Wednesday, February 18, 2009

Are Oil Companies Taxing Us to Death?

That's right! Oil companies at the conclusion of the last administration were taxing us to death. The oil companies directed the most outrageous transfer of wealth from Middle America to their pockets in the history of capitalism. Exxon-Mobil alone recorded a profit in 2008 of $45.2 billion, the largest corporate profit in history, and at a time when our economy was in the tank.

People are rightly concerned when government raises taxes marginally on a commodity such as gasoline; however, the oil companies can grab it from you whenever they want. This gross distortion of our economy occurred at the end of Bush administration. Bush stayed silent as oil buddies lined their pockets. Coinciding with this economic hold-up, our economy crashed. While the housing market and banks suffer the brunt of the criticism, I have not forgotten about the role of big oil. Every single commodity depends upon oil to get to market. Consequently, profit margins in every industry were significantly challenged this past fall. The profit to Exxon-Mobil alone amounts to roughly $150 for every man, woman and child in America in 2008.

People cry, foul, when government increases a tax by a few pennies. When industry taxes us, we somehow feel that it's different; its business as usual. I for one am tired of corporations that apparently are not accountable for taxing us to death. If these companies could show us the alternative energy and break us free from Middle Eastern oil, then it's worth it; however, I think not. Exxon-Mobil will continue to push its own agenda and rip us off at every opportunity.

Thank God administrations have changed. Maybe there will be caution in the board rooms because of our current President.

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