Tag Archives: Oil Companies

An Average American Pays A Higher Income Tax Rate Than ExxonMobil

An interesting fact that I’ve pointed out before…

Bears repeating…

All around the country, Americans are feeling the pinch of high gas prices. Yet one group that is not only not feeling the pain of these prices but is profiting off of them are the big oil companies.

In fact, ExxonMobil, “the largest American oil company,” raked in $30.5 billion in profit in 2010, “making it the most profitable Fortune 500 company for the eighth year in a row.”

The Center for American Progress’s Valeri Vasquez has put out a new report titled “Exxon Mobil Dodges the Tax Man,” which finds that the effective income tax rate for the average American is higher than the effective rate for the oil giant over the past few years. The effective tax rate for the average American in 2007, the last year for which data is available, was 20.4 percent. The annual Exxon federal effective rate between 2008 and 2010, meanwhile, was 17.6 percent:

via ThinkProgress » GRAPH: An Average American Pays A Higher Income Tax Rate Than ExxonMobil.

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Gas prices expected to drop 50 cents by summer – The Washington Post

Of course, gas prices will drop right after we get back from our driving vacation…

And before the public can shame Congress into ending government subsidies for Big Oil….

As Church Lady used to say, “How convenient!”

Some relief from suffocating gas prices will likely arrive just in time for summer vacation. Expect a drop of nearly 50 cents as early as June, analysts say.

After rocketing up 91 cents since January, including 44 straight days of increases, the national average this past week stopped just shy of $4 a gallon and has retreated to under $3.98. A steady decline is expected to follow.

It might not be enough to evoke cheers from people who recall gas stations charging less than $3 a gallon last year. But it would still ease the burden on drivers. And it might help lift consumer spending, which powers about 70 percent of the economy. A 50-cent drop in prices would save U.S. drivers about $189 million a day.

Typically, gas prices peak each spring, then fall into a summertime swoon that can last several weeks. This year’s decline should be gradual but steady, said Fred Rozell, the retail pricing director at the Oil Price Information Service.

via Gas prices expected to drop 50 cents by summer – The Washington Post.

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Renewable energies could supply 80 percent of world’s demand by 2050: UN report

If the Oil Companies didn’t own our government, we would be moving faster to recognize this and prepare for the future….

Our oil dependency is rapidly making us a third world country….

Think of all the jobs we could create if we really dedicated ourselves to oil independence and clean energy…

Governments approved on Monday a U.N. report projecting that renewable energies such as solar, wind or hydropower could leap to supply almost 80 percent of the world’s demand by 2050, with the right policies.

The study broadly matched a draft written by scientists before the meeting, but environmental group Greenpeace said some findings were watered down due to opposition by OPEC heavyweight Saudi Arabia and also by Brazil.

The report by the U.N.’s Intergovernmental Panel on Climate Change (IPCC) also said that a shift to cleaner energies would help cut greenhouse gas emissions, which it blamed for climate change including floods, droughts, heat waves and rising sea levels.

“Close to 80 percent of the world energy supply could be met by renewables by mid-century if backed by the right enabling public policies,” it said in a statement after government delegates approved a special report at talks in Abu Dhabi.

“This will be the standard book for renewables,” said Sven Teske of Greenpeace, one of the authors.

He said he was happy with the overall report but that the summary for policymakers had toned down, for instance, formerly clear statements that renewable energies were often already cost effective.

“Parts have been watered down,” he said of the report, which was agreed at the IPCC meeting in Abu Dhabi which began on May 5. The final session lasted through the night.

via Renewable energies could supply 80 percent of world’s demand by 2050: UN report | The Raw Story.

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Dems To Force Vote On Ending Oil Subsidies

This should be interesting…

I hope the Dems can continue to “out” the Republicans and their true agenda of supporting the Corporations and the Rich at the expense of the Middle Class…

Or what’ left of the Middle Class after the GOP policies of the Bush Administration….

From the Huffington Post:

Eager to prove that Republicans don’t want to end oil subsidies despite public GOP opposition, House Democrats plan to force a vote Thursday on a measure that would block a major tax break for the five largest oil companies.

As Republicans call for major cuts to domestic spending, Democrats are pushing for tax code changes that would allow the government to bring in more money, particularly from high-profit industries Democrats say do not pay their fair share. President Barack Obama and key Democrats have called for an end to some oil and gas subsidies, arguing gas prices are high enough to sustain industry investment in the United States.

John Hofmeister, the former president of Shell Oil, said in February that major oil companies do not need government help given the high price of gas.

Minority Whip Steny Hoyer (D-Md.) made a similar point at a Tuesday briefing with reporters, shooting down questions about whether ending oil subsidies could increase the price of gas.

“The gas companies are making record profits,” he said. “I don’t think it’s a credible argument that reducing the subsidy on a product that is now getting record prices…will lead to higher [gas] prices.”

House Speaker John Boehner indicated some support for reconsidering those subsidies last week, telling ABC News that they “ought to be paying their fair share.” Obama quickly jumped on the statement, sending a letter to Congress urging an end to the tax breaks.

Boehner quickly walked back the statement, and last Thursday turned down a request by Democrats to vote on legislation to eliminate billions of dollars of oil subsidies.

via Dems To Force Vote On Oil Subsidies.

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