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Exxon-Mobil $10.9 Billion Profit Stirs Tax "Worries"

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posted on May, 2 2008 @ 05:36 AM
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Exxon-Mobil $10.9 Billion Profit Stirs Tax "Worries"


www.washingtonpost.com

Bolstered by winter's record crude oil prices, Exxon Mobil yesterday reported a huge first-quarter profit and provoked new congressional vows for legislation that would tax windfall profits or demonstrate concern about high gasoline prices.

The oil giant earned $10.89 billion, up 17 percent from the previous year. The amount was short of the all-time record Exxon set the previous quarter but high enough to put the company on the defensive in the face of consumer ire and congressional indignation
(visit the link for the full news article)




posted on May, 2 2008 @ 05:36 AM
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Politicians are calling yet again for windfall profit taxes, and the FTC said "it would take the first step in considering how to use new powers to prohibit market manipulation in the petroleum industry."

How reassuring.

Nonetheless, despite the "indignation" in Washington, Exxon and other oil giants are reaping record profits as crude oil prices soar.



www.washingtonpost.com
(visit the link for the full news article)



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