In light of recent developments, Pundit Review has decided to hold it’s first annual Big Oil Bake Sale to help support the struggling Big Oil companies.
Big Oil is under attack by knee-jerk jerks who grandstand, hyperventilate and sprint towards cameras without ever actually addressing the important issues. I’m talking to you Denny Hastert. And you Barbara Boxer. I’m talking about people like Democrat Sen.Byron Dorgan who is pushing this embarrassing idea,
legislation imposes a 50-percent excise tax on the windfall profits earned by major integrated U.S. oil companies on the sale of all barrels of crude oil derived from existing wells. For this purpose, windfall profits means the amount that a barrel of oil sold exceeds $40 per barrel.
Windfall profits would be exempted from the tax if they were used for investments in the exploration and development of new sources of oil and gas, for investments in the production of renewable fuels or to increase their domestic refinery capacity. Under the bill, any windfall profits taxes paid would be considered a cost of doing business and allowed as a deductible expense for purposes of determining a paying companyâ??s income tax liability.
Big Oil is under attack by the MSM, having to sit through interviews with people who have no clue, not just about the oil and energy markets, but Economics 101. People like Tim Russert,
MR. RUSSERT: Mr. Secretary, if, if demand is up but supply is down, why are the profits so high?
ENERGY SEC. MR. BODMAN: For that reason.
Sigh.
And Matt Lauer. Expose the Left has Lauer, interviewing Exxon CEO Rex Tillerson and asking if Exxon had an obligation to give their profits away. Among the gems Tillerson dropped on Lauer, more than 70% of Exxon’s profit comes from outside the US, and, oh by the way, they work for the shareholders not as a quasi government do gooder who lives to give away their profits.
The final reason for Pundit Review’s Big Oil Bake Sale, this is the best market for integrated oil companies ever and all they can manage is an 8.9% profit margin? That is sad. Pathetic really. I mean, look at Shell today, they reported earnings this morning, and they weren’t so hot,
Shell Says 1Q Profit Up 3.1 Percent but May Miss Reserves Target
3.1%?
Big Oil needs our help. Contribute to the Big Oil Bake Sale by sending a check to the following address,
WRKO
c/o Pundit Review
20 Guest Street
Boston, MA. 02135
All proceeds will be evenly divided among “Big Oil” companies.
Thanks for your support America.