Wednesday, February 2, 2011

Esso Reports 50% Profit After Taking Millions From the Corporate Welfare State

It's nice to see that Esso is doing so well, as Stephen Harper has syphoned off almost a billion dollars from us to give to the industry.

Imperial Oil, one of the country’s largest refiners and producers of oil and gas, handily beat street expectations for its fourth quarter results, sending its shares to the highest in more than a year on Monday.

The Calgary-based company said its fourth-quarter profits jumped 50 per cent, thanks to better refining margins and higher oil prices, to $799 million or 94 cents per share in the final three months of 2010, up from $534 million or 62 cents a share in the fourth quarter of 2009. Full-year profits of $2.2 billion or $2.59 a share jumped 40 per cent from $1.6 billion or $1.84 a share a year earlier.

And it's encouraging to know that the U.S. Corporate welfare state is also thriving. Exxon and General Electric PAID NO TAXES LAST YEAR.

The same year that saw more than two million American families driven from their homes. There is something wrong with this picture. It's time for a middle class revolt, before they all join the ranks of the working poor.

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