Posted on 02/19/2008 5:27:44 PM PST by smokinleroy
Oil is cause of downturn
Exxon-Mobil earned $81 billion in profits in the last two years. Are we surprised? Supply and demand that's what they say. So Exxon-Mobil could reduce the price of a gallon of gasoline to $1.50 and the company still could earn $40 billion in profits in two years. Am I wrong on my math?
I predicted a recession two years ago when the price of gasoline hit the ceiling. It does not take a rocket scientist to figure out that if we suck all the extra dollars from our citizens and force them to put it in their gasoline tanks and heating oil tanks, they will have no money left to buy clothing, gifts, entertain, go out to dinner, or buy the things that Congress and President George W. Bush say we now need to buy to come out of the dive into which this country's economy is heading.
So, the country is going to go into more deficit spending to send everyone a check for $500 or more. If the oil companies lowered the price of gasoline to $1.50, we would have an extra $100 a month to spend. Of course, if you earn $100,000 or more a year, or have stock in Exxon, you don't care about that.
We have a milk marketing board in Pennsylvania that regulates the price of milk. Why not establish a gasoline marketing board? What we don't need is an excess-profits tax. We don't need to give more money to an already glutted Congress that spends money like the old proverbial drunken sailor. Shame on all of our elected officials from top to bottom for allowing this rip-off to continue. Price-fixing by the oil companies is running rampant.
Ronald Goebel
Cranberry Township
Well, yes.
Corporations don't pay taxes, they pass that cost along to the consumers.
I think that's state tax alone...the numbers are old. This is a chart offered as part of an investigation by McKenna's office:
http://www.atg.wa.gov/uploadedFiles/Another/Safeguarding_Consumers/Antitrust/Unfair_Trade_Practices/Gas_Prices/Illustration%2011.pdf
18 cents federal, 36 cents state...and I think we've had an increase since then.
The last time the USA was a net oil exporting country was about 1970. It’s been downhill since, and $20 trillion of debt public and private it’s still downhill.
That's what the RATS and their media enablers used to say...I want the Repub party to be the party of, among other things, economic literacy.
Irrelevant. The discussion was on profits and what it costs produce a gallon of gasoline vs gallon of orange juice.
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