Showing posts with label gasoline. Show all posts
Showing posts with label gasoline. Show all posts

Tuesday, April 26, 2011

Obama to Congress: End Big Oil's tax breaks... NOW

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In a letter Tuesday afternoon, President Barack Obama urged House and Senate leaders to "take immediate action to eliminate unwarranted tax breaks for the oil and gas industry, and to use those dollars to invest in clean energy to reduce our dependence on foreign oil."





Rising Gas Prices Expected To Increase Exxon’s Earnings By More Than 50%






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Rising Gas Prices Expected To Increase Exxon’s Earnings By More Than 50%

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The country’s five biggest oil companies — BP, Chevron, ConocoPhillips, ExxonMobil, and Shell — made a total profit of nearly $1 trillion over the last ten years. In 2008, ExxonMobil broke its own record for most profitable year for a public company in history by making more than $45 billion. And according to an analysis in the Wall Street Journal, rising oil prices in 2010 mean that Big Oil’s profits this year “could come close to rivaling the industry’s record year in 2008”:

Despite these sky-high profits, House Republicans voted unanimously last month to preserve the billions in subsidies that oil companies receive from the federal government every year. Gas prices in many parts of the country are currently higher than $4 per gallon.






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