Re: Are Oil Companies Breaking the Law and If Not Should Laws be Chang
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Technically, they're investing to make more money for themselves. But this just highlights how we need to reduce our dependence on foreign oil. Also, whenever the federal government doesn't tax these companies and their profits, they need to come up with other ways of raising the money. that means either more debt or more taxes for the rest of us.
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You seem to be implying that these companies aren't taxed at all. In fact, Exxon's only going to bank less than $8 billion, and the remainder is going to the US Treasury. INn fact, the total tax bill will probably be higher if Exxon decides to send some of these profits to the shareholders, who will pay tax on them again. So let's not pretend they aren't pulling their own weight. People just want to steal from them so: a. the gov't will have a little more money and b. they can pretend like they're doing something about oil prices.
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