Blunt Defends Exxon's Record Profits: An "American Company Made Money"

Yesterday, House Minority Whip Roy Blunt (R-MO) appeared on a C-SPAN Newsmakers roundtable and defended Exxon Mobil's recent record-setting quarterly profit of $11.7 billion. Blunt tried to minimize the wealth and influence of Exxon, then went on to blast the company's critics, saying they should be overjoyed that an "American company made money":

[T]hey're the 14th biggest oil company in the world, and the only U.S. company in the top 20. So in all likelihood, the 13 companies bigger than them made a whole more money than that, and that all went somewhere besides the United States. That went to Saudi Arabia, that went to Russia. [...]

We can complain all we want to about American stockholders and American company made money. That's what our friends want to do -- the Democrats.

Read the whole story here.

Comments

[loax]

Nobody minda anybody making money. It is when they make oscence profits and keep it all. They do not care about anything but their own pcokets, and to hell with everybody else. all of a sudden they can contribute millions to McCain. How convenient. Republican = big oil compamies

[swift goat pet for truth]

I don't mind the profits. I mind the subsides.

Oil companies would make decent money if oil fell to $50 /bbl. A few years ago they were making profits at $30 /bbl. So why do they need subsidies at $120 / bbl?

Oil companies are international organizations. They can book their profits overseas, book their costs in the US, and arrange these numbers to pay as little tax as possible. Enron did that. So, the $11 bil is as much profit as they could make after they gamed the US tax code.

[SaltySaltillo]

Check the facts - the subsidies are by and large to encourage diversified energy companies to make investments in alternatives to fossil fuels...
Besides, you grossly exagerate the complexities of the tax code, understate the fact that Exxon really is actively doing business in dozens and dozens of countries, and are playing a guilt-by-association game by invoking the unholy name of Enron without any basis for making a connection - the tax code gets gamed by anyone who CAN game it. Don't go after a single company, go after the code itself...

[AgeofReason]

It's time for the Corporate Elite to contribute to American society. It isn't just Exxon/Mobil or Chevron/Texaco or Shell, or BP. The Corporate Elite are raping the American economy, and are using their spoils to fund the Republic Party.

[swift goat pet for truth]

Shell is Dutch. BP is British.
Even so, they have their US branches.

[Bettysdad]

ExxonMobil is the sixth largest company. BP is 5th. The first four are national oil companies

[harriscrl3]

In otherwords STOP WHINING AMERICA enjoy your psychological benefits for your mental recession and Shut the hell up.

Carol

[AnnieinOR]

You wanna tell that to the unemployed, the homeless and the factories that will be streamlining because of high costs? Talk about out of touch... the GOP obviously doesn't get the pain of the common man.

[SaltySaltillo]

I cannot speak for anyone who would be a member of the GOP - but attacking a profitable oil company for unemployment, homelessness and factory closures is, to say the least, misguided scapegoating. In reading the comments on this page, I have seen all sorts of crazy claims made - that Exxon is colluding with other oil companies to keep oil prices high, that Exxon is stealing from the people... it just goes on and on. But it is wrong - Exxon is a well run company that was well positioned to enjoy an outrageous appreciation in prices.

If you want to be pissed off, be pissed off at the politicians who throughout the 20th century have pursued policies to advance a culture of cars at the expense of a mass transit revolution. Why do we have spaghetti soup of interstate freeways crisscrossing our nation's cities while other countries have trains? It isn't simple supply and demand and it isn't an Exxon conspiracy. Wake up!

[Boboday555]

If you swallow Exxon-Mobile's story of increased costs, you are an idiot.
That goes double for you Mr. Blunt because your idiot base takes what you say as hillbilly gospel!

[SaltySaltillo]

If hey didn't have increased costs, their profits would have been even higher... careful how you use the word "idiot" - it make come back to stick on you.

[Boboday555]

WOW...what an Earth shattering story!
A bought and paid for republikkklan is standing behind Exxon-Mobile instead of WE THE PEOPLE!
Gosh...what are the chances?

I bet if Larry Craig bent Blunt over a chair, pulled down his pants he'd see the "Property of Exxon-Mobile" tattoo all republikklans have on their butts!

[thepoliticalcat]

He can say things like this now because he won his 2006 election and doesn't plan to run again. Remember what he said today and never ever again let him take a political position or a government position.

[getoffmedz]

"House Minority Whip Roy Blunt (R-MO) appeared on a C-SPAN Newsmakers roundtable and defended Exxon Mobil's recent record-setting quarterly profit of $11.7 billion."

Old Roy certainly was a good investment (campaign contributions) for EXXON/Mobil and others?

He'll get lots of golf balls with his name, position in Congress and his signature. Republicans are easy to please.

Did I mention free gas?

[Viper]

Yes they made records profits, got tax subsidies and those profits came out of the pockets of people all over this country.... some lost jobs so Exxon could make more selling the same product they sold 2 years ago then for less than half as much. No one worked any harder nor produced more.

There is no such thing as an American Multi National Corporation.... especially one that makes 50% of its profits outside the U.S....


Pls define American... is that like Haliburton of Dubai? Your thinking like every repug out there is rooted in pre 1980.

ENRON made a lot of money too on the backs of people in California....


Regards

[SaltySaltillo]

If Exxon makes 50% of its profits "outside the US" (whatever that means), how is it that those profits came "out of the pockets of people all over this country"? Make up your mind? Either they are making money abroad or picking the pockets of American SUV drivers. Besides, can you name one provision of the tax code that is designed or has the effect of creating profits for Exxon?

Didn't think so...

[swift goat pet for truth]

Exxon books as much of their profits as they can overseas.
THEN they account for their American Tax.

Enron did the same kind of tricks, booking profits overseas, booking costs in the US.

And the tax code, well, the LATEST ONE:
H.R. 6, the 2005 energy bill that contained $14.3 billion in subsidies for energy companies.

[marignymitch]

Yessir, Rep Blunt. I was wrong to speak ill of my masters. Pardon the impertinence.

[Gatormouth]

Cheer up! At least they have changed the words since the bad old days in Chicago. No more "Shadup, or I'll break youse guys legs".

[harriscrl3]

Exxon is our master we must bow down and worship it.

Carol

[stlrfan]

Yea, just suck it up you whinners, the Grand Oil Party will let you know when you have something to b@#ch about!!!

[Grannysue]

Yea, your messin with his corporate lackey's and he doesn't like it one bit!

[armadillious2002]

Let me be blunt Blunt. I work in the oil industry and have for years. Oil Co's are liars and cheats and manipulators and only care about the bottom line and to hell with everybody and everything else. By taking up for them Blunt has embedded himself with some pretty low life folks.

[SaltySaltillo]

Most companies - in any industry - only care about the bottom line. That is the economic system we have designed... We have corporations... these corporations are ultimately accountable to the capitalist shareholders... these capitalist shareholders only care about making money. Didn't you learn anything from Marx? You act like taking it to Exxon is going to heal the cancer - capitalism is a systemic problem. Learn who your enemies are...