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Big 5 Oil Companies Going for the Gold Second-Quarter Earnings Race Ahead, Boosted By Tax Breaks


Business  (tags: corruption, consumers, americans, politics, dishonesty, economy, energy, ethics, government, oil )

Carrie
- 667 days ago - americanprogress.org
Middle-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.



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Comments

Deborah F. (2)
Monday October 1, 2012, 11:50 am
noted
 

JL A. (272)
Monday October 1, 2012, 1:59 pm
Which also means they do not need subsidies at taxpayer expense these days!
 

Brian M. (145)
Monday October 1, 2012, 2:07 pm
Wow. It is very much like a cycle of life. Big Oil has boost in profits, which leads to more payola for their drones in the two party system, which leads to more subsidies for Big Oil, which leads to a boost in profits, etc., etc., ad infinitum.
 

Carol H. (229)
Monday October 1, 2012, 6:13 pm
noted with much disgust!
 

Kamila A. (141)
Tuesday October 2, 2012, 12:27 pm
They are criminals, simply stated.
 

Tom Sullivan (99)
Tuesday October 2, 2012, 12:54 pm
Noted, Greedy &%(%#@
 

Esther S. (45)
Tuesday October 2, 2012, 2:01 pm
I know some things about Exxon. The fact is that Exxon makes a lot of its income from other countries. Then they have to pay taxes to those other countries. They also have a lot of expenses because they are always looking for new sources of oil around the world. If they had not done that, the cost of oil would be a lot higher than it is now because we would have a shortage of oil. These are the things that they can deduct from their income when they figure out their tax payments. They are rightfully allowed to deduct the costs of research and development and the tax that they have to pay other countries because they sold oil and had a profit in those countries.The total amount of their world-wide income iscounted because they remained a U.S. company. They could have done what some other companies have done and set themselves up outside of the U.S. but they didn't do that. Therefore our country benefits from that because although they can deduct their costs and the taxes that they have to pay to other countries, they still count the money they make outside of the U.S. as taxable by the U.S.
 

David Menard (43)
Tuesday October 2, 2012, 2:23 pm
With the massive profits they make they do not deserve tax breaks or subsidies! while the country is broke and the repugs are trying to destroy medicare and social security . This is CORPORATE welfare !
 

Ann Breeden (65)
Tuesday October 2, 2012, 3:56 pm
I hope they're all enjoying their caviar.
 

Carrie B. (305)
Tuesday October 2, 2012, 5:08 pm
Esther S., I'm still laughing. You can't possibly believe all that.
 

louise Woychesko (1)
Tuesday October 2, 2012, 7:05 pm
They are not rich enough...They want tax breaks and subsidies and lobby for greater power. They do not care about the environment only $$$$
 

Lois Jordan (55)
Wednesday October 3, 2012, 4:18 pm
And don't forget that oil speculation was never stopped either---a main reason why the price per barrel is enormously overpriced.
 

Tracy G. (3)
Wednesday October 3, 2012, 9:35 pm
Gross.
 
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