"Even in this boom, there's nothing untoward about ExxonMobil's profits. They are big, but it is a big company with big expenditures. What is important is the profit margin. For every dollar in sales, ExxonMobil makes 9.8 cents. McDonald's and Coca-Cola make 13.8 cents and 21.2 cents, respectively. Google makes 24.2 cents, and Merck, Bank of America, Microsoft and Citigroup all make more than that.
As an industry, oil and natural gas are less profitable in terms of cents per dollar of sales than banks, pharmaceuticals, software companies, telecommunications, insurance and a host of others. The most outrageous oil profiteer is government, which has collected $1.34 trillion in revenue from local and federal gas taxes since 1977, more than double the domestic profits of major oil companies during that time, according to the Tax Foundation."
So as he points out the people who are stealing most of our money through oil is the government through taxes. So instead of Congress grilling oil executives they should be grilling themselves. Supply and demand is the best way to get oil prices to come down. If the government tries price controls like it did during the 70's it is only going to make things worse. Let's see, in socialist countries in Europe where their government interferes they have cheaper gas, right? No, gas is still cheaper in the U.S. than anywhere else. Let's keep it that way.
What can we really do to lower the cost of gas prices in the future? Build more refineries, drill in Anwar and other place in the U.S. Who is really to blame for high gas prices in my opinion? The extreme environmentalists. I'm for protecting the environment but we can drill in Anwar and other places and not disturb the animals or the land. It is ridiculous that we have to get our oil from abroad because our own citizens have put so many restrictions on building new refineries and not letting us drill in our own land. I have been so excited about the possibility of drilling in Anwar and then today some moderate/liberal Republicans killed it. I am going to find out who each one of them are and they are getting a phonecall from me.
Let's stick with our capitalistic system of supply and demand and keep the government out of it. I would think the fires burning in France should be a stark reminder that a leap towards socialism is not a good idea.