Monday, February 4, 2008

BIG OIL COMPANIES ANNOUNCE RECORD PROFITS

Last week, Royal Dutch Shell announced that profits for the company soared to $26.7 billion in 2007, a record-breaking figure for a European company.

The next day, The New York Times reported that "Exxon Mobil's performance last year was a blowout." The oil giant revealed last Friday "that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent to $40.6 billion." Exxon Mobil's sales exceeded the gross domestic product of 120 countries.

From the beginning of President Bush's tenure in office, the combined profits of the big five oil companies have skyrocketed from just under $40 billion in 2001 to $120 billion in 2007. President Bush has devoted his presidency to protecting and subsidizing oil company profits.

In December, 2007 he killed tax incentives for wind and solar power, alternative fuels, energy efficiency, clean coal, and cleaner cars in a successful effort to preserve more than $1 billion in annual big oil tax loopholes. These subsidies remain in place in the President's latest budget.

The worldwide increase in demand for crude oil from developing economies like China and India and from mature ones like the United States is one of the reasons crude oil prices and oil company profits have soared.

But as Nobel laureate Joseph Stiglitz recently noted in Vanity Fair, "The soaring price of oil is clearly related to the Iraq war. The issue is not whether to blame the war for this but simply how much to blame it."

6 comments:

Jack Lohman said...

There are some options to the oil issue, though right-wingers will not be happy with them.

See http://tinyurl.com/yr2vfd

Jack Lohman

Anonymous said...

Not to defend the oil companies, but I believe that their profit margins were around 10-11%, I believe Google and Microsoft has had profit margins of 30-40%, do you have the same complaints? What amount is a proper profit?

Michael Rosen said...

The concern with oil companies is that they are given significant tax breaks, ie subsidies, while making record level profits. This suggests that the subsidies are not necessary or justified.

Yet, there is a significant opportunity cost associated with subsidizing large oil corporations. The money the federal government does not collect from oil companies, is not available for the Center for Disease Control, whose budget President Bush just proposed cutting, for vocational education, which he also proposed to eliminate, for underfunded veterans medical care, for reducing the deficit or other socially necessary investments (extending UC benefits or repairing the infrastructure) that have been ignored.

Anonymous said...

[b]ringtones[/b]

[url=http://pirix.net/in.cgi?17&parameter=ringtones][img]http://officiallogistics.com/ts/img/movie.gif[/img][/url]

[url=http://pirix.net/in.cgi?17&parameter=ringtones]ringtones[/url]


saud shuraim for mobile
new poly win 32
lord of the ring audio book torrent m4b
free revol ringtone
mappila songs ring tone
reverse cell phone directory
windows mobile mumbai
free supload ringtones
how do i know if i have a dead cell in car battery
free lord of the ring game download
a red diamond in a ring
free download rarararara english ringtones
what occur within the a muscle cell during oxygen debt?
free mobile video download sasha grey
free sex video dl on mobile
t mobile locations georgia
tamil mobile sex
dj poly
cell free number people search
free indian fuck video w200i mobile
verizon, aprint, cell phone
milf free mobile trailers
mobile free porn
kaspersky anti-virus mobile 6.0.72 key
hho dry cell 110 volts
mobile xxx movies
free mobile porn trailers
amp mobile supercross
cricket qualcomm ringtone
cell phone battery cover
lg cell phones
splinter cell xbox cheats
will a cell phone work if it goes into the washer?
dare ring trial passwords
splinter cell vagos
tomtom mobile megaupload
windows mobile program pack
machine fucking x 3gp mobile
coleman mobile home furnace
korean dictionary mobile
crib mobile for neutral room
buying mobile homes
clonedvd mobile hack
just hidden object for mobile phones
get free ringtones
ajax mp3 player for mobile
free porn masturbation mobile clips
mobile beastiality sites
real tone juke box
risi simms mobile videos
telstra mobile phones
smiley face tongue ring
ebuyer mobile
mobile homes for sale in uk
mobile software download
free download sexy mobile clips
my heart to joy at the same tone
come on eileen verizon ringtone
how do you call with another number from your cell phone
splinter cell save exploit
valley oaks mobile home park fallbrook ca
meatloaf ringtones for cell phone
cell division
gamefly mobile
web nursery mobile alabama
downloader youtube jar mobile
used double wide mobile homes
mobile sex
samsung mobile phone 3 sim card tv windows os price sweden
harley sound ringtone free
hhh v.s cactus jack hell in a cell
free blackberry mobile porn vids
upcoming cell phones
cell phone deals
text any cell phone w/o knowing the provider
coding workshop ringtone converter v3.3.0
metal roofing mobile al
free mobile screensaver for sony ericsson
the office ringtones
no cell phone=no date
garmin mobile rapidshare blackberry germany
gran turismo mobile megaupload
garmin mobile for blackberry crack
free touch screen games for mobile windows

Unknown said...

that site designer replica luggage right here Louis Vuitton fake Bags you can try this out buy replica bags online

thetes said...

visit this page j8w69l4z70 replica louis vuitton bags louis vuitton replica bags neverfull wikipedia reference u2o21b3d05 good quality replica bags replica bags london replica radley bags replica gucci bag d3j19m3n07 replica bags india