Politics

Op-Ed: Oil and Gas Profits Go Both Ways

The Politico
By Rep. Mike Conaway

Earlier this month, Exxon-Mobil once again announced record profits. These record profits, $40.7 billion to be exact, have been labeled ?outlandish,? ?unjustifiable,? ?appalling? and ?ruthless? by many in Congress. They believe that such profits gouge the American consumer and are consequently immoral.

Yet what many people do not realize is that record profits result in record tax collection. Exxon-Mobil will pay close to $30 billion in taxes for its success. Unfortunately, not one of my Democratic colleagues has called upon Congress to give American taxpayers back the federal government?s share of Exxon?s ?immoral? profits.

In fact, the Democratic majority in the House is once again foolishly proposing to increase the taxes on the oil and gas industry. New proposals pit a promising, but still unestablished, renewable energy industry against the robust oil and gas industry that has long provided for the energy needs of our country. Both Democrats and Republicans agree that diversifying our energy supply is critical to our long-term security, but we shouldn?t punish one energy industry to promote another.

Full post as published by Mike Conaway's Blog on February 29, 2008 (boomark / email).