I’m not in the least surprised to see the oil barons go into spin overdrove on their obscene record profits last year. But to listen to Gerard, we should all be happy the Energy Industry is holding us hostage at the pumps! I don’t think so.
After Exxon Mobil posted first-quarter 2011 profits of $10.7 billion - $6.3 billion more than it earned last year by this time - the company put out a defensive statement arguing that it is not to blame for gasoline exceeding $4 around the country.
So who is to blame?
Jack Gerard, CEO (above)
of the American Petroleum Institute
Instead, the company blamed skyrocketing gas and oil prices on the U.S. government, saying Exxon makes about seven cents on a gallon of gasoline, while state and federal governments collect 40 to 60 center a gallon in taxes.
Jack Gerard, CEO of the American Petroleum Institute, the oil and gas industry's lobbying group, spun his industry's record income as a positive, saying high oil company profits signal a stronger U.S. economy. Gerard said Americans "should be proud" of a high-earning oil industry, since it supports millions of jobs and provides income for retirees in the form of profits paid on shares in people's retirement accounts.”
Exxon vice president Ken Cohen portrayed the push to eliminate $4 billion in government subsidies for the industry as an attempt to raise taxes on the industry, saying the subsidies help keep jobs from being exported to other countries.