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July 28, 2011

Exxon Mobil’s back to their track record of insanely massive profits

  • 41% the increase in Exxon Mobil’s profits in the current quarter
  • $10.7B the amount the company made in the second quarter (kind of a lot)
  • $14.8B the company’s largest quarter ever (in 2008), just for perspective source
10:58 // 3 years ago
May 12, 2011
Businesses should make a profit — that’s what drives the economy — but do these very profitable companies actually need taxpayer subsidies? Energy incentives should help us build the energy future we want to see — not pad oil company profits.
Senate Finance Chairman Max Baucus • Speaking during a Congressional hearing about big oil profits and tax breaks. The oil industry’s answers during the hearing were predictable. Here’s Chevron’s CEO, John Watson: “Tax increases on the oil and gas industry — which will result if you change long-standing provisions in the U.S. tax code — will hinder development of energy supplies needed to moderate rising energy prices.” So, who’s right, Max or the oil industry? We’re guessing Max is. source (viafollow)
11:31 // 3 years ago
April 30, 2011

Obama, GOP appear to agree: Big oil needs no tax subsidies

  • Obama Today, the president used his weekly radio address to suggest, in the wake of high gas prices and huge oil company profits, to remove the oil subsidies big oil companies enjoy. This might just be the time to pull it off.
  • GOP In this case … it appears that top GOP figures agree. John Boehner recently suggested removing corporate tax breaks for oil companies (which his staffers have tried to walk back), and Paul Ryan recently made a similar pitch. source

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15:38 // 3 years ago
April 28, 2011

ExxonMobil, Shell making a crapload of money off high oil prices

  • 69% quarterly profit increase for ExxonMobil source

» And yet you’re paying $4 a gallon for gas: The world’s most iconic oil company scored $10.65 billion in profits for the quarter, which is at least in part due to the fact that oil is currently over $100 a barrel. While the company had other factors in play, other companies are getting same the oil-price bump: Shell, for example, had a 30 percent leap in profits. Maybe we’re crazy here or something, but … isn’t there a point where you hand these profits down to the consumer? You can afford it.

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11:11 // 3 years ago