Five Major Oil Companies Profit $123,000,000,000 Last Year
The top five oil companies are, Exxon Mobil Corp., Shell Oil Co., BP America Inc., Chevron Corp. and ConocoPhillips. As sited in an AP news article today, April 1, "These companies are defending billions of federal subsidies ... while reaping over a hundred billion dollars in profits in just the last year alone."
In the past 10 years these oil companies have consistently kept fighting to keep 18 billion dollars in tax breaks. The reason these oil companies give to keep these tax breaks is so that they can continue investment in exploration, production and refinery expansions.
The House last year and this year approved legislation that would end these tax breaks for these big oil companies and use the money to explore alternative fuels and energy conservation. Well guess what, this has not passed the Senate yet.
With the threat of $4 a gallon this summer for gasoline, Congress says that there is little that they can do to bring down the prices. This administration has also repeatedly refused the use of oil in the federal Strategic Petroleum Reserve.
This sounds to me that these top five oil companies are running the show in the country as far as gasoline prices go. This administration refuses to dip into the oil reserves to bring down the price of gasoline.
What I like to know why isn't bringing down the price of gasoline part of the Stimulus Package that this administration has approved. Can it be if that gasoline prices were to drop other things like food may also drop in price.
If gasoline prices were to drop a significant amount some of our produce prices would drop which would stimulate more buying at the supermarkets. Of course this administration can't give us too much buying power back again, that wouldn't be right.
It seems to me that these top five oil companies have a big part to do with the decision making in Congress. After all don't these oil companies make political contributions all the time for one thing or another?
I would think that these top executives at these oil companies would want something in return for these large political contributions. This is just human nature and whenever money or power is involved there is always corruption at all levels.
Published by John Messina
I'm a freelance writer and have been producing web content for various writing sites. I also run a Technology News internet portal that has the latest breaking news in gadgets, consumer electronics, gamin... View profile
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5 Comments
Post a Commenti like pie!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
hiiiiiiiiiiiiiiiiiiiiii!!!!!!!!!!!!! iif u ask me this is the worst thing i have ever heard. taax the companies not give them breaks!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
i believe gas prices should rise to $8.00 a gallon. But, hey im a billionaire so what does it matter to me. Filling up my Ferarri is not near as expensive as it should be. All of you just need to, step your game up and get a REAL job like mine. They call me the G:)
RAISE GAS PRICES!!!!!
if some large inity -vfw- aarp -nra- with millions of members would get all their members to buy from one oil company and tell the other companies that we would do so until one of them lowered their price 25 cents a gallon and then we will buy from them until another one lowered theirs we could put the old american way of competition back into gas prices. this might stop the _MANOPOLY the oil companies have. please someone with resources or power use the media to call the united states people together!
Can you believe that they justify the billions in tax breaks they get when they have consistantly (since republicans took power) made record profits. Exxon Mobile has just made the highest profit in recorded history of the entire world. That is profit-after expenses. They intentionally keep refining capacity low, to increase demand for gas. Nobody knows about this stuff because not only are some of our media companies owned by energy companies, the oil companies pump money to the media in the form of advertisements. Have you ever noticed how many energy company commercials you see on news/commentary programs? Ask yourself, are people really going to purchase off shore oil rigging equipment based on the commercial they saw on CNN? They find reasons to throw money at the networks to sqelch unflattering news. Uninformed people make uninformed decisions, and they want to keep the pattern we are trapped in for as long as they can. Democrats talked about the same billions to the oil