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Up $10.9 Billion, Exxon Worries About New Tax »

Posted by: Beau7890 4 months, 1 week ago

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Bolstered by winter's record crude oil prices, Exxon Mobil yesterday reported a huge first-quarter profit and provoked new congressional vows to come up with legislation that would tax windfall profits or demonstrate concern about high gasoline prices.

Read Full Story at washingtonpost.com

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Locky124 months ago

Here's an idea. How about LOWERING taxes on their profits so that:
1) We don't have to pay at the pump what they have to pay to Congress.
2) Oil Companies can use that money to research how we can go further on a gallon of gas.
3) What the heck is the government going to do with the money anyway. Oh wait, I know, pi$$ it away.
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  Beau78904 months ago
  
  If they weren't making such enormous profits, I might consider that idea.
  As it is now, if we lowered their taxes, there's absolutely no way they'd pass the savings on to the pump. Have you ever noticed that while crude prices were going down, gas prices didn't? And that when crude prices were EXPECTED to go up, but hadn't yet, gas prices did anyway?
  Oil companies have absolutely no interest in researching how we can make a gallon of gas go further--it would cut into their sales. And they've been colluding with the auto industry for years now, keeping fuel efficiency of American cars low. Not to mention how they buy the patents on ways to produce alternative energy sources, then let the research die.
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