Oil Subsidies – How Can We Help Big Oil Make MORE Money?

The top five oil companies totaled $32 billion in profits for the 2011 fiscal 3rd quarter, bringing their total profits for 2011 to an astounding $101 billion:

  • Chevron 2011 3rd quarter profits of $7.83 billion – total earnings for 2011 over $21 billion. [Washington Post, 10/28/11]
  • Exxon Mobil 2011 3rd quarter profits of $10.3 billion – total profits for 2011 over $31 billion.  [CNN, 10/27/11; ThinkProgress, 10/27/11]
  • Royal Dutch Shell 2011 3rd quarter profits of $6.98 billion – total profits for 2011 over $21 billion.  [Wall Street Journal, 10/27/11; ThinkProgress, 10/27/11]
  • ConocoPhillips 2011 3rd quarter profits of $2.62 billion – total profits for 2011, $9 billion.  [AP, 10/26/11; ThinkProgress, 10/26/11]
  • BP 2011 third quarter profits of $4.9 billion – total profits for 2011, $16 billion.  [AP, 10/25/11; ThinkProgress, 10/25/11]

“…you should want to encourage them. I would think you would want to say to the oil companies, “What obstacles are there to you making more money?”  – Senator Rand Paul (R – Kentucky)   See the video below….

Funny, that’s exactly one of the questions I ask myself at least once or twice a day.  In fact, every time most Americans fill up their gas tanks, they probably wonder, ‘how can we remove all of these unnecesary obstacles for oil companies to make more than the record billions in profits they are raking in now?’

Paul goes on to say that these obstacles are keeping Big Oil from “creating more jobs” (as if that is what they would do if we could only give them MORE tax breaks).  He is being their good soldier by promoting that idea.

Also, the Koch brothers will pay for tens of millions of dollars in propoganda to get people that can barely feed themselves and have no health insurance to chant “drill baby, drill!”


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