ExxonMobil announced quarterly earnings of over $10 billion on sales revenue of $114 billion! Geez, that is more than the gross national product of most countries!!!!!!!! What a bunch of capitalist, sleaze-balls, right!!! Not so fast, all you tree hugging, politically biased, left-wing pinheads!
Yes, ExxonMobil earns more money that any other corporation in the world…so what! Do you own any of their stock? Chances are that you are a proud owner of this great company that many love to criticize. If you own a mutual fund or have an IRA account, I bet you are a ExxonMobil (XOM) shareholder! It might surprise you to learn that XOM paid almost $20 billion in various income taxes throughout th world in 2009! They also employ about 80,000 people and have tens of thousands of independent contractors working side-by-side with their own employees in operations throughout the United States and abroad. And since XOM pays a very competitive wage and has excellent benefits, these employees and contractors spend their money supporting the economy where they live. Furthermore, since XOM has a great healthcare program, its employees don’t have to suck off the taxpayer teat when they need to see the doctor!
By comparison, Microsoft announced earnings (on the same day) of $5 billion on sales of only $16 billion! Microsoft made a profit on 31 cents for every dollar of revenue….whereas XOM earns less that 9 cents on each dollar! Apple earns 24 cents on every dollar of sales revenue. So, who are the corporate pigs! Just because XOM is the biggest oil company, they are subjected to continual scrutiny by people who should be congratulating XOM for the job that it does! Is any industry more regulated, with less federal support, than the oil industry! It has been decades since any oil company was allowed to build a new refinery in America! The feds control where the oil companies are given permission to invest BILLIONS just on the chance of finding new reserves of oil! Now that we are paying $4 per gallon for gasoline, XOM is an easy target! (BTW, did you realize that ~50 cents of that price is federal and state taxes!) What if, 15 years ago…..the oil industry had been allowed to drill in ANWR? Or off the California coast? Or off the east coast? Would we still be dependent on the rest of the world for over 50% of our oil! I think not! And, how many new jobs would have been created for Americans? When people like Harry Reid call out the oil industry, it makes me sick! Instead of eliminating tax incentives for oil companies, the feds should be encouraging big oil to drill, drill, drill! Oh, crap, they do encourage exploration and drilling…..if you are Brazil! Hypocrites all!!!!
Big Oil is not the only industry hamstrung by federal regulations and red tape. When will common sense prevail and people start to realize that XOM, Wal-Mart, Ford, Citibank, Toyota, etc., etc., etc., are the bedrock of our economy! They pay well, provide benefits, contribute to local charities, and help fuel the economy. And, they also pay federal taxes (as do their employees)! Big business is good for America! Let’s climb off our high horses and smell the roses….not the horse poop!!