oily politicking and grandstanding

in a bout of political opportunism, the senate held hearings to brow beat oil execs for being profitable. some even suggested/demanded that some of the profits be confiscated through a 'windfall tax'.

however an examination of oil industry finances reveals some startling statistics:

[O]ver the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.

the graphical analysis of taxes and profits boggles the mind.

also note that the 'windfall tax' around 1980 crippled the industry 5 years later. the best way to ensure lack of exploration and investment would be to levy such a tax again.