Every hour so far in 2012, the five largest oil corporations have recorded a$14,400,000 profit. And every hour, they received more than $270,000 in federal tax breaks. That adds up to $2.4 billion in subsidies every year for the five largest oil corporations — Royal Dutch Shell, ExxonMobil, Chevron, BP, and ConocoPhillips — all ranked as the top 9 companies in the world.
Even though BP posted an unexpected second-quarter loss, these five companies are on track to meet last year’s record profits. Put these numbers into context, and they are not so “disappointing“: Big Oil profits more in one minute than what 96 percent of American households earn in one year. Even so, Mitt Romney and House Republicans want to double what the five companies receive in federal tax breaks to $12.8 million per day, even though the three publicly owned U.S. companies paid an average tax rate of under 17 percent.
The graphic below illustrates where Big Oil directs these profits and its pollution over the course of a day:
1 Center for American Progress, 7/30
2 Center for American Progress, 7/31
3 EPA
4 Wall Street Journal
5 Open Secrets
Even though BP posted an unexpected second-quarter loss, these five companies are on track to meet last year’s record profits. Put these numbers into context, and they are not so “disappointing“: Big Oil profits more in one minute than what 96 percent of American households earn in one year. Even so, Mitt Romney and House Republicans want to double what the five companies receive in federal tax breaks to $12.8 million per day, even though the three publicly owned U.S. companies paid an average tax rate of under 17 percent.
The graphic below illustrates where Big Oil directs these profits and its pollution over the course of a day:
1 Center for American Progress, 7/30
2 Center for American Progress, 7/31
3 EPA
4 Wall Street Journal
5 Open Secrets
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