Saturday, November 1, 2008

Big Oil Profit Party Bybasses Bear

What a week it was for big oil! Their new theme should be "Party like it's 3rd quarter 2009!" Never mind the glum American citizen, who watched their IRA or 401(k) drop 30-40% during the same period. How much did the big boys make?

ExxonMobil $14.83 billion
BP $10 billion
Chevron $7.89 billion
Shell $10.9 billion
ConocoPhillips $5.18 billion

Just from the top five, big oil earned a $48,8 billion profit. One quarter's profits alone could have saved Bear Stearns with nearly $20 billion to spare. It also could fund hospital uncompensated care, amounting to $31 billion in 2006.

John McCain's tax plan would reduce resources to address our national crises. He plan would cut corporate taxes 10%, or $4.88 billion from the top five oil companies this past quarter. Rather than stepping up to the plate to fund our financial rescue, big oil would slip away.

If McCain pulls a Truman, ExxonMobil and company can pull out the stops. Maybe a huge soiree in the Cayman's? They can party it up in Caribbean luxury and claim a business trip. Surely big oil has offshore subsidiaries in the Ugland House. I feel another round of Corporafornication coming, courtesy of Uncle Sam.