Business: Taxing Big Oil

A compromise on windfall

Exxon up 55%, Gulf up 68%, Mobil up 78%, Getty up 83%, Texaco up 106%. And on and on.

Once again it was time for Big Oil's profits parade. Against a backdrop of soaring gasoline costs and exploding heating-oil prices, one oil company after another last week went through the now familiar ritual of releasing eye-popping reports of annual earnings. Exxon's earnings on revenues of $84.3 billion totaled $4.3 billion, making it the most profitable corporation in American industry. Yet even as the announcements rolled in, Senate and House conferees were reaching final agreement on a compromise over a...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!