28 Apr '11, 3pm

#BigOil rakes in massive Q1 profits (best in years), yet still demands huge fed subsidies #teaparty #p2

#BigOil rakes in massive Q1 profits (best in years), yet still demands huge fed subsidies #teaparty #p2

Oil giants post massive Q1 profits, demand huge subsidies April 28, 2011 Exxon stood head and shoulders above the other big five oil companies with first-quarter profits of nearly $10.7 billion. CAP’s Valeri Vasquez has the details. The first anniversary of the BP fatal oil disaster in the Gulf of Mexico reminded Americans of the enormous human and economic costs of our oil dependence. One year later, BP is posting first-quarter profits of nearly $5.5 billion . This 17 percent growth from 2010’s first-quarter earnings comes despite BP having distributed a mere 19 percent of the $20 billion it agreed to pay oil spill victims and their families. The four other Big Oil companies—ExxonMobil, ConocoPhillips, Chevron, and Shell—also enjoyed massive profits in the first quarter of 2011 compared to 2010 due to high oil prices. These four companies reported a combined $18.2 billion...

Full article: http://climateprogress.org/2011/04/28/big-oil-profits/

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