Obama thinks government is not getting a "reasonable share" of oil companies' profits, which in 2007 were, as a percentage of revenues (8.3 percent), below those of U.S. manufacturing generally (8.9 percent). Exxon Mobil pays almost as much in corporate taxes to various governments as the bottom 50 percent of American earners pay in income taxes. Exxon Mobil does make $1,400 a second in profits -- hear the sharp intakes of breath from liberals with pursed lips -- but pays $4,000 a second in taxes and $15,000 a second in operating costs.
Obama's rhetorical extravagances are inversely proportional to his details, as when he promises "nothing less than a complete transformation of our economy" in order to "end the age of oil." The diminished enthusiasm of some voters hitherto receptive to his appeals might have something to do with the seepage of reality from his rhetoric. Voters understand that neither the "transformation" nor the "end" will or should occur. His dreamy certitude that "alternative" fuels will quickly become real alternatives is an energy policy akin to an old vaudeville joke: "If we had some eggs, we could have ham and eggs, if we had some ham."
When he speaks Thursday night in a venue consecrated to the faux combat of football, the NATO alliance, which was 12 years old when he was born, may be collapsing because of its unwillingness to help enough in Afghanistan and its inability to respond seriously to Russia's combat in Georgia. It is unfair to neither NATO nor Obama to note that the alliance is practicing what he preaches: It is preaching to Vladimir Putin, who is unimpressed. NATO, said Lord Ismay, speaking of Europe in 1949, was created to "keep the Americans in, the Germans down and the Russians out." That Germany's appeasement reflex is part of NATO's weakness is perhaps progress, of sorts.
Journalism often must be preoccupied with matters barely remembered a week later. But decades hence, historians will write about today's response to Russia by the West, perhaps in obituaries for the idea of "the West." If Obama does not speak to this crisis Thursday night, that will speak volumes.