RL Blogs
By Steve Pagani
Oct 07, 2012There are many forgotten contributions that oil companies deliver. When factoring all of the pros and cons, can you consciously say that oil companies are purely evil? |
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It’s hard to disagree if you’re a casual observer but if you dig a little deeper you might be surprised by what you find. These “special” subsides aren’t really that special. They’re actually deductions available to almost every American manufacturer… even those making vacuum cleaners or office furniture.
Ok then, forget the “subsidies” and let’s move on. Many may still think that these giant corporations aren’t paying their fair share of taxes. Well in 2011 ExxonMobil, Chevron, and ConocoPhillips paid a combined $55 billion dollars. That’s an effective tax rate of over 40% for each company.
That’s a huge help to a job market that’s been stagnant over the past few years. In addition, it’s estimated that by 2030 domestic oil and gas production could support an additional 1.4 million jobs and raise an additional $800 billion of government revenue.
"...these “evil corporations” created 9% of the new jobs..."
Although it’s good politics to paint the oil and gas industry as evil corporations that take advantage of common Americans the truth may be slightly different. In fact, you might be surprised to hear that ExxonMobil and Chevron were two of the ten most charitable companies in 2011.
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