For most of the 25 years between 1981 and 2006, says foundation president Scott Hodge, taxes collected from oil companies by federal, state, and local governments were nearly double the industry's profits in any given year. For all the clucking over ExxonMobil's $10.9 billion in profits last quarter, little attention was paid to its total tax bill in the same period: more than $29 billion.
Additional comment: June 9
I would like to restate Jacoby's statement for its proper effect. When ExxonMobil made a $10.9 billion profit last quarter, that was our money--the money of petroleum purchasers. Some of that profit will be plowed back into the company, as all good private enterprises do, to develop more oil production for we consumers to buy in the next decades.