I am informed by Cspan's Capitol Spotlight that the AssWholes will attempt this week (Tue.) to vote up legislation to screw the oil industry out of its profits. Windfall profits? Who makes a windfall?? CBS News informs us of record 3rd quarter profit for Exxon Mobil. They had a net profit of $11.7B on gross revenues of $116.6B . That is a 1% profit rate.
The CRS Report of Oil Industry Profit '07 shows aggregate return on sales of 8% and return on investment of 22.7%. The 'Crats want to skimm off the profits; but they don't want to make up losses in the hard times.
EIA Report: 9,151MBD that's 366,040MGD; 133,604,600,000 gallons per year. Federal Motor Fuel Tax @ .184/G
comes to $2.4583246410 = $24,583,246,400 on net costs of $00.00, for a net return of 100%. The Gov't gets 18.4 cents per gallon; the Industry got $1,621,504,000 : .01213658811 per gallon, and they do all the work.
Now is the time to email your senators and tell them to 'rassit!!!
Ben 06/09/08 |