Som eof this makes sense if you didn't already know some of the things and the fact they still have made 4 times the cash in less than 3 years.

Opinion
Don't blame oil companies Wed Apr 2, 12:21 AM ET

Don't blame oil companies - Yahoo! News

By Red Cavaney

These days, frustrated consumers often blame high prices at the pump on the nation's oil companies. And the common elixir proposed by some policymakers is to impose additional taxes to benefit alternative energy on the very companies being called upon to invest in needed new supplies of oil and natural gas.


We do not oppose incentives for alternatives. But any plan that pays for them with higher taxes on oil and natural gas would likely result in less energy for our country.


The main target is a $13.6 billion tax hike approved by the House that would eliminate manufacturing deductions for the five largest U.S.-based oil companies and freeze the deduction at current levels for the rest of the oil industry. Enacted in 2004, this deduction, available to all U.S. manufacturers, was designed to spur investment and create more U.S. jobs. Another provision would raise taxes by $3 billion and put U.S. oil and gas companies at a further disadvantage, as they compete in challenging global markets.


The pain at the pump is real, reflecting the global price of crude oil. Nearly 70% of the cost of gasoline is for crude, according to the government's Energy Information Administration. What our nation needs is more energy of all kinds, including alternatives. These taxes would move us in the wrong direction by taking away income that could be reinvested in more oil and gas.


Lawmakers are proposing to unfairly single out a vital industry and punish its biggest companies that uniquely possess the ability to provide American families and businesses the energy they need. Tax increases in the face of a slumping economy are clearly counterproductive.


America's oil and natural gas companies want to provide the energy our country needs. We have invested $1.25 trillion in a range of long-term energy projects between 1992 and 2006. We need policies that provide long-term stability, so energy investments can be made with confidence essential ingredients to finding and producing the oil and natural gas the world will demand in future decades.


Red Cavaney is president and CEO of the American Petroleum Institute, a national trade association that represents the oil and natural gas industry.