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Edited on Fri Apr-29-11 10:17 AM by OneAngryDemocrat
End Taxpayer Bailouts for Big Oil
As we continue to struggle with outrageous and unstable gas prices, the big oil companies continue to benefit from our misery.
Exxon Mobil announced Thursday a first-quarter profit of $10.6 billion — a 69% increase from last year, and a number so astronomical, Exxon executives felt the need to issue defensive statements in advance.
Also unveiling massive earnings were Shell ($6.3 billion, up 30%), ConocoPhillips ($3 billion, up 44%), and of course, BP (7.1 Billion, up 16%). In all, the five largest oil companies - the single greatest profit-generating endeavors in all of human history - have raked in nearly $1 trillion in profits in the last 10 years.
But more outrageous than the jaw-dropping profits, is the fact that our government actually rewards these companies with even more of our money for maintaining this disasterous state of affairs — to the tune of $4 billion a year in tax credits and subsidies, most of which is paid to the Big Oil comapanies simply because the volume of oil a particular oil well will produce today will be somewhat less (surprise!), tomorrow!!!
We pay 'em when they take it out of the ground - but we still pay 'em when they can't.
The oil companies write off the unavoidable and inevitable loss of revenues from a non-renewable resource as an oil well runs dry and then they stick us with the tab - just as they do when they similarly lose business when they can't keep their refineries from blowing up, or their product from polluting our waters.
It's time for the hand outs to come to an end.
Written by the Caffeine Writers' Workshop, and The Rockford Sons of Liberty
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