You are still ignoring what I said.
OIL COMPANIES ARE SUBSIDIZED. They are subsidized with tax breaks. My position is to remove them, impose tariffs on foreign oil and allow the ethanol to compete with no subsidy.
I’m giving you the benefit of the doubt and assuming that you just can’t see well.
What other industry could afford these types of tax breaks? What other industry typically pays 2 to 3 times as much in taxes than they keep for profit?
If your business taxes where tripled, then cut 10%, would you claim they were subsidized by the 10% tax break?
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
We agree: Neither of us has any problem disallowing tax breaks or subsidies from anyone. Freedom in the marketplace is what separate true value from that which is not.
The amount of tax breaks or subsidies as a % of total enterprise that goes to oil and gas companies is very small compared to that of the ethanol industry, so much so that oil and gas companies would still survive if they went away, whereas ethanol companies would have a very difficult time.
By the way, my degree is in petroleum engineering but my work is as an economist for a number of years(It’s even the title on my business card). After 37 years in the industry, I believe I am entitled to have an opinion that is more than a novice.
Don’t always assume that those you interface with are as clueless as you originally indicated me to be when you attacked me.
I think reasonable people can disagree when the facts are both presented.
You so far have a tendency to not address the pointed questions I asked concerning tagline 50, so I guess you may not be all that reasonable.