28 Apr '12, 2am

Big Oil's Big Profits show the don't need tax breaks | Care2 Causes

Big Oil's Big Profits show the don't need tax breaks | Care2 Causes

The latest round of oil industry quarterly profits is trickling in. Once again, the oil industry is posting multi-billion dollar profits — much of that thanks to the high price that consumers are paying at the gas pump. Shell Oil saw an 11 percent jump in profits over this time last year, raking in $7.7 billion in just three months. Their profits for the first quarter of 2012 are expected be more than $21 billion — nearly $10 million every hour in pure profit . Over the last decade, the oil industry has made more than $1 trillion. In the last year alone, the largest oil companies took home more than $137 billion in profits. Every time the price at the pump ticks up just a penny, another $200 million flows into the oil industry coffers. These latest profits come on the heels of a vote in the Senate to repeal some of the tax breaks that the most profitable oil companies rece...

Full article: http://www.care2.com/causes/big-oils-big-profits-show-the...

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