[MCCRon58]

It would sure be helpful if stories like this included the gross sales, not just the net profit, or net taxes. Sure the numbers are big, but they have to be put in perspective. As sales increase, then profits can increase w/o “price gouging”.

[xcamel]

The only “gouging” going on is the feds/state/local taxes on oil based products.

[Louis Foxwell]

Read the article. Gross sales were 116 billion for the first quarter. That is about an 2% profit margin. Tis is a stock held company. The largest number of stock holders are civil servants who pay income tax on their dividends. This means that the government is collecting double taxation on these profits. Raise that 3 to 1 to about 5 to 1 and you are getting closer to understanding the fundamental corruption of the tax system.

[richardtavor]

What the press doesn’t tell you is that 95% of those profits are put back into the ground. Go to their website—it is really interesting to note what their net profits were and compare that to their drilling budget. They are doing the unappreciated service of trying to increase America’s reserves as best that they can. As an example, my little company had record profits this year—and guess what, we borrowed money to drill with. That cash is not stuck in shareholders pockets.

[george76]

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

by Species8472