Lowest Demand For Oil in 15 Years; Gas Prices Still Rising

The demand for oil in the U.S. is as low as it has been since April 1997.  But, oil prices have shot up as oil is now trading at $100 per barrel.  Speculation from hedge fund managers has heleped drive up the cost of oil.  These hedge fund managers seek to make a lot of money for themselves insuring the oil companies' profits, which have grown to record levels.  But, these prices do not account for other factors such as the environmental damage from oil spills.  These prices also highlight the need to get off oil through efficiency upgrades to vehicles and alternative fuel sources to break the oil companies' monopoly on our energy supplies. 

http://thinkprogress.org/economy/2012/02/15/425926/gas-prices-rising-demand-1997/

Exxon Mobil 2011 Profit: $41.1 Billion; Tax Rate About 17.6% (For 1/31/12)

Exxon Mobil's 2011 $41.1 billion profit was the largest of the five biggest oil companies. It recorded an estimated corporate tax rate of 17.6% from 2008-2010, lower than the 20.4% that the average American paid during the same time. It uses Carribean bank accounts as tax shelters and paid no federal income taxes on 2009 profits of $45.2 billion. From 2005 to 2010, job losses from the company's total workforce amounted to 11,200. Instead, it used its profits to enrich its executives, directors, and biggest investros with over $20 billion of stock buybacks in 2011. http://thinkprogress.org/green/2012/01/31/415242/exxonmobil-made-411-billion-in-2011-but-pays-estimated-176-percent-tax-rate/