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

Baltimore Sun ^ | February 9, 2006 | GAR ALPEROVITZ

[sickoflibs]

It's nearly impossible for the average citizen to grasp the scale of ExxonMobil Corp.'s huge profits. In the quarter ended Dec. 31, the giant company made $10.7 billion, the equivalent of more than $115 million for every one of its 92 days, nearly $5 million each hour, more than $80,000 every minute, nearly $1,350 each second.

All of us pay for the huge profits, but poor Americans living in colder regions and working people who must commute long distances are the ones whose contribution to ExxonMobil's profits are the most painful.

The U.S. Energy Information Administration estimates that home heating oil prices this year will be 23 percent higher than last year; throughout the Northern states, this means not only discomfort but real hardship, even death for some of the elderly.

Unfortunately, we do not live in a world where significant, voluntary "give-backs" to American society are common. The obvious alternative is some form of taxation, something we have done many times in the past when chance and misfortune have combined to produce unwarranted gains.

Last fall, the Republican-controlled Senate approved a one-year tax increase of $5 billion for the nation's largest oil companies. At the moment, however, even these tiny steps are unlikely to pass the House of Representatives. It will take an aroused citizenry to demand what should be given freely. Sen. Byron L. Dorgan, a North Dakota Democrat, and six other senators have introduced windfall profits tax legislation. This direction would inevitably have to be at the center of a serious agenda for change as the pain continues to increase.

Gar Alperovitz, the Lionel R. Bauman professor of political economy at the University of Maryland, College Park, is author of "America Beyond Capitalism: Reclaiming Our Wealth, Our Liberty, and Our Democracy." His e-mail is garalper@ncesa.org.

[sickoflibs]

I had to share this with you. 'The American People' means the federal government to these socialists. Why would oil companies drill for more oil if these libs will just seize the profits after the fact. In fact is this legal??? Maybe the government should take the profits on this guys book.

[ElTianti]

If you want a piece of their profits, buy their stock.

[2banana]

I like this - when can we seize the profits of the abortion industry? Hollywood? Trial Lawyers? Barbra Streisand?

[PeteB570]

Somebody said that each oil company makes about 20 cents profit on each gallon of gas.

Our state/federal tax on a gallon of gas is around 45 cents. More than twice the profit of the oil companies.

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

[Phantom Lord]

What I would like to see is what % of the profits were generated in America. Being that ExxonMobil is a GLOBAL company, I bet the portion of profits from the US is not even close to a majority.

[mmyers]

Soon the Dems will be standing outside the door of prostitutes waiting for there windfall of taxes!!

[Mike Darancette]

the giant company made $10.7 billion

About $45 per American, that cannot even buy a new tire.

[umgud]

It's nearly impossible for the average citizen to grasp the scale of ExxonMobil Corp.'s the State of California's huge profits. CA earns over $.20 on every gallon of gas/diesel sold in the state. And that's just sales tax!

[OldFriend]

I want the various congress creatures to go on the record as stating they want to nationalize the oil companies.

[edcoil]

With smokes, the companies get 23 cents but the government (depending on state) gets over $3.00.

[Gay State Conservative]

Wouldn't it be fun to do a google search on the author of this little ditty?

[Smokin' Joe]

The profits will come back--in the form of the next decades supply. Those wells will never get drilled, though, if the government steals the money.

Now go beat up Coca Cola, they made twice the ROI of the oil companies, and you can blame all those fat kids on them.

[Blood of Tyrants]

No, only causes unpopular with liberals will be taxed.

[kenth]

I wonder if the Baltimore Sun makes a profit, and if so, why isn't it being returned to "the people"? For that matter, why don't they cut the salaries of the journalists, as well as cutting the heat to the Sun's building, so that more profits can be returned to "the people"?

It's only fair.

[Dog Gone]

The profits major oil companies are currently making are enormous. None of these lefties mention the fact that the companyies are enormous, and the profit margin is less than in other industries. They focus only on the gross numbers.

These companies also pay tax on those profits. Higher profits means higher taxes. That's what the lefties like, isn't it?

[somniferum]

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

[bpjam]

Buying Exxon stock seems like such an obvious conclusion to you and I, but this bozo wants to get "Beyond Capitalism" (I think 'Lunacy' comes after you leave Capitalism).

[A message]

I like this - when can we seize the profits of the abortion industry? Hollywood? Trial Lawyers? Barbra Streisand?

Here, here!! Whats good for the goose is good for gander and the obscene profits made by trial lawyers such as John Edwards, or hollywood nimwits such as BS, and others needs to stop and their wealth seized.

The poor are the ones most damaged by Hollywood profits. How can the poor rent a video, see a movie when the prices continue to rise. Obscenely rise, yet the likes of BS reside in mansions on the hill overlooking the surf and serfs. /sarcasm off.

[G.Mason]

The article is pure unadulterated socialist propaganda.

You tell me what business runs on an 8% profit margin.

From Neal Boortz ...

"If you listen to your friendly television newsperson you'll see almost universal approval of the proposal to seize oil company profits. If you asked one of these people what "inventory profits" were, and why inventory profits rise and fall quickly, they wouldn't have a clue. I doubt that 10% of them could correctly state the difference between profits and profit margins, nor could they come within a few points of telling you what Exxon-Mobile's profit margin was for the last quarter. These news readers shouldn't feel bad though, they're right in step with the vast majority of the American public. Ignorance of basic economic matters is rampant (thanks to government schools) and politicians will always exploit ignorance to expand their power."

http://boortz.com/nuze/200511/11092005.html

[Rummyfan]

The obvious alternative is some form of taxation, something we have done many times in the past when chance and misfortune have combined to produce unwarranted gains.

Which ExxonMobil would pass straight on to the comsumer. Geez, this guy is a professor of economics???