Israel will not allow Iran to attain nuclear capability

The City's Most Glorious Co-op Flip! Bommers Selling New Duplex for $48.9 M.

Hillary Supporters for McCain

US, Russia anchor military ships in Georgian ports

Army opens prep school for dropouts to fill ranks

Confidence in War on Terror and Iraq at Highest Level Ever

47% of Democratic Women say Hillary Should be on the Ticket

Clinton die-hards voice anger in convention protest

Russia threatens military response to US missiles

Bill Clinton will not attend Obama's Invesco speech

The Biggest Missing Story in Politics

Clinton Advisers Skipping Obama Speech

Convention 'Greening' Goes Awry

Average U.S. Income Rose in 2006

Iran's Ahmadinejad in new verbal attack on Israel

How Obama Reconciles Dueling Views on Economy

McCain Campaign Takes Aim at Obama-Biden

Oil falls 5.4 percent in biggest drop since 2004

Which Way to Prosperity?

69% Now Say Controlling the Border More Important than Legalizing Aliens

Here's the audio of Obama endorsing Infanticide from the floor of the Illinois Senate

London's Terror Bank

California to probe Sen. Schumer

Russia warns of response to US missile shield

US, Poland OK missile defense base, riling Moscow

Why Obama's Red Mentor is News

Iraq to Sign $1.2B Oil Service Deal with China

Russia Has Short Range Missiles in South Ossetia

Iranian claims of jet range dismissed

Pakistani President Pervez Musharraf resigns

U.S. on verge of grand-scale blackout

Ukraine offers satellite defence co-operation with Europe and US

Half of House Dems may vote Hillary at DNC

Bush tells Russia to get out of Georgia

Russian forces still entrenched in Georgia

Missile shield accord draws Russian fire

Why Victory in Iraq Matters

Georgia: Russian tanks moving deeper into Georgia

U.S., Poland Reach Agreement on Missile Defense

Gannett to cut 1,000 newspaper jobs: memo

Democratic Convention

'Gitmo On The Platte' Set As Holding Cell For DNC

Rex Tillerson Discusses Industry's Future in Exclusive Interview With Charles Gibson

Plame and Wilson's lawsuit going nowhere

Waning Warming Debate

Americans Aim To Reduce Carbon Footprints, Despite Drop In Concern For Climate Change

The Audacity of Nope

Obama's oil policy

A big surprise on gas

You may not believe it, but fuel is more affordable than it was during the early '60s.

U.S. ship heads for Arctic to define territory

Plans for Clinton convention rallies intensify

The Pipeline War: Russian bear goes for West's jugular

Iraq resumes oil exploration after 20-year break

Oil Industry Ranks #60 By Profit Margin

Exxon Mobil reported the highest quarterly profit ever and is the main target of any "windfall" tax surcharge. Yet if its profits are at record highs, its tax bills are already at record highs too. Between 2003 and 2007, Exxon paid $64.7 billion in U.S. taxes, exceeding its after-tax U.S. earnings by more than $19 billion. That sounds like a government windfall to us, but perhaps we're missing some Obama-Durbin business subtlety.

Maybe they have in mind profit margins as a percentage of sales. Yet by that standard Exxon's profits don't seem so large. Exxon's profit margin stood at 10% for 2007, which is hardly out of line with the oil and gas industry average of 8.3%, or the 8.9% for U.S. manufacturing (excluding the sputtering auto makers).

If that's what constitutes windfall profits, most of corporate America would qualify. Take aerospace or machinery -- both 8.2% in 2007. Chemicals had an average margin of 12.7%. Computers: 13.7%. Electronics and appliances: 14.5%. Pharmaceuticals (18.4%) and beverages and tobacco (19.1%) round out the Census Bureau's industry rankings. The latter two double the returns of Big Oil, though of course government has already became a tacit shareholder in Big Tobacco through the various legal settlements that guarantee a revenue stream for years to come.

~Wall Street Journal

See a sortable list of profit margins by industry here. When ranked from highest profit margin to lowest, Exxon's industry (Major Integrated Oil and Gas) ranks #60. That is, there are 59 industries MORE profitable than the oil industry.

Oil prices close below $119 after inventory report

Sen. Hillary Clinton Not Ruling Out Having Name Put Up for Vote in Denver

Robert Novak has announced his immediate retirement

Air force looks to a new drone to keep peace in Iraq

Still waiting for the OLD MEDIA

Bush hammers Democrats on energy

US toll in Iraq hits all-time low as month ends