Energy policy blog
Our views on the issues, policies, technologies and trends shaping the energy industry.
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ExxonMobil and U.S. Taxes
The U.S. oil and gas industry contributes more than $1 trillion a year to the American economy and supports more than 9 million American jobs, which provides more than $550 billion in income to American workers. The U.S. tax and regulatory framework should be stable, unbiased and consistent to promote the long-term, multi-billion dollar, capital-intensive energy investments that are needed to meet future growth in demand.
Certain policy proposals would harm the American oil and natural gas industry and discourage investments in energy development to meet growing needs.
Over the past five years, ExxonMobil incurred a total U.S. tax expense of almost $59 billion, which is $18 billion more than the company earned in the U.S. during the same period.
The U.S. corporate tax rate is the second highest among developed nations. In 2010, the effective income tax rate for oil and natural gas industry averaged 41.1 percent, compared to 26.5 percent for other S&P Industrial companies.
