Oil company executives have been citing that petroleum companies have some of the lowest profit margins of any industry. Exxon Mobil's spokesman said that "proposals to increase taxes on the industry would discourage the sustained investments needed to safeguard U.S. energy security and are not in the interests of American consumers".
I think the interests of the American consumer is simple - cheaper oil.
So let's look at the Exxon Mobil 2007 profit margin and see if we can squeeze some extra oil from the fat:
H R Cramer Vice President $8.4 million
M E Foster Vice President $13.5 million
D D Humphreys Treasurer/CFO $9.1 million
S J Palmisano CEO $46.6 million
R W Tillerson CEO $26.5 million
You thought I was going to look at company profits? Not after economist and oil industry cheerleader Daniel North pointed out that "Exxon Mobil and other companies are not nameless entities ... they employ lots of people"
And, I might add, the people at the top have big appetites.
What shall we do now?
Tuesday, June 10, 2008
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