In Diane Ravitch’s blog today, she offers an EXCELLENT assessment for why we should implement a Windfall Profits Tax on the oil industry. For the record, I am 100% in agreement … oil companies are making record profits off of people around the globe and should be paying back. You know the Republican’s are against such a tax, for they are owned, lock/stock/barrel by the fossil fuel industries. Thank you, Diane, for this timely post!
Robert Weisman president of Public Citizen, explains why the price of gasoline is so high and what todo about it.
Being a multinational oil company looks like good work if you can get it:
- Oil giant Chevron raked in $11.2 billion in profits from July through September.
- Exxon did even better, making $19.7 billion in profits over just those three months — its most profitable quarter EVER.
- In fact, the three top oil companies — Chevron, Exxon, and Shell — have more than tripled their profits compared to this time last year.
Again, we’re talking about profits. Not overall revenue. Sheer, unadulterated profits.
And it’s not like these companies, you know, pay Mother Nature for each barrel of oil they suck out of the ground. Or that they gave their rank-and-file workers mega-bonuses this year (unlike the excessive pay and stock options they lavish upon their executives.)
This is just…
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