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

Think Progress:

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: Think Progress

Comments

[Coinyer101]

they didnt earn it.they stole it.

[SaltySaltillo]

From whom?

[urojen]

What these oil companies are doing is nothing new.Don't they remind us of Milo Minderbender from Catch - 22.?! Milo, the mess officer at the U.S. Army Air Corps base was so obsessed with expanding mess operations and trading goods for the profits of the syndicate (in which he and everyone else "has a share") that nothing but profits mattered.. Milo is a satire of the modern businessman, and beyond that is the living representation of capitalism, as he has no allegiance to any country, person or principle unless it pays him.His most interesting attributes are his complete but unknowing immorality, and his circular logicality in running his Syndicate.

[SaltySaltillo]

What these oil companies are doing is nothing that any company with a product to sell has not been doing since for as long as we have used corporations as a vehicle for channeling commercial investment.

[Coinyer101]

yeah,and in the meantime i cant afford to go to work!thank you for stating the obvious,but, that wont lower food prices for my children.l­et me see?food for children or gas for work?thank you exxon!thank you ,GOP!thank you for lining your pockets with america's wealth!i hope they burn in hades!

[SaltySaltillo]

Sounds like you are in a tough bind. You aren't the only one screwed by American politics, but I insist... you are projecting your frustrations on Exxon when you should be asking yourself more serious questions - Exxon didn't create the world you live in - you and your neighbors (and your parents and their neighbors) did it... in a big collective idiot dance called American democracy.­... Sorry, but this is a house the American people built for themselves starting 65 years ago.

[layman]

The thugging taxation system of the USA is designed to rob the poor, the middle class, the working class and distribute the loots to the proud and the few at the top to become richer and richer, enabling them to have multiple global mansions, multiple yachts to ski from behind. It' all a legal form of wealth distribution.

Then, as commanded by the big corp. thugging administration allow the importation of cheap labor via H1 visas issued to foreigners through various deceptive schemes, as to boost corporate America's profit margin, leaving local Americans unemployed and hang out to dry.

F_ck the majority of you and render you powerless, to enrich and empower the few thugs at the top.

[SaltySaltillo]

I am a progressive-minded person, but I have to admit there are a lot of dumb comments on this board.

[Coinyer101]

like what?specifics please?

[SaltySaltillo]

Anyone who thinks Exxon "stole" their profits probably wouldn't understand any of the specifics I would provide anyways... you may be a case on point.

[Daniboy]

I own stock in Exxon and I really feel guilty. If you think these companies are making too much-start one up yourself. Look for investors that want to lose money or just break even. Good luck!

[ibsteve2u]

You must be a Republican - money being the entire sum of your morality, eh?

[Coinyer101]

sorry,i dont steal from other americans.

[111]

I Don't think they are making too much money I just wish they would stop asking for handouts from us.

Let's make all corporations pay their taxes in full, no special 'windfall' profits taxes added but absolutely no tax breaks given - they are rich and they don't need it. Let's take away their subsidies, they don't need welfare if they are making billion dollar profits so they should stop acting like parasites. Terminate the existing leases on private land that they don't drill on and no new leases until the ones they have are used or terminated.

No welfare to any businesses that are failing. If those dead beats - Bear Stearns, mortgage companies, banks, airlines - don't know how to run a business then they should go out of business not take a welfare check from us.

Then let's give those subsidies and tax breaks to the businesses that want to invest in alternative fuel. We could look for investors that are interested in earning money, helping the US become an energy/fuel independent country and caring for the environment. When those companies start making profits end their subsidies and tax breaks too.

okay Dani?

[drumz]

You forgot, conveniently, that you will also needs boat loads of cash to hire lobbyists to make sure tax breaks are coming your way. Then you need a team of lawyers to obfuscate your earnings so you won't have to pay taxes or setup your offices overseas.
This is not about some guy working hard as you rethugs want people to believe. It's about gaming the system and that my simpleton is all the Grand Hypocrisy Party is all about.

[whiteboyblues]

You should sell now before the fallout

[wolf58]

Blunt is a lapdog traitor

[Daniboy]

He'd rather buy oil from China than drill it ourselves!!!

[zendem1]

Ah you're here..day off from the carnival huh genius?

[drumz]

China has oil?
I thought you cons said that we are competing with China for Mid East oil?
Another lie?
Par for the course.

[ShamusNYC]

Yes, they may have screwed you, but at least they're family - you want a total stranger to screw you over?

Also, how much money have Russian and Saudi companies contributed to the Repub party? I'll give you a hint, it rhymes with "hero"...

In all seriousness, still don't understand why they deserve tax breaks. Someone please explain this.

If it's for the rumored reason of encouraging development of alt energy - then it's silly. That's sort of like the old Bill Cosby joke of when his dad told Bill to get a stick for his dad to beat him with... obviously, he would grab the weakest twig in the pile "here you go, knock yourself out".

Take the tax money and make it a competitive grant situation - probably in our universities.

[SEQUOIABISON]

I think we can all support American corporations making huge profits, provided they compete fairly and the market is open so consumers have options.

But with the Oil Industry we are dealing with a Cartel that is very close to being a Monopoly or at best an Oligopoly where there is no competitive pricing because there is no competition.

A finite commodity like oil, the common denominator that controls the bottom line for all industries, must be regulated and distributed equitably for the well being of our interconnected cohesive society.

We must not allow a handful of oil magnates to gain complete control of this valuable commodity, thus giving them a stranglehold or a monopoly on this product that will suffocate the American economy.

These twenty first century robber barons will increase their wealth geometrically while the rest of the nation goes into intensive care.

Obama is our only hope, he will begin to sweep out the lobbyists who have dominated our government and impeded our progress as a nation.

Obama/Clark

[TrooAmerican]

"American company made money":
yeah... off of us -> a HUGE amount of money off of us... and oddly.....­....the GOP Whelp didnt point out that being a publicly traded company, many of Exxon's stockholders raking in those dividends are foreigners that he just derided for also making money, thereby Sending billions of dollars to foreigners around the world off of us American subjugated slaves

[Daniboy]

Being the smart person that you are-Why didn't you buy that stock before those foreigners did? Next week you can ask for reparations.

[enlighteninglad]

Personally I don't deal in blood money. Guess it doesn't bother you.

[SaltySaltillo]

No, Exxon didn't necessarily make money off of you. Exxon has many lines of business in dozens and dozens of countries. Do you really think US gasoline sales are driving the largest profits ever recorded by any company ever? How much gas do you really think you are consuming?

[SaltySaltillo]

Actually, many of those stock holders of Exxon are the American people - does your mutual fund hold Exxon? Do the investment funds in your 401K or IRA invest in Exxon? Does your employer's pension fund? If not, why not? It should! You whine about Exxon stealing from the people and giving it to their stock holders - why not make the people the stockholders? Do you even know where your mutual fund money is invested?

[ibsteve2u]

Hey - how come the Republicans don't at least give our 4,100 and climbing who have died in Iraq plus all those thousands who came and are coming home maimed at least partial credit for Exxon's profits?

Not fair, giving Exxon all the credit...p­articularl­y since it was the deliberate course of action this Administration took that created them.

[whiteboyblues]

An American Company made a profit and McCain got a nice donation. Sweet!

[SaltySaltillo]

Hate to be the salt, but Dems are wrong on the Exxon "record profit" issue for three reasons: (1) "Big Oil" as Exxon is now called, is not the reason oil prices are high (2) increased profits and high oil prices give companies like Exxon the money and the incentive to invest in improved exploration and production in areas that were previously economically unattractive such as deep seas, marginal wells, etc., which is what we should be encouraging, and (3) Exxon has behaved exactly as we would expect one of our companies to behave to make those profits - to my knowledge there is nothing scandalous about this except the amount of profit.

[rosecar]

Investments are already factored in when you have your profits. It is a liability.

[SaltySaltillo]

I don't understand what you mean. Explain.

[edwarvir]

THESE GREEDY PEOPLE ARE INSANE

[TheRealMacDaddy]

The U.S. EXPORTS 1.9 Million Barrels of U.S. SOURCE GASOLINE and DIESEL FUEL everyday to Mexico, Canada, Chile, the Carribean, Singapore and Brazil. At the same time we IMPORT 3.2 Million Barrels of CRUDE OIL from the Middle East. One Barrel of Crude Oil produces approximately 19.5 gallons of gasoline (one barrel is 42 U.S. Gallons).

So what's that say? I think it says that we are shipping out more U.S. Source gasoline than we are bringing in.

It reminds me of Don Ameche and Ralph Belamy talking to Eddie Murphy in Trading Places, when they say..."We buy commodities and we sell commoditie­s...and the best part is WE STILL MAKE MONEY."

So let's start with a new national policy that says, all U.S. Drilled Oil will be used solely for U.S. consumption.

For all those concerned about Windfall Profits Taxes being passed on to the consumer, well I have a solution..­.and it's one that was engineered by a Republican Icon (Richard Nixon), set a ceiling price and freeze it. U.S. Corporations are entitled to make a profit, of course. But there is nothing in any Business Model that guarantees the amount of profit. They need to start thinking in the "higher volume, lower profit percentage" rather than the opposite.

Afterall, isn't the Republican mantra they want to do what's best for America? Oh I forgot, they want to do what's best for Corporate America.

[dutchman]

I think we're on the same team, but I have to respectfully disagree with you. It would be better to:

1) eliminate all subsidies to the oil industry - how can they possibly need them with all of this profit? Eliminating subsidies will help the budget deficit and reduce the advantage oil has over alternatives. All oil subsidies do is to distort the market in favor of the incumbent oil industry.

2) Add $2.50 per gallon in tax, to be offset by income tax rebates. It should be revenue neutral, but it will have the effect of getting people to use less oil. When people see how much gas costs, they use less. Americans drove 9 BILLION few miles in June 08 than June 07 for exactly this reason.

3) Invest aggressively in wind, tidal, thermal and solar energies. MIT just announced some very significant breakthroughs in these areas.

The economist in me cannot support price controls, and windfall profits are also an inefficient way to deal with the problems we face. It's much better for the price of gas to be determined by supply and demand than by politicians.

In the end, the best cure for high energy prices is.......h­igh energy prices! You get reduced demand, greater efficiency and alternative forms of energy become competitive.

Respectfully,

Dutchman