There Will Be Oil
"It's true that industry profits are at a record high, but oil is a classic boom-and-bust business, which is why billions in capital investments are folded back into exploration and production. Besides, the industry's effective tax rates are in the neighborhood of 40% to 44%. Over the past five years, Exxon Mobil's total U.S. tax bill exceeded its U.S. revenues by some $19 billion."
Hmmm. How does it stay in business then? Read the whole edit.
UPDATE: My favorite snippet was of Markey's diatribe against Exxon Mobil for not putting as much money back into "clean, renewable" energy as BP or Chevron. And then being told by the head of BP, oil is where the money is and will be for the next three decades.