11 Jul '12, 9pm

3 of the 5 richest corporations on earth are oil companies. Why are we subsidizing them again? #EndFossilFuelSubsidies

Fortune Magazine is out with its Fortune 500 , its annual ranking of America's largest and most powerful corporations. In pole position is Exxon, whose profits in 2011 rose 35% to $41.1 billion. A good haul, by any definition. Only Wal-Mart stood in the way of a clean sweep by oil and gas companies at the top of the leaderboard, with Chevron ($26.9 billion profit) and ConocoPhillips ($12.4 million profit ) taking spots 3 and 4. So with oil companies making more money than in the history of money, why do Mitt Romney and Paul Ryan continue to support taxpayer giveaways to these massive corporations? Oil companies enjoy about $4 billion annually in federal tax subsidies, and Ryan's budget, which Romney supports, preserves these giveaways while cutting back on Medicare, Medicaid, education, and other vital services. When you factor in subsidies for gas and coal, fossil fuel co...

Full article: http://www.350.org/en/about/blogs/why-do-mitt-romney-and-...

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