Public Citizen: Tax Big Oil!

Posted on by under Economic issues, Environmental Issues, Global Issues, Law and justice, Political commentary, Re-blogs

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!

Diane Ravitch's blog

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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11 thoughts on “Public Citizen: Tax Big Oil!”

  1. We’re having the same debate here, as some of their profits are obscene. But we have a Conservative government, many of whom are probably in big oil’s pockets, so I’m not holding my breath.

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  2. We the Prople have to pay taxes on our income, nomatter how we spend it. Big business should have to do ghe same. Taxing only the profits is like taxing only the money we have left at the dnd of the year. I could go for that, since I never gave anything left. But I would rather the big companies get taxed like we do.

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    • I agree with you, but the general thinking is that a business … small or large … should not be taxed on money they use to pay their staff, buy equipment to maintain or expand their business, nor on the raw materials they put into their product, which does make sense. Unfortunately, businesses, especially large ones, always find loopholes and hire accountants who have little or no conscience to lie, cheat and steal for them.

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      • And when the raw materials are taken strsight from the ground, they don’t pay for them. Someone should incorporate Mother Nature, and charge them for whatever they are stealing from the land.

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        • That’s very true, too! They pay for the equipment to extract those raw materials, be it coal, oil, iron, gas, or something else, but they owe Mother Nature a great debt, for they are killing wildlife with every ounce they extract.

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  4. Pingback: Public Citizen: Tax Big Oil! | Filosofa’s Word | Ned Hamson's Second Line View of the News

  5. Pingback: Public Citizen: Tax Big Oil. |jilldennison.com | Ramblings of an Occupy Liberal

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