Infographic: A Day In The Life Of Big Oil

Written by Rebecca Leber, Adam Peck

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
4 Wall Street Journal
5 Open Secrets

This post was originally published by ThinkProgress.


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Photo: Ano Lobb/flickr

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Duane B.
.2 years ago

Thank you for sharing.

federico bortoletto

Che schifo!!!

Grace Adams
Grace Adams3 years ago

We need a crash program to REPLACE fossil fuel with sustainable energy--replace petroleum with bio-diesel from algae--sure hire the oil firms to do the R&D and let them keep to bio-diesel product forever and BUY from them whatever fossil fuel reserves they have left. Replace coal with Enhanced Geothermal Systems stuffed with CO2 captured from ambient air by Global Thermostat and give the completed EGSs to the coal mine owners in trade towards their fossil fuel reserves and complete the deal by BUYING all their remaining fossil fuel reserves. And replace natural gas with wind and solar power and BUY their remaining reserves TOO. It will take such drastic action to save agriculture from global warming.

Marie W.
Marie W.3 years ago

Jee what a wonderful day- loaded with money.

Marilyn L.
Marilyn L.3 years ago

I want to know the top 20.

pam w.
pam w.3 years ago

Remember....we've had TWO presidents with close ties to big oil. THAT is how they got so many breaks! They hold the world or go without!

Jen Matheson
Jen M.3 years ago

Wow, they don't derseve *anything* from the government based in what they do all day!

Jamie Clemons
Jamie Clemons3 years ago

Why in Goddess name would anyone give them more tax breaks?
1. They don't need it with record profits.
2. They don't deserve it from all the oil spills they sweep under the rug.
3. They are some of the worst polluters and destroy the environment.

Vicky Pitchford
Vicky P.3 years ago

that's a shame :/

Vivianne Mosca-Clark

I am so done with the gluttony of most of the 1%.

They all need their Karma. Now.