Bob Schaffer: Will someone please think of the poor oil companies?

by: johne

08/15/08 @ 04:47:03 PM MDT

Showing just how much Big Oil Bob is in the pocket of Big Oil he lamented about low their profit margins are:

Transcript:

[Schaffer]: "You know, the interesting thing is, the reality is, the marginal profit of the oil...energy industry in America today is 8%, which is modest compared to insurance, for example, insurance companies or banks or other industries.

"But because prices are soaring, the reality is the federal government is raking in a bunch of cash right now on the backs of energy producers.  So, that's one part of the equation that people seem to be missing right now.  

"You look at the tax payments that are being made right now by the major oil companies and the month-to-month increase that you've seen over the last several months, the amount of income the federal government is raking in right now is enormous."

On Caplis and Silverman, Bob said, "The entire bill is predicated on a $48 billion tax increase on the energy production in America.  audio of the show.

Yet, he voted for $33 Billion with a B in tax breaks for big oil when he was in congress.  He's complaining about rolling back and then some the tax cuts he helped implement in exchange for more drilling and renewable energy programs, all the time whining about how low the oil company's profit margins are.  All this while the oil companies just posted record profits, again.  Wow!  Bob's got a great big set of balls everyone.  Take a look at how big Bob's balls are that he can claim the oil companies aren't profitable enough.  And, that roll back would fund renewable energy.  What's that tumble I hear?  It's Bob Schaffer falling off the renewable energy band wagon he just got on seemingly only last week.

I think Udall's spokesperson put it best (from a press release):

"The bottom line is that Bob Schaffer would rather let Colorado families and businesses continue to suffer than see a dime taken away from the oil companies," said Udall campaign spokeswoman Tara Trujillo.  "It couldn't be a clearer display of his true priorities."

ExxonMobile: 10%

Shell: 8.8%

Chevron: 8.5%

TOTAL: 8.5%

ConocoPhilips: 6.1%

These companies have lower profit margins.  Oh, how do they cope?

Lockheed Martin: 7.2%

Starbucks: 7.1%

Boeing: 6.1%

Xcel Energy (Utility company, not an oil company): 5.8%

PetSmart: 5.5%

Wal-Mart: 3.4%

Kroger: 1.7%