07 Feb '12, 10pm

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

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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