Once again, the screaming headlines are designed to get a weary public up in arms over the “obscene profits” of the evil oil companies. See, for example, this headline on yesterday’s Drudge Report: “RECORD: EXXONMOBIL: $11,700,000,000.00.”
But look closer at the facts: Yes, ExxonMobil had record profits last quarter. But they also paid record taxes. Mark Perry provides this chart to put things in perspective.
Now if a $11.68B profit is “obscene,” what label should we attach to the government’s take?