Friday, April 29, 2011

Gas Prices and Oil Companies - #2856 - Exxon Earns Huge Profits, But Also Pays Hugh Taxes - The Blaze

As you are paying record prices for gasoline and watching that cost increase weekly, the world’s largest oil company, Exxon-Mobil is reporting near-record profits in the first quarter of 2011. Before you start chanting anti-Exxon slogans, you should know that only 3% of the oil company’s profits come from the U.S. They are a global company with a diverse revenue base. To give us the big picture on this, Ken Cohen, vice president of public and government affairs for Exxon Mobil Corporation has posted some details about the company; Less than 3 percent of ExxonMobil’s earnings are from U.S. gasoline sales ExxonMobil’s earnings are from operations in more than 100 countries around the world. The part of the business that refines and sells gasoline and diesel in the United States represents less than 3 percent – or 3 cents on the dollar – of our total earnings. For every gallon of gasoline, diesel or finished products we manufactured and sold in the United States in the last three months of 2010, we earned a little more than 2 cents per gallon. That’s not a typo. Two cents.  Read more........

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