The drumbeat of attacks on Big Oil by government, i.e., the Left, are motivated purely because they can foist same as a bête noire for the gullible, and accrue votes/power.
After all, smearing the innocent is second nature to these folks.
Now, environmentalists hate Big Oil because environmentalists are, basically, insane.
Here are some timely facts that must be incorporated into any discussion of Big Oil:
1. "The three largest oil companies paid the most in taxes in absolute terms of all major corporations, according to data on S&P 500 companies compiled by The New York Times.
President Barack Obama has chastised oil companies for receiving billions of dollars in tax breaks. However, the Times reports that ExxonMobil paid $146 billion in taxes; Chevron paid $85 billion; and ConocoPhillips paid $58 billion over the last five years.
a. In terms of their effective tax rates, the big three oil companies dont get off easily either. Exxon had an effective tax rate of 37 percent, Chevrons effective tax rate was 39 percent, and ConocoPhillipss was a whopping 74 percent. The U.S. corporate tax rate is 35 percent. [Obama's tax rate: 18%]
However, last year Exxon and Chevron ranked in the top two companies that paid the most in taxes. ConocoPhillips ranked sixth in terms of taxes paid, reports USA Today. In 2012, Exxon paid $31.05 billion, Chevron paid $20 billion, and ConocoPhillips paid $7.94 billion.
b. The oil and gas industry gets no subsidies, zero, nothing, said Jack Gerard, president and CEO of the American Petroleum Institute the nations largest oil and gas lobby. We get cost-recovery benefits, much like other industries. You can go down the road of allowing economic activity, generating hundreds of billions to the government, or you can take the alternative route by trying to extract new revenue from industry by increasing their cost to do business.
According to the Congressional Budget Office, tax benefits for renewable energy and energy efficiency make up three-quarters of more than $16 billion in energy-related tax subsidies the U.S. for 2013.
Read more: NYT: Oil companies paid the most in taxes | The Daily Caller
2. "Even if gas costs $4 per gallon, we should thank Big Oil. Think what they have to do to bring us gas.... And it still costs less per ounce than the bottled water sold at gas stations. If government sold gas, it would cost $40 per gallon. And there would be shortages!
3. Another myth: Big Oil makes "excess" profit. Nonsense. The oil business is fiercely competitive. If one company charges a penny too much, other companies steal its business. Apple's profit margin is about 24 percent. McDonald's makes 20 percent. Oil companies make half that. Per gallon, ExxonMobil makes about 7 cents. Governments, by contrast, grab about 27 cents per gallon. That's the average gas tax. If anyone takes too much, it's government.
Almost no one seems to speak up for a true free market in energy, with competition, innovation and unfettered consumer choice. People say regulation is needed to counter industry "greed."
But if anyone's greedy here, it's government -- and unlike oil companies, government doesn't have to work hard and compete to give you good service at the lowest possible price. "
Gas Myths - John Stossel - Page full
OK, now.....say "Thank you, Big Oil!"
Is 'three cheers' pushing it?
After all, smearing the innocent is second nature to these folks.
Now, environmentalists hate Big Oil because environmentalists are, basically, insane.
Here are some timely facts that must be incorporated into any discussion of Big Oil:
1. "The three largest oil companies paid the most in taxes in absolute terms of all major corporations, according to data on S&P 500 companies compiled by The New York Times.
President Barack Obama has chastised oil companies for receiving billions of dollars in tax breaks. However, the Times reports that ExxonMobil paid $146 billion in taxes; Chevron paid $85 billion; and ConocoPhillips paid $58 billion over the last five years.
a. In terms of their effective tax rates, the big three oil companies dont get off easily either. Exxon had an effective tax rate of 37 percent, Chevrons effective tax rate was 39 percent, and ConocoPhillipss was a whopping 74 percent. The U.S. corporate tax rate is 35 percent. [Obama's tax rate: 18%]
However, last year Exxon and Chevron ranked in the top two companies that paid the most in taxes. ConocoPhillips ranked sixth in terms of taxes paid, reports USA Today. In 2012, Exxon paid $31.05 billion, Chevron paid $20 billion, and ConocoPhillips paid $7.94 billion.
b. The oil and gas industry gets no subsidies, zero, nothing, said Jack Gerard, president and CEO of the American Petroleum Institute the nations largest oil and gas lobby. We get cost-recovery benefits, much like other industries. You can go down the road of allowing economic activity, generating hundreds of billions to the government, or you can take the alternative route by trying to extract new revenue from industry by increasing their cost to do business.
According to the Congressional Budget Office, tax benefits for renewable energy and energy efficiency make up three-quarters of more than $16 billion in energy-related tax subsidies the U.S. for 2013.
Read more: NYT: Oil companies paid the most in taxes | The Daily Caller
2. "Even if gas costs $4 per gallon, we should thank Big Oil. Think what they have to do to bring us gas.... And it still costs less per ounce than the bottled water sold at gas stations. If government sold gas, it would cost $40 per gallon. And there would be shortages!
3. Another myth: Big Oil makes "excess" profit. Nonsense. The oil business is fiercely competitive. If one company charges a penny too much, other companies steal its business. Apple's profit margin is about 24 percent. McDonald's makes 20 percent. Oil companies make half that. Per gallon, ExxonMobil makes about 7 cents. Governments, by contrast, grab about 27 cents per gallon. That's the average gas tax. If anyone takes too much, it's government.
Almost no one seems to speak up for a true free market in energy, with competition, innovation and unfettered consumer choice. People say regulation is needed to counter industry "greed."
But if anyone's greedy here, it's government -- and unlike oil companies, government doesn't have to work hard and compete to give you good service at the lowest possible price. "
Gas Myths - John Stossel - Page full
OK, now.....say "Thank you, Big Oil!"
Is 'three cheers' pushing it?
Now we must support all forms of energy!
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