'Average Oil,' NOT 'Big Oil' - Left Has It Wrong

As usual the loony left talks without the facts. From IBD:

As of the third quarter of last year, the oil industry earned just 6.7 cents per dollar of revenue, less than the average for all manufacturing of 9.2 cents (see chart). 

This year, even after a spike in prices, the oil industry ranks 90th in profitability out of 215 industry groups.

This is just one of the tricks used by the left to tar the industry, which employs 9.2 million people and accounts for 7.7% of the total U.S. economy.

As for "billions in subsidies" — oil gets $4 billion a year, a drop in a very large bucket, and far less than the $29 billion-plus a year for so-called alternative energy.

 

 

 

 

 

 

 

 

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published this page in In The News 2012-04-04 11:51:00 -0400
Analysis & Political Strategy