Friday, October 28, 2011

Take this quiz about the big oil companies!

We've all heard the battle cry of the Left when it comes to Big Oil: Close all of the tax loopholes and end all of the tax breaks!

What you most likely have not heard from the Left is any outrage over some of the largess that's been offered by the federal government under President Obama to some failing alternative energy companies.

Some loans, like the one to Solyndra, that appear to be some kind of quid pro quo for the success of collecting Obama campaign contributions.

In any event, once you get past the Democrat talking points about the oil industry and take a look under the hood, some of what you learn may be a surprise.

Big oil company quiz!

1. ExxonMobil produces 2 million barrels of oil per day of worldwide. In addition to its own production, Exxon also purchases crude oil at the market rate for its global refining network. How much oil does Exxon buy every day at the prevailing market rate?

a. 500,000 barrels

b. 1 million barrels

c. 3 million barrels

d. 5 million barrels

2. Local, state and federal gasoline taxes average roughly 49 cents per gallon nationally, and are as high as 67 cents per gallon in California and New York. What amount of profit does ExxonMobil earn per gallon of gasoline sold?

a. 65 cents per gallon

b. 45 cents per gallon

c. 25 cents per gallon

d. 8 cents per gallon

3. More than 75% of ExxonMobil’s operating earnings come from outside the United States. What percent of ExxonMobil's workforce is based in the United States?

a. 20%

b. 40%

c. 60%

d. 80%

4. ExxonMobil is the world’s largest publicly traded oil company. What percent of the world’s oil reserves does it actually control?

a. Less than 1 percent

b. 2 percent

c. 5 percent

d. 10 percent

5. What percent of the world's oil reserves does America's "Big Oil" companies control?

a. 3 percent

b. 6 percent

c. 12 percent

d. 18 percent

6. In the first half of 2011, ExxonMobil paid $6.7 billion in tax expenses in the U.S. What were ExxonMobil's operating earnings for that period?

a. $20 billion

b. $7 billion

c. $5.5 billion

d. $3.5 billion

Find the answers here.

H/T Carpe Diem

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