Wednesday, August 03, 2011

No ‘Shared Sacrifice’ for Big Oil

Big Oil Hits A Gusher

Jul 28, 2011 | By ThinkProgress War Room


While the government’s coffers are nearly empty (not unlike the wallets of millions of Americans), Big Oil is still flush with cash — including some of the $4 BILLION in taxpayer-funded handouts they’ll get from Uncle Sam this year. This week, the government-subsidized oil giants once again reported tens of billions of dollars in profits.

As the nation teeters on the brink of default, the GOP wants us to “kiss Medicare goodbye” (along with Medicaid and Social Security), but they still refuse to touch a dime of the $77 BILLION in taxpayer handouts that we’ll give to the most profitable industry the world has ever known over the next 10 years.

Here are the numbers you need to know:

$3.4 BILLION

ConocoPhillips’ second quarter profit.

$5.6 BILLION

BP‘s second quarter profit, which investors called “disappointing.”

$8 BILLION

Shell’s second quarter profit.

$10.7 BILLION

ExxonMobil’s second quarter profit.

17.6 Percent

ExxonMobil’s effective federal tax rate.

20.4 Percent

The average American’s individual effective tax rate.

41 Percent

The increase in ExxonMobil’s second quarter profits.

$77 BILLION

The cost of taxpayer-funded subsidies for Big Oil from 2011-2021.

In one sentence: Even as ExxonMobil made more than $118 MILLION a day in profits last quarter, it is still paying a lower tax rate than the average American.
Evening Brief: Important Stories That You May Have Missed

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It’s probably a bit much to expect sophisticated understanding of strategic deterrence theory from a guy who “misremembers” his own military record.

Tim Gunn may know style, but he doesn’t know Hillary Clinton, diplomacy, or apparently, much about sexism.

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