ConocoPhilips (Texas) 1.9 / 1.7
Maybe Obams's recent declaration that it's time to end oil subsidies http://chrissearles.blogspot.c... is legit, right? Add to the above the fact that US Oil & Gas companies recv'd nearly 4x more incentive dollars http://chrissearles.blogspot.c... over the last 60 years than any other US energy sector (including: natural gas, coal, nuclear, hydro, renewables, and geothermal), plus the number of Americans struggling to pay rent (or eat), plus the extraneous impacts of all that Gas & Oil on our health and environment, and the facts above just plain stink.
The Weiss/Weidman/Leber article is definitive. 2011's "Big Oil" companies produced less, raised prices, earned record profits, reinvested significantly in their own company stock, and earned a 30:1 return on their tax break / subsidies lobbying in D.C.
A couple of eye-popping quotes from their article:
ExxonMobil, the most profitable of the big five, paid an effective tax rate of 17.6 percent (from 2008-2010 data), which is 3 percent less than what the average American family paid. But Exxon and other oil companies that receive these tax breaks do not pass benefits on to consumers.
Despite generating $546 billion in profits between 2005 and 2010, ExxonMobil, Chevron, Shell, and BP combined to reduce their U.S. workforce by 11,200 employees over that time.
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Visit my blog for more briefs on economy/environment & climate: http://chrissearles.blogspot.com/
See "Big Oil" article here: http://thinkprogress.org/romm/...
