Record profits for Exxon

Exxon Mobile just announced that it has posted the largest annual profits by any U.S. corporation ever - $39.5 billion! Good thing Rep. Roskam broke a campaign pledge and voted to give Exxon extra subsidies rather then to actually tax them and use that money for sustainable energy independence. But on the bright side, at least in Roskam's world seniors should have a better retirement. Back in the real work, my Grandmas and I still aren't celebrating and rejoicing at this news.

Are you kidding?

Did anyone else see Roskam's justification for voting for H.R. 6 and tax cuts for oil companies? Get this:

“The bill is overflowing with unintended consequences. One of the most disturbing is severely damaging the retirement savings of seniors. Retirement and pension accounts hold forty-one percent of domestic oil and gas company shares. When our domestic companies’ production levels shrink, so do the hard-earned and well-deserved savings of our seniors."

Oh please. Only a trial lawyer could come up with such baloney. Remember this quote - If in the future he votes for legislation that will hurt seniors (he's already voted against allowing the government negotiate for cheaper prescription drugs), I will be sure to bring this quote back up.

Of course, its complete nonsense that he voted against repealing these corporate handouts because of seniors. Remember, having the government collect the $14 billion it should be collecting would leave lots more money available for Social Security (which doesn't depend on the inequitable owning of stocks), Medicare, and the promotion of clean energy (I'm sure a few retirees have stocks in clean energy companies too).

And how much of this corporate handout are actually going to the stockholders? According to the 13th Annual CEO Compensation Survey:

*The top 15 U.S. Oil Barons are paid 281 percent of the average CEO
compensation in comparably sized businesses. The top 15 U.S. Oil
CEOs were paid an average of $32.7 million in 2005 while the average
compensation for CEOs of large U.S. firms in all industries was
$11.6 million.

*Top three highest paid U.S. oil chieftains in 2005:
#1 William Greehey (Valero Energy) = $95.2 million
#2 Ray R. Irani (Occidential Petroleum) = $84.0 million
#3 Lee Raymond (outgoing CEO of ExxonMobil) = $69.7 million

And lest anyone think that is the pay required to get a CEO capable of running an oil company:

*The second- and third-largest oil companies in the world are both foreign firms, British Petroleum and Royal Dutch Shell. Both pay their
CEOs considerably less than comparable U.S. oil companies. While
they operate in the same global marketplace, their average pay was
$4.8 million, compared to the average of $39.2 million for the top 2
U.S. oil CEOs.

If Roskam really cares about the minority of retirees that have stock in oil companies, perhaps he should look into doing something about CEO pay disparity? Of course, maybe the $127,065 he's received from energy interests is the real reason he voted to keep their corporate hand-outs. It certainly isn't to protect an average American retiree. That is one of the lamest justifications for voting the wrong way I've ever heard.

Roskam votes for big oil

So Roskam once again goes with the hard line conservatives and votes for tax breaks for Exxon and other big oil companies (H.R.6). I guess he missed the headlines about the record setting $10.7 billion in quarterly profits Exxon recently made. What about helping the working classes Mr. Roskam? Maybe he voted because Big Oil companies contributed $70,765 to help him get elected? I guess he does take after his indicted former boss and K-Street project founder, Tom Delay, when it comes to influence peddling.

Giving away $14 billion dollars to companies making record profits is a terrible idea. If we are ever to become energy independent it makes sense to use this $14 billion towards an apollo like enery project. From the Apollo Alliance, I've learned that $14 billion can potentially: Power 4.2 million homes with wind energy. Create 29,000 jobs in the solar industry. Or fund incentives to help 5.6 million Americans purchase hybrid cars. But unforturtunately, Roskam once again votes the wrong way. He is way too conservative for Illinois.