Big Oil’s banner year: Higher prices, record profits, less oil

Big Oil’s banner year: Higher prices, record profits, less oil | Grist

grist.org 07 Feb '12, 10pm

Big Oil’s banner year: Higher prices, record profits, less oil

Cross-posted from the Center for American Progress . This post was coauthored by Jackie Weidman and Rebecca Leber . General economic theory holds that companies will produce more of a good if its price is higher, or if it receives subsidies. Funny that these rules didn’t seem to apply to Big Oil in 2011, when the highest oil price since 1864 and $2 billion in subsidies to the five largest oil companies — BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell — yielded lower oil production than in 2010. But these five oil companies combined made a record-high $137 billion in profits in 2011 — up 75 percent from 2010 — and have made more than $1 trillion in profits from 2001 through 2011 .[1] This exceeds the previous record of $136 billion in profits in 2008. Here are some more highlights from the Big Five’s activities in 2011: They produced 4 percent less oil and “...

Full article: http://grist.org/oil/big-oils-banner-year-higher-prices-r...

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@Leeannmac77 » 24 Feb '12, 8pm
RT @1_eddie: Big Oil’s banner year: Higher prices, record profits, less oil [link] via @grist HERE'S MORE ON THE OIL BARONS SENSELESS GREED
@1_eddie » 24 Feb '12, 8pm
Big Oil’s banner year: Higher prices, record profits, less oil [link] via @grist HERE'S MORE ON THE OIL BARONS SENSELESS GREED
@NikolasWilling » 13 Feb '12, 8pm
interesting article on oil profits. should it be for environmental activists, or economic activists? [link]
@MikeSoron » 09 Feb '12, 7pm
Big Oil’s banner year: Record profits, huge stock buybacks, fewer jobs, less oil - /ht @DuncanWlod [link]
@PAcleanAir » 09 Feb '12, 7pm
MT @drgrist: As of the end of 2011, Big Oil was sitting on $58 bln in cash reserves [link] Can't afford to pay for CO2 though!
@TransitionVoice » 09 Feb '12, 3pm
Big Oil profits are up but production is down. Sounds like peak oil to us. Meantime, they're sitting on mountains... [link]
@northernpuppy » 08 Feb '12, 11pm
Keep subsidies rolling for SS:-) [link]
@jmtoriel » 08 Feb '12, 9pm
$2 billion in tax breaks we can't afford: Big Oil’s banner year: Higher prices, record profits, less oil [link] #BIGOIL
@PDIachetti » 08 Feb '12, 9pm
#BigOil ’s banner year: Higher prices, record profits, less oil [link] #kxl #NGP #ethicaloil
@pueblokc » 08 Feb '12, 8pm
RT @Organicbug: Big Oil’s banner year: Higher prices, record profits, less oil [link] (via @Grist)
@MDGoesGreen » 08 Feb '12, 4pm
Record profit for big oil! $1 spent on lobbying returns $30 in tax breaks. [link]
@cdnrod » 08 Feb '12, 3pm
“@grist:Oil companies made a record-high $137 billion in profits in 2011:[link]” how did solyndra do? #losers @AndrewBreitbart
@jeffwiedner » 08 Feb '12, 3pm
Higher prices, record profits, less oil. Doesn't get much better for #oil via @Grist [link]
@darrellkopke » 08 Feb '12, 2pm
Why is Apple different? RT @grist: Oil companies made a record-high $137 billion in profits in 2011: [link]
@TheMiddle4 » 08 Feb '12, 2pm
Bright red line leads up to #GreatRecession [Chart] yfrog.com/klqafwp Coincidence? I think not. [link] ~ @grist
@Paulndixon » 08 Feb '12, 1pm
RT @OklaBrett: Big Oil’s banner year: Higher prices, record profits, less oil [link]
@exigenomicon » 08 Feb '12, 1pm
RT @saskboy: MT @grist: Oil companies made a record-high $137 billion in profits in 2011: [link] -- obviously need more subsidies too.
@saskboy » 08 Feb '12, 1pm
MT @grist: Oil companies made a record-high $137 billion in profits in 2011: [link] -- obviously need more subsidies too.
@TheMiddle4 » 08 Feb '12, 1pm
The New argument for nationalizing oil RT @grist: #BigOil made a record-high $137 billion in PROFITS in 2011: [link] #RipOff
@TheMiddle4 » 08 Feb '12, 1pm
How much did you pay for gas today? RT @grist: #BigOil made another record-high $137 billion in profits in 2011: [link]
@mosyadig » 08 Feb '12, 1pm
Pres Obama and his regulations are killing oil companies [link] ...Not (borat voice)via @grist
@grist » 08 Feb '12, 1pm
Oil companies made a record-high $137 billion in profits in 2011: [link]
@PaulHBeckwith » 08 Feb '12, 1pm
RT @GreenIsTweet: Big Oil’s banner year: Higher prices, record profits, less oil - Grist [link] #renewable #energy #subsidies
@GreenIsTweet » 08 Feb '12, 1pm
Big Oil’s banner year: Higher prices, record profits, less oil - Grist [link] #renewable #energy #subsidies
@howlnmoon » 08 Feb '12, 1pm
RT @DrBobBullard: Big Oil’s banner year: Higher prices, record profits, less oil @Grist [link]
@TTWycombe » 08 Feb '12, 12pm
2011's record high oil price + $2 billion in subsidies = a record-high $137 billion Oil Company profit + LESS oil. [link]
@GeoWatchNet » 08 Feb '12, 11am
RT @greenforyou: Big Oil?s banner year: Higher prices, record profits, less oil #green [link]
@greenforyou » 08 Feb '12, 11am
Big Oil?s banner year: Higher prices, record profits, less oil #green [link]
@CineversityTV » 08 Feb '12, 10am
RT Big Oil profits up 75% from 2010, to record-high $137 billion, despite producing 4% less oil. [link] no profit for #mankind
@Camz99 » 08 Feb '12, 6am
"Big Oil’s banner year: Higher prices, record profits, less oil" - [link] - shared from @TaptuGreen
@IncEnvironment » 08 Feb '12, 4am
Big Oil's banner year: Higher prices, record profits, less oil | Grist: In spite of these high profits and oil p... [link]
@Michael_MBA » 08 Feb '12, 2am
RT @lecreative: Big Oil’s banner year: Higher prices, record profits, less oil. [link]
@Max_Genus » 08 Feb '12, 2am
What group got $2 Billion in government subsidies, produced less than last year, yet had record profits - again? [link] @grist
@WrigleyFielder » 08 Feb '12, 2am
RT @grist #BigOil ’s banner year: Higher prices, record profits, less oil [link]
@lecreative » 08 Feb '12, 1am
Yep RT @dandhicks: And lucrative tax breaks. RT @grist: Big Oil’s banner year: Higher prices, record profits, less oil. [link]
@DieOdin » 08 Feb '12, 1am
RT @dandhicks: And lucrative tax breaks. RT @grist: Big Oil’s banner year: Higher prices, record profits, less oil. [link]
@dandhicks » 08 Feb '12, 1am
And lucrative tax breaks. RT @grist: Big Oil’s banner year: Higher prices, record profits, less oil. [link]
@Holly_PDX » 08 Feb '12, 1am
What a brazen resource grab "oil rights" are: “@grist: Big Oil’s banner year: Higher prices, record profits, less oil [link]”
@filmdrblog » 08 Feb '12, 12am
Big oil: "buying shares of their own stocks and investing in politicians" [link]
@pebbles_sk » 07 Feb '12, 11pm
Madness - ExxonMobil paying an effective tax rate of 17.6%!! 'Higher prices, record profits, less oil' [link] via @grist
@joabbess » 07 Feb '12, 11pm
@drgrist "Big Oil profits up 75% on 2010 despite producing 4% less oil [link]" They need it to pay for new complex production
@DAKGirl » 07 Feb '12, 11pm
RT @shannynmoore RT @drgrist: In 2011, Big Oil spent $1.6 million on campaign contributions & $65.7 million on lobbying [link]
@ilyseh » 07 Feb '12, 10pm
Cost of doing business. RT @drgrist: 2011 Big Oil spent $1.6 mil on campaign contributions & $65.7 mil on lobbying. [link]
@twizz0r » 07 Feb '12, 11pm
RT @drgrist: Big Oil’s banner year: Higher prices, record profits, less oil [link]
@Dr_BJL » 07 Feb '12, 11pm
RT @drgrist: Big Oil profits up 75% from 2010, to record-high $137 billion, despite producing 4% less oil. [link]
@adinalav » 07 Feb '12, 11pm
RT @drgrist: In 2011, Big Oil spent $1.6 million on campaign contributions & $65.7 million on lobbying. [link]
@tamikenn57 » 07 Feb '12, 11pm
RT @drgrist: As of the end of 2011, Big Oil was sitting on $58 billion in cash reserves. [link] Can't afford to pay for CO2 though!
@GreenCartoons » 07 Feb '12, 10pm
RT @drgrist: In 2011, Big Oil spent $1.6 million on campaign contributions & $65.7 million on lobbying. [link]
@joabbess » 07 Feb '12, 10pm
RT @drgrist: Big Oil profits up 75% from 2010, to record-high $137 billion, despite producing 4% less oil. [link]
@tamikenn57 » 07 Feb '12, 10pm
RT @drgrist: In 2011, Big Oil spent $1.6 million on campaign contributions & $65.7 million on lobbying. [link]