Tax Policy
Another year, another energy tax hike proposal
“This country needs an all-out, all-of-the-above strategy that develops every available source of American energy.” This statement came from President Obama’s State of the Union address just a few weeks ago, where he promoted the growth of oil and natural gas production as part of pursuing “American-made energy” for the United States. Despite the rhetoric, the administration’s 2013 budget proposal seems to suggest that oil and natural gas aren’t really part of this “all of the above” strategy.
The facts behind ExxonMobil’s earnings
ExxonMobil’s fourth-quarter and full-year 2011 estimated results came out today. Our fourth-quarter 2011 earnings were $9.4 billion, and our global earnings total for the year was $41 billion. As I said yesterday, some in Washington will try to make political capital out of oil industry earnings, and will use this opportunity to call for new energy taxes. So I thought I would mention some interesting facts …
What’s the truth about ExxonMobil’s earnings?
ExxonMobil will release financial results for the fourth quarter and full year 2011 tomorrow. Although many Americans understand that the energy the oil and natural gas industry produces is vital to U.S. economic recovery and job growth, some in Washington will no doubt use the occasion to call for increased taxes or other punitive measures against the industry. These critics will likely refer to aggregate industry earnings and try to convey a misleading impression about our industry’s earnings and economic contributions. So what’s the truth?
What am I paying for in the price of a gallon of gasoline?
I’m asked this question a lot. And I know a lot of drivers ask themselves this question when they pull up to the pump. The answer is based on the economics of supply and demand and how products are manufactured and sold – along with what the government takes in taxes. Let’s take a look, based on the U.S. Energy Information Administration’s breakdown of the estimated average price of a gallon of gas in December 2011, which was $3.27.
Earnings and ExxonMobil’s economic contribution
ExxonMobil announced estimated third quarter results today, and most news coverage is likely going to focus on the global quarterly earnings total of $10.3 billion. As I mentioned in my post yesterday, it’s also important to look beyond the bottom line of oil company earnings and consider how much a company’s operations and investments contribute to the economy in order to generate those earnings.
10 little known – or often ignored – facts about gas prices and ExxonMobil’s earnings
It’s quarterly earnings season for many energy companies, which means it’s also the season to be alert to those who will seek to misinform or mischaracterize our earnings for their own political purposes. So I thought I’d share with you what I think are some of the little known – or often ignored – facts about gas prices, the oil and gas industry, and ExxonMobil in particular.
