Exxon made $10.7 billion worldwide in the first quarter of 2011, which even in Washington, D.C., is a large amount of money. But then, ExxonMobil is a large company, with large, global operations. Its $10.7 billion in earnings was on $114 billion in total revenue - the remainder after about $77 billion in expenses and approximately $28 billion in taxes paid to governments. Indeed, ExxonMobil's U.S. tax bill ($3.1 billion) was more than its U.S. earnings ($2.6 billion).

Bottom line: ExxonMobil earned about 9 cents on each sales dollar - about half the return of some other industries.

So why is the administration complaining about energy company profits while calling for ending tax deductions available to a broad range of U.S. businesses? Good question.

"This is a very tough business, a low-... more »

Editors Note: Today API President and CEO Jack Gerard gave an update on the State of American Energy, outlining a path to success for lower gasoline prices, increased energy security and more American jobs.

Back in January, we reported on the State of American Energy and outlined two paths America could take on energy policy. The first path is to increase oil and natural gas production that brings jobs, energy security and government revenue. The second is to increase taxes on the industry, which would destroy jobs, diminish energy security and reduce government revenue.

We are now seeing Congress begin to debate these two starkly different choices. The administration and some in Congress have weighed in on the side of more taxes, arguing this is necessary in light of higher gasoline price... more »

Brazil says its deepwater Libra oil field could hold as much as 15 billion barrels of oil, making it the biggest crude oil discovery in the Americas since Mexico discovered the Cantarell field in 1976.

The Libra prospect lies in the Santos Basin about 500 miles off the coast and beneath a layer of salt about 9,800 feet below the ocean surface. ANP, Brazil's national petroleum regulatory agency says the government will retain control of Libra, and at least two Brazil-owned companies will own stakes in the field. Bloomberg/BusinessWeek reports that Petrobras, one of the companies, raised $70 billion last month in the world's largest share sale toward the $224 billion, five-year investment plan, which is said to be the oil industry's largest.

Back in the U.S Gulf of M... more »

With just a few days to go before one of the most highly-contested mid-term elections in U.S. history, Americans are taking a hard look at the candidates and the issues before heading to the polls. Whether they are Republicans, Democrats or Independents, voters recognize the election's importance in framing fiscal policy, as well as energy and environmental issues for the next two years.

Numerous energy and environmental issues are likely to be affected by the election results. They include such controversial policies as the Environmental Protection Agency's (EPA) proposed greenhouse gas (GHG) regulations and the ongoing debate over domestic oil and natural gas production. Each is important to the nation's future and to the well being of every American family.

We'd like to know which of th... more »

There's no doubt that consumers rely on oil and natural gas to enhance their quality of life. The cars we drive, the food we eat, the medicines we need--each is touched by America's oil and natural gas industry.

In a new Live Science article, Jeremy Hsu lists a few petroleum-derived items found in and around the home that might surprise you. They include gum, cosmetics, solar panels and aspirin, among others.

For example, on aspirin, the article says:

"Aspirin has proven itself one of the safest and most reliable medications over the past decades. People swallow billions of tablets per year for headaches, fever and as a preventative against heart conditions or stroke... most aspirin manufacturing begins with benzene, a hydrocarbon that is typically derived from petroleum products."

For mo... more »