With Americans paying nearly $4 a gallon for gas, oil company earnings have been political fodder of late.
Congressional Democrats said they are having a conference later in the day to call for an end to tax breaks for big oil firms.
Several bills have been introduced in Congress to enact a “windfall” profits tax on these earnings, or at the very least eliminate manufacturing tax exemption oil companies now enjoy. Presumptive Democratic presidential nominee Barack Obama wants to tax oil companies at a special rate every time crude goes over $80 a barrel.
Of course, does anybody ask about the profit margin that Exxon makes? No, cause that wouldn’t support the whole evil oil company theme.
And what exactly will adding tax when prices are higher do to the price of oil? It will make it higher. I think it’s amazing that anyone in congress wants to add windfall profit taxes to the oil companies. So the government now gets to decide when you have become too successful.
What do they think companies do with profits? Not to mention – Exxon just paid 32 billion in taxes. I guess that’s just not enough for the government.
Perhaps more to come on this story as the day goes on…