WTF? Tax Big Oil to pay for social programs. Who'da thunk it!

Oil companies continue to report major profit increases amidst rising prices for gas and oil. On Thursday, Exxon Mobil said it posted a $10.7 billion profit in the first quarter, a gain of 69 percent. Royal Dutch Shell earned $6.3 billion, up 30 percent. The news comes as the Venezuelan government has announced a new tax on oil companies’ windfall profits. The tax kicks in at 20 percent when oil hits $40 dollars a barrel, reaching up to 95 percent if oil tops $100 barrel. Venezuela says it expects to collect between $9 billion and $16.3 billion this year, with the money going to social programs. In a statement, the group Public Citizen called for a tax on oil companies’ windfall profits in the United States, saying, "Prices at the gas pump are jumping, even though the cost of drilling hasn’t changed… Big Oil is able to pocket the difference—at the direct expense of consumers."