

Consumer excise taxes $5.163B
Other taxes $0.394B
Income taxes $2.901B

2007 Annual Report
http://www.marathon.com/content/documents/investor_center/annual_reports/annual_report_2007_book.pdf
Page F-4

[reaganator]

$42 billion a quarter? Okay. I think I remember hearing something like $14 billion last quarter. I’ll be checking.

I’m all for drilling more oil and producing more fuel, and I know it will be the oil companies doing it, if Congress let’s them.

[reaganator]

I went to the Exxon Mobil finacial report for year 2007.

Sale and other operating revenue $390 billion,

Net Income $40 billion, 10%

Where the money goes is laid out, dividends, shareholders, reinvestment, much more.

The oil companies profit margin is not out of line compared to other industries.