Tax Breaks - Big Oil Makes Massive Profits whilst the Federal Budget Struggles

Tax Breaks - Big Oil Makes Massive Profits whilst the Federal Budget Struggles

by cp@oilprice.com (Climate Progress)

Second-Quarter Earnings Race Ahead, Boosted by Tax BreaksMiddle-class families may have gotten some relief in the second quarter of 2012 due to slightly lower gasoline prices compared to the first quarter of the year, but billions of dollars in big profits continue to pile up at the Big Oil companies. In the first half of 2012, the five biggest oil companies—BP plc, Chevron Corp., ConocoPhillips, ExxonMobil Corp., and Royal Dutch Shell Group—earned a combined $62.2 billion, or $341 million per day. This compares to an average dip in…Read more...