In the wake of the Gulf oil spill, some in Washington have called for billions in new taxes on America's oil and natural gas companies. These calls may increase as companies begin announcing second-quarter earnings next week.
Earnings reports will likely focus on only half the story--profits earned. But what do the numbers really mean?
There's no doubt that strong earnings are good news--it means higher economic growth, because our industry contributes $1 trillion to the U.S. economy.
And when oil and natural gas earnings are up, who benefits?
- Millions of American workers. The industry supports more than 9 million jobs. That's a lot of jobs, especially given the current high unemployment rate.
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