My weekends are not usually fun and sometimes results in thrashing around the house looking for something to read to take up some time. Last night late I found the recent publication of AAA's Home & Away. I did learn a couple of things about our large oil companies in the United States:
1. Our largest provider of oil to the USA is Canada, followed by Mexico. Only 16% of our oil comes from the Persian Gulf countries.
2. Oil prices are set by demand, the continue growth of China and India has increased demand causing the USA cost increasing.
3. Oil companies have large profits: Microsoft makes 29.3 cents on the dollar, McDonald's is about 12.2 cents and Exxon Mobil is about 8.5 cents. The Dow Jones companies have an average of 11.6 cents on the dollar.
4. Exxon Mobil pays about $4,000 a second in taxes or about $27 Billion Dollars. To give you an idea of this amount of tax paid, it is equal to the bottom 50% of all tax payers in our country during 2004.
This information was provided by Tom Strongman of The Kansas City Star.
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