Friday, August 01, 2008

Exxon's "Obscene" Profits Dwarfed By Obscene Taxes

Good catch by BizzyBlog

Once again the media obscures facts to get their obscene comments into play. Unfortunately, their reporting isn't helping their profit margin because readers consider their reporting obscene.

Media Near-Secret: Exxon’s Taxes Almost 3x As Much As Profits
Looking at it from another perspective, Exxon Mobil’s profit of about 8.4% of sales, while the taxes paid represented over 23% of sales. (August 1 AM Note: This was originally said to be 32%, but has been corrected. The transposition zombies have been appropriately tracked down and punished.)

It’s remarkable that CNN even reported the taxes paid, as they were the clear exception:
This UK Guardian article about the Democrats’ objections to Exxon’s profits didn’t.

Kristen Hays at the Houston Chronicle didn’t.
Bloomberg didn’t.
The Associated Press …..
you’re kidding, right?

The word “tax” does not appear in the Guardian, Chronicle, or AP articles. Bloomberg only used the word in connection with the after-tax effect of the company’s Exxon Valdez settlement.

So who are the greedy ones — Exxon shareholders who want a return on their investment, or the myriad government entities who insist that their grubby fingers be in the pie?
Oh, and would it be impolite to point out that Uncle Sam alone is currently spending $2.9 trillion a year, or $91,958 per second?

Cross-posted at

At a time that America needs energy independence it is dependably sad that the media is in the bag for liberals who want to scuttle what they see as non-aligned profit centers. Maybe if Exxon started shipping in 'green' barrels so Nana Pelosi's family and friends could make a profit...