02.02.07
John Carter (R - Exxon Mobil) Update
Rep. Carter continues to vote against ending tax breaks for oil companies, and for his own best interest.
The bill would rescind $7.6 billion in tax breaks for oil drillers that the Congress passed in 2004 and 2005 and will raise another $6.3 billion in royalties from companies that pump oil and gas in publicly owned waters of the Gulf of Mexico and off Alaska.
One provision is intended to correct errors in drilling leases signed by the Interior Department in the late 1990s that allowed oil companies to escape billions of dollars in royalties over the next decade.
The provision, opposed by the White House and the industry, would require companies that refuse to change their leases to pay a “conservation fee” on each barrel they produce. Otherwise, under the bill, the companies would be barred from additional leases.
it would be understandable that these companies need tax breaks if they weren’t able to make money in this business. That is obviously not the case, Exxon Mobil posts record annual profit (AGAIN).
Tick. Tick. Tick. In that short amount of time last year, Exxon Mobil made $3,750.
In the same three seconds, the average American worker made about 20 cents.
More than ever, time is money. And for oil conglomerates such as Exxon Mobil Corp., the money has never been better.
I’m all for making money but when a corporation is making a profit like that it’s obvious they no longer need tax breaks. Rep. Carter sees no conflict in voting for tax breaks for a company he owns A LOT of stock in. Our previous reporting on this issue can be read here.
Eye on Williamson » Rep. John Carter (R - Exxon Mobil) Misses Deadline For Annual Financial Disclosure said,
May 18, 2007 at 10:59 am
[…] gas cresting $3.00/gallon and oil company profits at all time highs John Carter’s actions shouldn’t surprise anyone. It make sense that a member of Congress would stall letting their constituents see how much money […]