Exxon has reported its profits for the second quarter. I wait with baited breath (not) on how the neo-socialists howl to the heavens on the “unfairness” of it all and how Exxon and all oil companies need “investment on alternative energy.” Notwithstanding the open ended phrase that “investment on alternative energy” really is, check out how much in taxes Exxon paid along with those profits. Also, check out Carpe Diem’s post on how Exxon actually pays more taxes than the bottom 50 percent of taxpayers.
From CNN money: Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.
That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007.
"The fundamentals of our business remain strong," Henry Hubble, Exxon's vice president of investor relations, said on a conference call. "We continue to capture the benefit of strong industry conditions."
Also, check out posts on blogs of note on Oil drilling and opposition to it.
Shaving Leviathan: Democrats oppose Oil Company Private Property Rights
The Bobo Files: Obama announces his Energy Plan
Carpe Diem: Exxon posts record $32.36 Tax payment
6 comments:
You know, it always amazes me how those socialist profit-hating libs come down on the oil companies over their profits.
They can't reinvest their money in to exploration and drilling for more oil in the U.S. so they have nothing else to do but grow their profits. They don't control the price of oil, the world market does.
Even when you simplify it for them in their own terms, i.e., you have $100 in the back earning 5% interest. You can't spend it and over time, you earn $5 for doing nothing. Then, through no action of your own, interest rates increase to 10%. You still can't spend your money. Again, after a little time, you've now earned and $10.50 without doing anything at all!
Those guys on the left keep saying big oil should invest more in to alternative energies. I say, why? They are OIL companies!!! That's like saying Wal-Mart should invest more in to growing Target. Why should OIL companies invest in something that will put them out of business? There currently is no profit in alternative energies as they are still most inefficient.
Dolts!
BTW - I was checking my stats yesterday..someone from the House of Reps in DC visited my blog page about the oil in Gull Island from a link from your blog regarding oil and energy prices. Hmmmm?
Hey Bobo,
I love this gem:
“Those guys on the left keep saying big oil should invest more in to alternative energies. I say, why? They are OIL companies!!! That's like saying Wal-Mart should invest more in to growing Target. Why should OIL companies invest in something that will put them out of business?”
Great analogy and right on the money as always.
Yea, I did notice some traffic from the House of Reps too. Somebody is interested in what bloggers are saying about drilling offshore and gas prices.
Thanks for taking the time to comment.
Very good post, and I'm glad to see some logical common sense about the issue instead of the same old emotional mindless reactions. We all know oil prices are too high, most likely due to excessive speculation (which makes me very suspicious); but certainly both sides of the coin are worth mentioning. Good comments, too.
So for every dollar in net profit they make they paid three bucks in taxes and yet it's not enough? Sheesh.
love the blog man... those damn oil companies! haha
i love how the government makes more money than the oil companies... but the oil companies are the bad guys.
check out my blog... just started it up but i think we might have many similar opinions.
http://thewitlessknower.blogspot.com
Hammer, really enjoyed your blog....I get so confused over what is reported and the truth. They always said "the Truth will make you free". What is the truth that's the hardest thing to find in todays world...stay well...
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