Big Oil Screws America Into the Ground

[Clara T]

Big Oil screws America into the ground
By Jerry Mazza
Online Journal Contributing Writer

Feb 1, 2006, 15:37

They’re dancing in the halls at ExxonMobil, but quietly. See, they’ve just set the earnings record for American companies, raking in $36 billion in annual income, even more than Wal-Mart, which makes ExxonMobil number one.

But the truth is, those profits have been stolen right out of America’s pockets, thanks to price-gouging, tax breaks, and friends in high places, including a president who claimed in his State of the Union Address that "America had to break its addiction to oil.” Perhaps he should break his administration’s addiction to propping up Big Oil.

In fact, back at ExxonMobil they’re trying to tone down their success by telling you profit margins in their industry lag far behind those of other gluttonous industries, like pharmaceuticals and banking. Fortunately, legislators and taxpayer groups are waking up and wondering over Big Oil’s big numbers. Especially as the pump numbers move towards three bucks a gallon, putting a hole in every driver’s pocket.

Bizarrely, the numbers put up in January make the company richer than some of the world’s most important oil-producing countries. For instance, ExxonMobil’s $371 billion 2005 gross exceeds the $245 billion gross domestic product of Indonesia, which is an OPEC member and fourth in world population, 242 million to be exact.

http://onlinejournal.com/artman/publish/article_468.shtml

[ThoughtCriminal]

1. Profit Margins

Lag behind other industries - like illegal narcotics for example...

Buying a Republican Senator or Representative has the highest rate of return of any investment in the history of money.

[Clara T]

2. Well put n/t

[fed-up]

3. Gas went up 2 cents today n/t

[3waygeek]

5. Here in metro Atlanta

it went down 2 cents overnight, so it all evens out :)

[fighttotheend]

4. ALL that $ They still cant pay the settlement from the oil spill JERKs