At a time when most Americans are really struggling to make ends meet, ExxonMobil has once again reported the largest quarterly profit in U.S. history. The oil giant posted net income of $11.68 billion on revenue of $138 billion in the second quarter. That works out to $1,485.55 a second. You probably recall that Exxon held the previous corporate record which was set by the company in the fourth quarter of 2007. This politically powerful corporation is taking advantage of the American people and apparently has no intention of sharing their pain.
Several bills have been introduced in Congress to enact a “windfall” profits tax on oil companies’ earnings, or at the very least to eliminate the manufacturing tax exemption these companies now enjoy. So far these efforts have been blocked – mainly by Republicans – who say raising taxes on oil companies will only discourage investments in finding new oil and raise the price of crude. That is the company line – but it won’t sell to folks paying $4 a gallon for gasoline. ExxonMobil owns the record for at least the top six most-profitable quarters for a U.S. company, as well as the largest annual profit. Lots of folks tell me that they have quit stopping at Exxon stations to buy gas. That seems like a good idea to me!
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