Reinvest windfall oil profits to benefit community

April 20, 2009 | John Burbank

While Americans are seeing their savings diminish, their jobs disappear, their kids’ education going down the tubes, and environmental priorities buried under bad economic news, the global giant Exxon Mobil keeps on piling up the profits.

Exxon Mobil brought in $442.85 billion in revenue in 2008 and made over $45 billion in profits, capturing the number one position in the Fortune 500, with a 10% margin on revenue. It is going quite well, thank you, due to Exxon’s oligopolistic control within the oil industry.

Isn’t it time that we used some of these monopoly-based profits for environmental quality, energy efficiencies, renewable energy, and fast mass transit?

We could in our state if the Legislature would take up the “Community Reinvestment of Oil Windfall Profits” legislation – HB 1510 – introduced into the state House of Representatives in 2007. That would be a whole lot better than figuring out who to kick off the state’s basic health plan or deny higher education.

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Posted in State Economy, Tax and Budget

Comments

  1. Trevor says:

    Is there anything we can do to promote this legislation in addition to contacting our elected officials?

    • Hi Trevor – one thing you can do is talk about the idea with your friends and family, and try to get them to contact their legislators as well. Local environmental groups would also be a good place to reach out…as are letters to local media, writing posts for your own blog, and pretty much any other way to get people talking, thinking and debating the notion. Thanks for your enthusiasm – it makes a difference!

1 Pings/Trackbacks for "Reinvest windfall oil profits to benefit community"
  1. […] higher education tuition increases. We’ve got a better idea: a high earners income tax and redirecting windfall profits from oil companies. | Seattle […]

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