Tag Archives: oil industry

Reader questions oil subsidy elimination

Big Oil.JPGIn my column in Sunday’s News Sentinel, I supported elimination of the $4 billion in annual tax subsidies enjoyed by the oil industry. It would be a good start toward solving the financial crisis facing the federal government.
 
My suggestion prompted a call from a spetical reader who wanted to know specifically what tax breaks the oil industry enjoys that aren’t available to other industries.
 
It’s a good question and I appreciate the call. I was referring to tax breaks of various kinds, some are specific to the oil business and some are also available to other kinds of companies.

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Exxon and the art of whining (or how to make $11B with taxpayer help)

Economy.jpgIt takes an incredibly warped sense of corporate entitlement for a company to believe it
 deserves taxpayer subsidies when it reports a quarterly profit of nearly $11 billion.

But that’s what we saw on Thursday when Exxon Mobil Corp. released its first quarter report. The giant oil company said it earned $10.7 billion, its largest quarterly profit since the 2008 third quarter when gasoline prices were even higher than they are now.

Along with the financial report, Ken Cohen, Exxon’s vice president for public affairs, published a lengthy statement on the company’s Perspectives blog defending Exxon’s soaring profits and blasting politicians for daring to protect taxpayers’ interests.

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