BLITZER’S BLOG: ExxonMobil’s profits soaring, why are they subsidized?
October 28th, 2011
05:03 PM ET
9 years ago

BLITZER’S BLOG: ExxonMobil’s profits soaring, why are they subsidized?

(CNN) - Did you notice that ExxonMobil’s profits rose 41 percent in the last quarter to $10.33 billion? A year ago, its third quarter profit was $7.35 billion.

ExxonMobil is doing just fine, and that is good. It employs thousands of hard-working people, and I’m happy about that.


Filed under: Congress • Energy
soundoff (27 Responses)
  1. Wire Palladin, S. F.

    Maybe the republican congress under Boner should call for a congressional investigation.

    October 28, 2011 05:05 pm at 5:05 pm |
  2. Debra from Georgia

    The Republican Party is their friend

    October 28, 2011 05:08 pm at 5:08 pm |
  3. vet in texas

    this tax break, and the failure of the GOP to vote for ending them is why they loose any and all credibility regarding fiscal responsibility, I am amazed at why "real conservatives" fail to admit or acknowledge this, because it is nothing more than a "handout", just in the wrong direction.

    October 28, 2011 05:12 pm at 5:12 pm |
  4. Voice of Reason

    It's funny – when my 10-year-old sone went to the Circle-K this afternoon, and boucht himself some candy, it cost him $1.29. Here where we live we pay about 9% sales tax. That means that he spent just over $0.11 in tax.

    That is more than EXXON paid in corporate income tax all last year. They made 40-some $Billion dollars last year. My kid doesnt even get an allowance – he has to earn his pocket money doing extra chores.

    Where's the TEA party on this one? You'd think they'd be screaming thill they pop a bloodvessel, but – nothing. Just crickets... Makes you think, doesnt it?

    October 28, 2011 05:18 pm at 5:18 pm |
  5. The Ugly Pauper from Ohio

    And it employees most of Congress who are hardly working and I am not happy about that.

    October 28, 2011 05:19 pm at 5:19 pm |
  6. Name Stephanie from Pittsburgh

    Of course they have the Republicans in their corner

    October 28, 2011 05:21 pm at 5:21 pm |
  7. Rudy NYC

    So that the executives can reward themselves with bonuses and to pay the lobyyists to make sure they can keep it that way. It is an ideal scam if you ask me. It's also called corporate welfare.

    October 28, 2011 05:28 pm at 5:28 pm |
  8. Sniffit

    "why are they subsidized?"

    What, you've never heard of extortion?

    October 28, 2011 05:39 pm at 5:39 pm |
  9. Tony

    It is very simple. Republicans don't care if cutting government spending will hurt the middle class and the poor, but they will fight to the death so that corporations can keep their tax cuts. Corporations are people too. We can't allow the "job creators" to get hurt.

    October 28, 2011 05:41 pm at 5:41 pm |
  10. Novatz

    Per Bachman, Obama allowed Iraq to "throw" us out of their country. The question is – if a country (Iraq) says we want you ONLY with these restrictions, what should we do? Stay? Say "hell no, we won't go"?

    October 28, 2011 05:43 pm at 5:43 pm |
  11. Wire Palladin, S. F.

    I wonder how many tours Novatz served in Iraq.

    October 28, 2011 05:51 pm at 5:51 pm |
  12. Wire Palladin, S. F.

    Mittens needs that big oil money for his campaign, so nothing will change if we elect a republican. By the way, if Mittens loses in 2012, he might be able to get a job as the 'on-off' switch at Fox news.

    October 28, 2011 05:54 pm at 5:54 pm |
  13. GI Joe

    Perry ALWAYS plays dirty – slander and lies – he LOVES the oil industry and will give them everything we have.

    October 28, 2011 06:01 pm at 6:01 pm |
  14. Indy

    Corporations are people too, so time for these people to pay their fair share of taxes.Pay up Mr and Mrs Exxon !

    October 28, 2011 06:08 pm at 6:08 pm |
  15. gg

    they would rather have thier employees payed by the tax payers -wages cuts into profit

    October 28, 2011 06:13 pm at 6:13 pm |
  16. AlaskaPalin

    We have occupy wallstreet (ows) are we now going to have – Occupy Big Oil (OBO)? What about Occupy Big Government (OBG)?

    October 28, 2011 06:26 pm at 6:26 pm |
  17. VegDude

    I did the math on this. If we stop giving the oil companies subsidies, all they would have to do is raise the price of gas 5 cents a gallon to recover the $4 billion in govt handouts. This way only the people using the gas would have to pay instead of every American...butthat might put a corporate accountant out of work.

    October 28, 2011 06:53 pm at 6:53 pm |
  18. vc

    The republicans are not going to cut their handout from those companies like Exxon. But they say they love the people and America. Yeah, right!! I am not against anybody being rich, but pay your fair share in taxes. It is just plain and simple. It is a disgrace where they want the middle class to foot the bill.

    October 28, 2011 07:29 pm at 7:29 pm |
  19. Willy Loman

    Conservative redistribution of wealth. They constantly complain about it, but really the only ones winning this battle are the ones already at the top.

    October 28, 2011 08:01 pm at 8:01 pm |
  20. Squigman

    They're subsidized, because they are the government, and they can do so without impunitive measures being taken. If you, or your family made the money, and generated the revenue that Exxon generated, you'd be subsidized too. Get over it. The situation will never change, and wont even be considered as long as republicans enjoy a majority in congress.

    October 28, 2011 09:10 pm at 9:10 pm |

    Campaign contributions must be repaid somehow. Just sayin'.
    Oh, by and by, this is a bipartisan subterfuge.

    October 28, 2011 10:35 pm at 10:35 pm |
  22. T'sah from Virginia

    ►BLITZER’S BLOG: ExxonMobil’s profits soaring, why are they subsidized?◄
    Because the Republicans want them to be subsidized!!

    October 29, 2011 08:18 am at 8:18 am |
  23. wgf

    Really ? You have to ask why they're subsidized ? Isn't it obvious ?

    October 29, 2011 08:32 am at 8:32 am |
  24. The Greedy Old Pigs have declared class war on US!

    More proof the GOBP deathcult cares only for the greedy and not the needy. OWS!

    October 29, 2011 08:59 am at 8:59 am |
  25. bcm

    You should check the investment portfolios of the politicians – you'll find the answer there.

    October 29, 2011 09:48 am at 9:48 am |
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