record profits

Sat, 2012-03-10 14:42Laurel Whitney
Laurel Whitney's picture

Big Oil Rakes In Billions, Still Complains Taxes Are Too High

The President rolled out his FY2013 budget recently, which includes eliminating $40 billion in tax breaks from Big Oil companies, such as BP, Chevron, ConocoPhillips, ExxonMobil, and Shell. Meanwhile, the American Petroleum Institute's response would have you believe that cutting the subsidies would be the equivalent of moving back into their parents' basement.

It's propaganda at its most repetitive, crying that they are “job creators” and that it's so “unfair” to raise taxes because they already contribute millions to the economy every day, and if you do they swear to god prices will rise and the inevitable dependency on foreign oil will bring about the apocalypse itself if you don't let them have their way.

That's like Donald Trump begging to not get kicked out of rent-stabilized, low-income housing even when raking in billions annually, and then threatening to trash the place once the landlord actually puts up an eviction notice.

It's true. The combined profit of the “big 5” oil companies listed above was $137 billion last year, with ExxonMobil, Chevron, and ConocoPhillips coming in first, fourth, and 15th, respectively, on the Fortune 100 list of most profitable companies.

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