Exxon Mobil CEO Warns Ending Tax Breaks

[OhioChick]

Thursday November 30, 5:26 pm ET
By Mark Jewell, AP Business Writer
Exxon Mobil CEO Warns Against Congressional Democrats' Plan to End Industry Tax Breaks

BOSTON (AP) -- Proposals by congressional Democrats to eliminate oil industry tax breaks and subsidies would set a bad example overseas and discourage new industry investments, Exxon Mobil's top executive said Thursday.

Rex W. Tillerson said moves suggested by leaders of the incoming Democratic congressional majority would encourage similar steps by governments abroad, where Exxon Mobil Corp. generates the bulk of its profit.

"I think the bigger concern I have is not so much the economic direct effect of the fact that they want to take a tax break off here or there. But it's the message it sends the rest of the world that you don't have to provide stable (regulatory) frameworks," Tillerson told reporters after a speech to the Boston College Chief Executives' Club.

"And if that happens, none of us are going to be able to take the risk in this business."

http://biz.yahoo.com/ap/061130/exxon_mobil_ceo.html?.v=3

[Mythsaje]

1. Fine...

Let's just nationalize the industry.

:evilgrin:

I'm sure that will work SO much better...

[w4rma]

5. I am in full agreement. If there was ever an industry that needed nationalization it's that one.

The oil industry is the single most corrupt influence in our entire nation.

They drill on public land and refuse to share the profits. They put out anti-environmental propaganda to keep our nation addicted to oil. They use our soliders' blood like toilet paper. And then, on top of all that, a *huge* portion of their income goes to middle eastern terrorists.

[TexasLawyer]

11. $400 million retirement

And they give jokers like this one $400 million in retirement money!



Lee Raymond's retirement package --
worth nearly $400 million -- is one of the
largest in history. (ABC News)

http://abcnews.go.com/GMA/story?id=1841989

[area51]

20. "The oil industry is the single most corrupt influence..."

Agreed that the oil industry is corrupt; but I think our for-profit healthcare system, most notably the republinazi HMOs and PPOs, who make their profit out of denying healthcare to people so they'll die, are equally corrupt.

[Javaman]

22. The oil industry will be nationalized when it's no longer profitable. nt.

[Zorra]

8. Yeah, since they're already on welfare anyway, let's give them a

government job in the new nationalized oil industry.

[aquart]

12. It couldn't work worse.

Right now the profits are being aggressively used AGAINST the American people.

That really needs to change.

[Mythsaje]

14. I was only half joking.

I think we should really consider how to do it. They seriously need to be reigned in, and we can't really trust anyone but US to do it.

You think the majority of average Americans wouldn't get on board with it? If we could eliminate the outrageous profits and use them to OUR advantage?

I sure think so.

[bluestateguy]

2. Reeeely?

A strong message needs to be sent to these people that they are not calling the shots anymore on Capitol Hill.

[Roland99]

3. Discourage new investments??? Fuckers have TENS of BILLIONS in profits

to use for that fucking investing.


FUCKERS!!

:mad:

[Jackpine Radical]

4. The effects of tax policy on new investment is trivial compared to

the effect of not making new investments on maintaining artificial shortages. They aren't failing to drill new wells or build new refineries because of tax burdens. They're making those decisions in order to limit supplies of products.

[BadgerKid]

6. Fine. Give the tax breaks to alt. energy. n/t

[brentspeak]

7. So, he's basically saying that oil billionaires like himself are dependent on handouts

[Up2Late]

9. Oh GIVE ME A BREAK!!! Anyone remember this headline? "Exxon Mobil Profit Soars 75%"

Exxon Mobil Profit Soars 75% :nopity:

By Justin Blum
Washington Post Staff Writer
Friday, October 28, 2005; Page D01

High prices for crude oil, gasoline and natural gas helped Exxon Mobil Corp. to its highest-ever quarterly profit, $9.92 billion, up 75 percent from the third quarter last year, the company said yesterday.

Profit in the third quarter at the world's largest publicly traded oil company set an industry record, and its sales of $100.72 billion were the highest in a quarter by U.S. company, according to Standard & Poor's.

Other oil companies have reported soaring third-quarter profits this week. Royal Dutch Shell PLC, based in the Hague, said yesterday that its third-quarter profit was not far behind Exxon Mobil's: $9.03 billion, up 68 percent. London-based BP PLC reported profit of $6.53 billion, up 34 percent.

The industry benefited from tight supply and heavy demand that sent crude oil prices higher on world markets. Hurricanes in the Gulf of Mexico helped push futures prices for crude oil close to $70 a barrel and sent retail gasoline prices above $3 a gallon during the quarter. Natural gas prices rose to record highs....

(more at link) <http://www.washingtonpost.com/wp-dyn/content/article/2005/10/27/AR2005102700449.html>

Maybe the guy needs some OTHER incentive, like PRISON Time!

HEY REX!

[Vidar]

10. Nationalize them & throw CEOs & major shareholders in prison for

antitrust & RICO violations.

[aquart]

13. Poor substitute for flogging and hanging, but ...okay.

[Vidar]

24. One step at a time. I support the death penalty for high treason.

[Megahurtz]

28. I like the sound of that! n/t

[praeclarus]

15. yes, very risky business. nobody is going to take...

... the risk of making a profit of over 9 billion
dollars in one quarter.

End all subsidies and tax breaks for all corporations
now. And up the tax while we're at it. Fuck corporations.

[dmosh42]

16. Gov't could break stranglehold

Instead of nationalizing the whole industry, the gov't could operate a couple refineries. This is how they're manupulating the prices. There's plenty of oil being produced, but the industry has let the amount of refined fuel available be adjusted by not building additional refining capacity. I watched the energy committee in the senate on c-span a few months ago, and Sen. Boxer zeroed in on that fact.

[sarcasmo]

17. This should read more like.

OH, Please Democrats don't end our gravy train of tax breaks that our lobbyist have bought from the Republicans.

Kick and Nom

[DoYouEverWonder]

18. Is that a threat or a promise?

We need to find ways to cut back on the use of their products.

[dmosh42]

19. Windfall profits tax!!

Besides stopping their subsidies, we need a windfall profits tax. This way, when they manipulate the prices like they are, the government skims off the clear profits, somewhat. This is like a taboo to the oil industry and whoever brings it up will need some courage and use a different route to drive home each night!

[Jack Rabbit]

21. K/R

!!

[HughBeaumont]

23. Warns? WARNS?

Excuse me, Tilly, who are you? Did anybody crown you? Do you run this country?

Who gave these assholes THIS MUCH POWER?

Oh, I forgot. Enabling greedbag Republican politicians in bed with their energy/Big Oil cronies.

[classysassy]

25. why not bribe a few dems

republicans shoudn't be the only ones getting rich.

[MisterP]

26. hell, even now-neoliberalism-riddled Mexico managed to nationalize in '38

of course, with a 50-50 Senate it'll just take one assclown to block anything worthwhile

[mac56]

27. Corporate welfare queens.

:eyes:

[Megahurtz]

29. Fuck You Rex!

[0rganism]

30. HOW DARE HE! HOW FUCKING DARE HE SPEAK OF RISK!

"And if that happens, none of us are going to be able to take the risk in this business."

Yeah, FUCK Tillerson and his half-billion dollar RETIREMENT package. THAT's a helluva lot of "risk taking" right there, ain't it.

Screw industry taxes, let's bring back Nixon's proposal for a 100% marginal tax rate and apply it to gross income over $10 million/year.

And let's be sure to include a clause that eliminates withholding and shelters for anyone named Tillerson who happens to be the CEO of Exxon-Mobil.

When Rex Tillerson is making his case to the social workers for why he shouldn't be evicted from his rent-controlled apartment in the projects despite living with crack-smoking gangbanger grandkids, he can talk about risk. Until then, I'd far rather he stopped pretending, and just stuffed his piehole with caviar in the precious "Boston College Chief Executives' Club."

Fuck those billionaire bastards, fuck 'em all. At least I now know the name of the first place that needs to be busted wide open when the revolution comes.