01 May '11, 12pm

REPORT: From 2005-2010, Big Oil spent vast majority of its net profit enriching executives

This week, the Big Five oil companies announced their first quarter profits, which, with oil well over $100 per barrel, came to more than $30 billion . Exxon alone registered nearly $11 billion in profits , a 69 percent increase over their first quarter profit a year ago. If history is any example, these profits — gained at the expense of American consumers, from prices thatare helping to slow the American economy — are going to go straight towards enriching oil executives. WonkRoom has the story . As a new report from Citizens for Tax Justice shows, Big Oil, between 2005 and 2010, spent the vast majority of its net profits boosting dividends and purchasing its own stock — actions that largely help line CEOs’ pockets: Among the largest five oil companies, less than 10 percent of after-tax profits went to exploration for new oil fields during the 2005-2009 period. Meanwhile...

Full article: http://climateprogress.org/2011/05/01/report-big-oil-prof...

Tweets

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Domestic manufacturing tax deduction: This is the largest single tax break, and would save over $1.7 billion a year if eli...

Four Ridiculous Subsidies for Big Oil That Shou...

treehugger.com 03 May '11, 12am

Domestic manufacturing tax deduction: This is the largest single tax break, and would save over $1.7 billion a year if eli...

Big Oil

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