The Colbert Report: Oil Profiteering

Stephen Colbert looks at the miraculous profits realized by oil companies despite their claim of the high cost of providing the oil.

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As you can see here, 72% goes to the price of crude oil. Another 16% is eaten up by refining, distribution and service stations, and the last 12% is taken away by taxes. That is a total of 100%. That is right, Nation. Oil is a zero-profit business. [..]

And yet somehow, in 2007, Exxon/Mobil earned $1,300 a second. $1,300. Yes, that’s a lot of money, but it is an unlucky number of 100s. Nation, that means even though 100% of gasoline prices are canceled out by costs, these companies are somehow able to wring mind-bending revenue out of their not-for-profit venture. I think it’s pretty impressive.


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