Return oil profits to American people(liberal call to seize profits, is this still America?)

Baltimore Sun ^ | February 9, 2006 | GAR ALPEROVITZ

[Publius]

Atlas is about to shrug.

[Koblenz]

In the first nine months (through September) of 2005 (December figures aren't available yet), ExxonMobil had net income of $25.42 billion.

$8.071 billion was from the US. $17.56 billion came from outside of the United States, and $211 million was corporate overhead (CEO salary, headquarters stuff, public filing fees, etc).

In the past 12 months, through December, ExxonMobil made profit of $36.13 billion on sales of $340.26 billion, or 10.62%. Exxon makes a lot of money because it's pretty damned big.

So how did other companies fare? In the last twelve months, here's how:

Microsoft: 31.57%
Google: 23.87%
eBay: 23.77%
Coca Cola: 22.67%
Oracle: 22.33%
Intel: 22.32%
3M: 15.11%
Procter & Gamble: 12.83%
McDonalds: 12.72%
GE: 11.05%
Dow: 9.81%
IBM: 8.71%
Disney: 7.93%
Chevron: 7.62%
Dell: 5.96%
Walmart: 3.54%
AMR: -4.16%
GM: -4.44%

[Enchante]

"Unfortunately, we do not live in a world where significant, voluntary "give-backs" to American society are common"

So says the socialist moron tenured professor. I'm so sick of these whining academic socialists, so many of whom make six-figure salaries for little real work (if any) and more hot air than the average person emits in a lifetime.

I have a proposal for Prof. Alpo-witz and his fellow socialists: the best "voluntary give-back" would be the one that you do for yourselves..... why don't all leftists immediately donate half of their salaries to the poor, etc. as a show of good faith, and then we can discuss where they should donate the OTHER half......

[G.Mason]

I think my phone is ringing! ;)

[RJL]

Return oil profits to American people (liberal call to seize profits, is this still America?)

Another adherent to Robert Mugabe style economics, these liberals are so brilliant, just ask them!

[G.Mason]

Do you have the number of the billions in taxes Exxon-Mobile paid to the feds? I understand they pay between 20 and 30%.

[ElTianti]

It is odd. A stock is an instrument buy which one secures the rights to a company’s future profits. How could this escape a “professor of political economy”?

[G.Mason]

Ooops!

Excuse please. For some reason my minds eye thought of Alas Babylon. I'm back. ;)

[RightWhale]

The obvious alternative is some form of taxation

Corporations pay taxes on profits.

[Fudd]

In 1976, gas cost $1.82/gal (in 2000 dollars). The federal government spent $1,700 per person, again in 2000$.

In 2005, gas cost $1.95 (2000$). The federal government spent $8,500 or so per person.

So, tell us again, just who is gouging the American people?

[massgopguy]

Great idea. According to Gar, Truman lied about the casualty estimates of the invasion of the Japanese main island to justify using the A-Bomb. My father would beat Gar to death with his cane.

[AFreeBird]

I was watching "Modern Marvels" on the History channel the other day, and they were talking about oil tanksers, and how the industry is ahead of the game to launch double hulled tankers before 2009. The larget tankers under construction are BP Alaska ... something, something and cost around a quarter billion a pop. So 10 of those babies are gonna run that one oil company some 2.5 billion dollars.

I'm sure a good portion those oil profits are going to be used for such infrastructure, well development and drilling equipment needs.

[Bob]

A minor correction, if I may:

CA earns takes over $.20 on every gallon of gas/diesel sold in the state. And that's just sales tax!

[umgud]

You may.

[DeaconRed]

OK OK OK
If we are going that route, then we have to go the other route too.
Everybody that got reduced fare tickets on United, Delta etc. must pay the difference for FULL-FARE.

[Dan Cooper]

Maybe we should just enact a stupidity tax on economic illiterates like the author of this article.

They already have that, it's called the lottery.

[trebb]

If they give me the next month's profits, I'll gladly stop asking for more and go on a crusade against the idiots that want free hand outs...

[Dad was my hero]

Buying Exxon stock seems like such an obvious conclusion to you and I, but this bozo wants to get "Beyond Capitalism"...

as I was thinking about your comment I was wondering what the stock market would look like if investors had to worry about a government that monitored profits and confiscated amounts higher than certain "acceptable" percentages?

[USS Alaska]

Also known as the DNC.

[davisfh]

"Return oil profits to American people(liberal call to seize profits, is this still America?)"

Not to worry. I don't see this ever happening. It's just a socialist dream. To do something like this would be to destroy the company and ultimately that industry. These Democrats (read that Communists) are so whacked-out that it isn't even funny.

I heard on the radio (think it was Roger Hedgecock on Rush's show) that the oil companies make 6 or 8 cents per gallon on the gasoline that they produce. To me, that certainly isn't excessive.