Renata wrote in
:

On Thu, 24 Apr 2008 07:44:06 -0700, Doug Winterburn
wrote:

Renata wrote:
On Wed, 23 Apr 2008 17:30:36 -0700, Doug Winterburn
wrote:

Dave in Houston wrote:
"Fred the Red Shirt" wrote in message
.
com...

Not all petroleum comes from OPEC nations, But enough
does that they control the price on the world market.
Which means that our patriotic American Oil companies are
selling us
their domestically produced crude for the same price the Saudis
are selling us theirs?
Which, if true, I suppose is where Exxon-Mobil makes a good chunk
of their $49 billion profit?
Actually, $40 billion on $400 billion total revenue - or 10 cents
on the dollar. The also paid $30 billion in income tax.

I seriously doubt Exxon is paying $30B income tax on $40B net.

Renata


I didn't say net. They paid $30 billion on $72 billion gross. Their
net income was $40 billion.

But this seems to indicate that their accountants are so bad that they
paid 3/4 of their profit over to income taxes? Even 30B on 72B gross
is way high. Corporate taxes these are nowhere near 42% these days.

Something smells funny here. I see the numbers, I just want to know
the "rest of the story".

Renata

You might want to check your numbers. $30 billion is 75% (OK 3/4) of $72
billion? Try again. We live in a ' Capitalist Society'. Making a profit is
what all of us that wish to remain in business try to do. I think we should
stop subsidies to oil companies. They no longer drill nor do they build
refineries. Perhaps a windfall profits tax would be proper. Any profit over
5% roi should be subject to an 80% tax. There goes most of my income for
the year (past years).