27 Apr '11, 2pm

On Our Radar: Big Profits for Big Oil: Leading the pack is Exxon Mobil, whose profits are expected to approach

A sharp run-up in oil prices since January will produce a windfall for major oil companies, which are expected to report their biggest quarterly profits since 2008 this week, analysts said. Leading the pack is Exxon Mobil, whose profits are expected to approach $10 billion for the first three months of the year. [MarketWatch] The House speaker, John Boehner, suggests in an interview that he is open to repealing a tax break that saves the oil industry roughly $4 billion per year. “I don’t think the — the big oil companies need to have the oil depletion allowances,” he tells ABC. “We certainly oughta take a look at it.” [ABC News] Yet Michael Steel, a spokesman for Mr. Boehner, walks the comment back after the suggestion is embraced by President Obama and other Democrats. “The speaker made clear in the interview that raising taxes was a nonstarter, and he’s told the presiden...

Full article: http://green.blogs.nytimes.com/2011/04/27/on-our-radar-bi...

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