|Big 5 - Q2 2011||Sales (b)||Profits (b)||Profit Margin||Tax Rate|
|Totals ($) / Avg. (%)||$488,471||$36,439||7.46%||40.80%|
|Big 8 - Q2 1011|
|Totals ($)/Avg. (%)||$151,998||$27,559||25.08%||19.81%|Sources: Yahoo! Finance and MSNBC
U.S. companies have been reporting second quarter earnings recently, and as usual, it's open season for the usual media attacks on America's big oil companies. For some balance, here's some editing of a recent Huffington Post article "Big
Oil Computer Companies Post Huge Profits On High Gas Prices Strong Consumer Demand
WASHINGTON -- The sputtering economy, high unemployment rate and punishing gas prices are taking a huge toll on average Americans, but at least somebody is doing well: The
Big Five oil Big Eight computer companies (see list above) this week announced they had made a whopping $36 $28 billion in profits in the second quarter of 2011.
According to second-quarter earnings reports,
ExxonMobil Apple, Inc. alone made $10.7 $7.3 billion in the most recent three months. That's a 41 a whopping 138 percent increase over the same period last year and an 161 astronomical 504 percent increase over 2009.
A good chunk of these profits is coming right out the pockets of the American public, thanks in part to
astronomical gas prices and to $4 billion to $8 billion a year in deficit-increasing tax subsidies that oil companies continue to get, long after the incentives those subsidies were designed to create ceased to make economic sense. stong demand from consumers for Apple's incredibly successful new products like the iPad and iPhone.
Compared to other industries like U.S. major oil and gas producers in the Big Five (see list above), the Big Eight enjoyed much higher profit margins on average (25%, or more than three times the average 7.5% for the Big Five, see chart above) and also benefited from much lower overall income tax rates (19.81%), less than half the rate for the Big Five (40.8%).