From Dr. Perry, via Dr. Rizzo.
The Unbroken Window - Fun Facts to Know and Tell: Gasoline Profits Edition: "From Mark Perry:
- Each gallon of gas sold in 2010 generated … two … cents … of profits for Exxon.By the way, this does not include the tax … on the profits of the oil companies. I’d remind you too that their margins are 8%. How many of you would take hundreds of billions of dollars, explore the deepest, most inhospitable places on the planet, manage to get a well dug a mile below the bottom of the sea, pump it up, transport it, refine it, and be cast as the most obscene villain in the history of capitalism to earn … 8 cents on the dollar of revenue generated?"
- Each gallon of gas sold in 2010 generated … forty-eight cents … of tax “revenues” for government.
QI: Exxon Paid Almost $1M per Hour in Income Taxes and Its Effective Tax Rate Was 42.3%: "1. ExxonMobil paid $8 billion in income taxes to various governments in the first quarter, which is about $22 million in income taxes each day, or almost $1 million each hour.
2. ExxonMobil spent $7.8 billion in the first quarter on capital equipment and exploration (73% of its earnings), or more than $21 million per day, which is an increase of 14% compared to the first quarter last year. Over the next five years, the oil company plans to invest about $175 billion in capital equipment and exploration. "
3 comments:
Exxon sounds kind of like Wyatt Oil, Rearden Metal, and Taggart Transcontinental (Atlas Shrugged). An interesting look from the other side.
That is alot of hard work to earn all those profits. Do the employees who do all that hard work receive a generous profitshare over and above salaries for generating such meager profits? If so great. That adds demand back in to the economy.
I think natural gas is the way to go not oil.
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