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Books > Business & Economics > Business & management > Ownership & organization of enterprises
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Oil Industry & Windfall Profits (Hardcover, New)
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Oil Industry & Windfall Profits (Hardcover, New)
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Over the past 10 years, surging crude oil and petroleum product
prices have increased oil and gas industry revenues and generated
record profits, particularly for the top five major integrated
companies (also known as the "super-majors"): Exxon-Mobil, Royal
Dutch Shell, BP, Chevron, and Conoco/Phillips. These companies,
which reported a predominant share of those profits, generated more
than $100 billion in profits on nearly $1.5 trillion of revenues in
2007. From 2003 to 2007, revenues increased by 51%; net income
(profits) increased by 85%. Being largely price-driven, with no
increase in output, and with little new production resulting from
increased oil industry investment, many believe that a portion of
the increased oil industry income over this period represents a
windfall and unearned gain, i.e., income not earned by any
additional effort on the part of the firms, but due primarily to
record crude oil prices, which are set in the world oil
marketplace. Numerous bills have been introduced in the Congress
over this period to impose a windfall profits tax (WPT) on oil.
This book discusses these options.
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