"Shortly after posting first-quarterearnings of nearly $11 billion Thursday, Exxon Mobil (XOM, Fortune 500) issued a defensive statement arguing that it's not to blame for $4 gas. The company put part of the blame for soaring oil and gas prices on the U.S. government.
"For every gallon of gasoline and other products we refined and sold in the United States, we earned about 7 cents," said a statement from Exxon vice president Ken Cohen. "Compare that to the 40 to 60 cents per cents per gallon that went to the government (state and federal) in gasoline taxes."
The industry's top lobbyist also went on the offensive, saying the earnings that these companies reported this week reflect a strong economy and are a boon for investors, including many pension funds"................read it here
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