Many countries major source of income is from petroleum These resources bring great financial benefit for those countries and their citizens In America and Canada the private sector owns the resources, the benefit is good paying jobs for workers and taxes paid.
Particularly in places like Saudi Arabia and Qatar fabulous infrastructure has been created and the citizens enjoy great benefits.
2025 Earnings from petroleum: Norway $272 Billion, Argentina $412.83 Billion, Saudi Arabia $187 Billion, Russia $81.6 Billion, ($263 Billion2024). Ukraine Drones have severely affected their lower results. ExxonMobil $28.8 Billion, Chevron $12.3 Billion, All sources in America $66.1Billion
I know we believe in the free market philosophy, but we are not talking about manufacturing. These are resources that should be owned by citizens. With the vast owning of stocks by investors, it is too late to change now.. There would be chaos. Increasing the federal tax is probably the only way.
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Jack Walters
Northeast side
Disclaimer: As submitted to the Arizona Daily Star.
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