[Vision2020] Exxon Mobil earned $11.23 billion first six months of 2004

[Tbertruss at aol.com]

Bill:

I have heard numerous times the same point being made that refining capacity 
is one variable affecting the price of gasoline.  And of course instability in 
the middle east is a major factor with the Iraq oil flow disrupted 
frequently.  

But I find it questionable that this is a reason to vote Republican to offer 
tax breaks to solve the refining capacity weakness, assuming it should be 
solved.  Rather, I think the oil and gas industry should be required to do their 
patriotic duty, like many average Americans who can't even afford health care 
while they fill their gas tank, and built their own damn refineries from their 
own profits.  Maybe a Democratic administration would not be so subservient to 
the oil industry?

We are talking about an industry with billions of dollars at its disposal.  
To provide perspective, consider that:

"Irving-based Exxon Mobil said it earned $11.23 billion, or $1.71 per share, 
in the first six months of this year, compared to $11.21 billion, or $1.67 per 
share, in the same period of 2003. Revenue rose to $138.30 billion from 
$120.95 billion"

And consider this:

"They are clicking on all cylinders," said Fadel Gheit, an analyst for 
Oppenheimer & Co. "Refining (profit) margins are the best in almost 15 years, oil 
prices are at record highs, and gas prices are near records. It doesn't get any 
better than this." 
    
http://www.forbes.com/feeds/ap/2004/07/29/ap1480040.html    

Yeah, I really feel sorry for those poor oil and gas companies!  Let's give 
them a big tax break!

Of course many rich and powerful corporations still get corporate welfare 
despite being highly profitable.  They have the lobbying and political donation 
power to write their own bills and get them passed before congress, turning our 
federal government into a division of the US Corporate power structure. 

But if the oil and gas industry is to build new refining capacity, you talk 
as though they are in such bleak financial shape they must go begging for tax 
breaks!

Perhaps they'd rather keep supplies tight to push up the price, while 
complaining they need tax breaks before they can build new refining capacity?  

Or perhaps in a time of war the Federal government could mandate new refining 
capacity be built, and let the poor starving oil and gas companies pay for 
the new refining capacity, capacity that will make them huge profits still?  
Average Americans are sacrificing for the war effort with life, limb and dollar.  
Why should we let the highly profitable oil and gas companies get tax breaks 
to help sustain our infrastructure?  Shouldn't they do their patriotic duty 
also?

I'm dreaming of course.  This is like asking members of the US Senate to do 
their patriotic duty and send their sons and daughters to fight in Iraq to 
defend our country.  The rich and powerful don't have to sacrifice like the 
average Jane or Joe, so they thumb their noses at the hoi polloi, while they make 
record profits off the rest of us. who get duped into thinking they need tax 
breaks!

Ted Moffett
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