| Big Oil's Big Profits, In 24 Hours
The five biggest oil companies earned a combined profit of $375 million per day, or a record $137 billion profit for the year, in 2011, despite reducing their oil production. In 60 seconds, these five companies earned $261,000 -- more than 96 percent of American households make in one year. These five oil companies received $6.6 million in federal tax breaks every day. In 2011, the three largest domestic public oil companies spent $100 million of their profits each day, or over 50 percent, buying back their own stock to enrich their board, senior managers, and largest share holders. The entire oil and gas industry spent on average $400,000 each day lobbying senators and representatives to weaken public health safeguards and keep big oil tax breaks, totaling nearly $150 million. Each CEO of the Big Five companies received an average of $60,110 in... |
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At thinkprogress.org
At thinkprogress.org
