7 Comments

Anyone have Exxon shares?

September 14, 2005 by in Politics with 7 Comments

Can someone with a little political know how explain the reason for President Bush’s decision to give ExxonMobil a tax break?

Oil companies came under new fire yesterday when it emerged that ExxonMobil’s profits are likely to soar above $10 billion this quarter on the back of the fuel crisis. That’s $110 million a day, and more net income than any company has ever made in a quarter. [...] ‘”Do you realize President Bush has just given a tax break to ExxonMobil?” thundered Rep. Ed Markey (D-Malden). “Of all the companies in the history of the world that needed a tax break, this month, ExxonMobil should be at the bottom of the list.”

I’m a bit weary of posting actual political content worth discussing. However, with gas prices burning holes in consumers pockets, Exxon planning for a profitable quarter, and a tax break approved by President Bush? What’s going on here?

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  • Caius Tombay

    I think this is the part where the sky turns purple and the world ends……. maybe he things if he puts a tax break on them it’ll lower the price for gas…….. or he owns part of it……. or it’s just another suspiciously odd move by the president…..

  • dave m.

    it looks like something about Thunder Horse oil platform, being that the hurricane just rolled through the gulf and the fact the the law provides “incentives” (the tax break) to exxon for expanding into the gulf. if you ask me that platform got it’s ass kicked and the bush is just trying to get them back in there.

  • Bruce

    Where do you think gasoline comes from? The little pumps do not make it. Next time you have some money to invest, try investing in the oil industry. If you really want to see your money disappear, wait until you have to write a check for a dry hole. One in forty-five find oil and not all of those return the total investment back.

    You are probably to young to remember the gas lines, but next time you complain about the gas prices think about how long you would wait in line to get a few gallons of gas. There are a lot of people investing their money just so you are not inconvenienced. Economics 101 – The bigger the risk, the bigger the return.

  • Derek

    @Bruce: I’m not talking about or interested in the investment risks Bruce. And I’m old enough to recall my college economics classes. How does Bush’s tax break play a role in investment risks?

    @Dave: Thunder Horse was a BP oil platform correct?

  • dave m.

    it was but exxon had a 25% stake in it.

  • Bruce

    Derek: Economics 201, tax breaks provide capital for additional investment in in exploration. More exploration increases supply. As supply exceeds demand prices fall. Back to economics 101. Remember?

  • Derek

    ;)

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