Editorial: What Biden Is Getting Wrong About Big Oil’s Profits

I support Biden. Can you imagine the equitable programs we could get started with those taxes?

Spot on. Get in here Democrats and bathe yourself in some cold hard facts.

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If you want to know how we end up with bad energy policies, it’s because too many politicians believe things that aren’t true.

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You can scratch the word "energy" off that...it's just all policies. We have an administration that thinks printing more money helps the economy. They think that defunding police makes things better/safer. They think that lighting federal buildings on fire is okay in one instance but waltzing into an open door of another is a crime. They think that more gun laws will prevent criminals from committing crime. Etc.

Almost literally nothing they say or do makes any rational sense whatsoever, yet here we are.


ETA:
Also:

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Exxon made more money than God this year. Exxon, start investing. Start paying your taxes.

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What a piece of shite thing to say. I assume he said that to generate emotion from his supporters, since they will run with that and assume Exxon doesn't pay their taxes. But still, that's just going out of your way to be an a-hole, and is further evidence that he doesn't know what the frick he is doing and is just trying to create conflict.

saw this post floating around LinkedIn

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The constant manipulation from career politicians is disgusting...don't be their victim. Some context to consider. Exxon is forecasted to have net income of $43 billion ("more than God" apparently)...compare that to forecasted net income at Google of $76 billion, Microsoft of $80 billion, and Apple of $104 billion. What about profit margins and claims of price gouging? The forecasted 2022 profit margin is 11% for Exxon which is just below the average profit margin across the components of the S&P 500. However, it pales in comparison to the profit margins of the 3 Big Tech giants which is forecasted to be 31% on average. Big Tech could drop their prices 20% tomorrow and still have profit margins on par with the rest of the S&P 500 and Exxon. Who has been gouging and deceiving who? Politicians and central bankers have a lot to answer for as it their promises, threats, myopic agendas, and actions that have created the unbelievably regressive inflation we are witnessing today. #energystrong #context #inflation

6/16/22 Update: Moved my supporting comments up--see the actual comments if you'd like the accompanying charts:

1. Exxon net income margin vs 3 Big Tech giants over the past 20 years...one doesn't look like the other. Exxon margins are relatively flat in a 5-11% range since 2002 except a sharp spike down to -13% in 2000. Meanwhile, the 3 Big Tech giants started out the early 2000s in the low teens, but now are greater than 30%.

2. Exxon did buyback $2 billion of stock in 1Q. Was the first time that they had done any buyback since 2Q of 2020. During the 1Q of this year Apple, Google, and Microsoft bought back $44 billion of their shares. Over the past 10 years, Exxon repurchased $59 billion of stock while the Big 3 Tech giants repurchased $748 billion of their stock.

3. Here are the stunning facts about taxes paid. Over the past ten years, Exxon's cumulative tax bill (current income taxes + production taxes) totaled $418 billion...compared to the total across the Big Tech giants who paid a cumulative $302 billion. In fact, in 8 of the last 10 years, Exxon paid more paid more annual tax by itself than the Big Tech giants combined. It's time to do your (#patriotic) part, Big Tech!

4. Soooo to sum up....over the past 10 years, Exxon paid nearly 10x more in taxes than the amount they spent to buyback their stock, while the Big Tech giants spent 2.5x more on stock buybacks than they paid in taxes.

#cmon #man

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If you want to know how we end up with bad energy policies, it’s because too many politicians are fricking stupid

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FIFY

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If you want to know how we end up with bad energy policies, it’s because too many politicians believe things that aren’t true.

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It isn't that our liberal friends are ignorant, it's just that they know so much. that isn't so! Ronald Reagan

Democrats believe that oil or other minerals in the earth belong to the government and it drives them nuts that private landowners can claim it.

They want to villify the energy companies at every turn so they can make the case that the government should be the one producing oil and gas, not private exploration companies

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What Biden Is Getting Wrong About Big Oil’s Profits

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Most Biden voters don't understand the difference between revenues, gross profit, gross profit margin, and net income, let alone economics.