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Big Oil rakes in huge profits, again

It was quite a week for Big Oil. The big five oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—reported their second-quarter 2013 profits last week, which were a combined $19.5 billion. That comes out to $145,000 in profit per minute—more than 88 percent of American households earn in an entire year.

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Aug 8, 2013, 9:43 pm
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Thank you for this piece. It is one of the few from the Center for American Progress that I can actually agree with. 

The oil companies do have one point…35% tax rate is too high, especially if we’re to expect business to reinvest in America. However, this is one of the rare cases where I agree with Obama. The tax code needs an overhaul, or just an out-and-out reboot. There should be one set of rules for everyone…but when you word that like “flat tax”, too many ignorant people get bent out of shape over that, and then nothing changes.

Though not EXACTLY relevant to the story, I’m gonna say this anyway…I never understood how the gas industry doesn’t qualify as a monopoly. I’m a capitalist, but I also believe that the Sherman anti-trust act is good for America. The gas industry is long past the point of being able to manage itself responsibly and ethically, and it is time for the government to step in and take over.

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