The Obama Administration has begun a concerted effort to demonize Big Oil. They point out the Billions of Dollars they make in profit annually. They fail to point out the profit margin made by Big Oil is between 8-10% annually. In addition, they pay hundreds of billions to the Government in the form of taxes, Rent on drilling areas, and royalties.
As you are aware, GE paid no taxes last year on over $4 Billion in profit. Apple had a profit just over 42% last year. No one in the Obama Administration is complaining about the excessive profit from Apple nor the fact GE paid no income tax. Could the reason be both CEO’s have frequent access to the Obama Administration and in fact the CEO of GE is on several Obama Commissions.
Crony Capitalism at its best!!!!
2012 is coming!!!!