Lets see, Conoco Phillips.
11bl in earnings
8bl in US taxes
3bl in foreign taxes.
Yup, their profits are certainly obscene.
It has been shown time and time again that the big oil companies DON’T get that $4 billion tax break. Congress made sure of that in 1975. In addition, for every gallon that the oil companies sell as gasoline, they profit appx. 2 cents. Federal, state and local gov’ts average 48 cents per gallon.
One more: Exxon/Mobil, Shell, Chevron, Conoco Phillips and BP control less than 7% of the world’s oil reserves COMBINED! Approximately 82% of the world’s reserves are controlled by Foreign Governments, most of whom don’t like the US. So, we demonize the oil companies? I say DRILL!