On the Backs of Oil Companies
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Uploaded by UdallForColorado on Aug 15, 2008
Republican U.S. Senate candidate Bob Schaffer lamenting that oil companies have a lower profit margin than the insurance and banking industries, and then making the astonishing observation that "the federal government is raking in a bunch of cash right now on the backs of energy producers."
TRANSCRIPT:
"You know, the interesting thing is, the reality is, the marginal profit of the oil...energy industry in America today is 8%, which is modest compared to insurance, for example, insurance companies or banks or other industries. But because prices are soaring, the reality is the federal government is raking in a bunch of cash right now on the backs of energy producers. So, that's one part of the equation that people seem to be missing right now. You look at the tax payments that are being made right now by the major oil companies and the month-to-month increase that you've seen over the last several months, the amount of income the federal government is raking in right now is enormous."
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How could he ever say that? Its repulsive! Exxon made record profits over ANY other corporation. How can they be getting taxed to much when working class people are struggling to get by?
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Death to big oil!
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Banks have a bigger profit margin than oil companies right now? Who is this guy kidding?
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With the sting of the whip on my shoulder, with the salt of my sweat on my brow.
Elohim, God on high, can you hear your people cry? Help us now, this dark hour.
Deliver us, hear our call, deliver us, Lord of all! Remember us, here in the burning sand! Deliver us, there's a land you promised us! Deliver us to the promised land!
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Bob Schaffer is a scumbag.
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sounds like a comment off an Enron documentary on the califonria power outages. lol
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I've heard them use this 8% profit line before. Well first off that's after they take out grotesque salaries for executives and who knows what else. The second thing is the "industries" they cite as making more profit are all paper pushers not actual producers.
skids7682 3 years ago 4
LOL! We're supposed to feel sorry for Exxon and their record profits?! If this guy's opponent is smart he'll make a tv ad out of this idiotic statement.
asdffd 3 years ago 2