Getting Even With ExxonMobil

Getting Even With ExxonMobil

In this post, which is part of a series of posts on the hot button topic of rising gas prices and record oil company profits, Robert argues against the powerful temptation to tax Exxon/Mobile’s recent windfall profits. Doing so will do nothing to lower recent high gasoline prices, which in reality are driven by global supply and demand and will risk driving more of the oil business overseas. He goes into some depth on each of the main tax breaks and subsidies that the oil sector now enjoys and argues the case that these need to be continued and that the oil sector should not be singled out. He poses the question if it is fair for ExxonMobil to pay even more income taxes, than why not Apple or Google, which have much higher profit margins?