Big Oil headed for tougher Congress

[TimBikes]

<div class='quotetop'>QUOTE(MegansPrius @ Dec 6 2006, 10:53 AM) [snapback]358530[/snapback]</div>

Tim,
You're distorting or simply misunderstand the word profit. The earlier figures I quoted in my prior post are post tax. From Exxon's 2005 annual report (available on their website)
Income before taxes
59,432,000,000
Taxes
23,302,000,000
Net Income (profit)
36,130,000,000
[/b]

I pulled it from Yahoo Finance (sorry about the formatting):

First Three Months
2006 2005
(millions of dollars)
Taxes
Income taxes $ 7,059 $ 5,043
Excise taxes 7,664 7,238
All other taxes and duties 11,049 10,944
Total $ 25,772 $ 23,225

Effective income tax rate 47.4 % 41.3 %

Either way, it's seems a reasonable tax load as SSimon pointed out.

As for Alric's post - if they legitimately owe royalty payments, then they should pay (sorry - didn't have time to view the video).