The Obscene Profits of Big Oil
By Steve Kinsman, 2nd Aug 2012 | Follow this author
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Posted in WikinutNewsBusiness
The most profitable corporations in the world are oil companies, thanks to gargantuan subsidies and tax breaks governments give them.
Laughing all the way to the bank
You and I don't just support the oil companies when we buy their gas, we also give them huge amounts of the money we pay in taxes. In every hour of every day, the five biggest oil companies - Royal Dutch Shell, Conoco Phillips, BP, Exxon Mobile and Chevron - receive over $270,000 in federal tax breaks, which adds up to $2.4 billion in subsidies every year.
Romney wants to give the oil companies even more of your tax money
Mitt Romney, and the Republicans in the House of Representatives, are calling for more tax breaks for big oil. In fact, they want to double, to $12.8 million a day, what the top five oil companies receive in federal tax breaks.
In a single minute, big oil rakes in more profit than what 96 percent of American households earn in a year. Every single hour, they make $14,400,000 in profits. On average, oil companies pay an average tax rate of under seventeen percent, but if your yearly salary is thirty thousand dollars you will pay an average of thirty percent of your hard earned money in federal income taxes.
Link:
Greenpeace Shutters 77 Gas Stations in Europe
Preview photo from wikimedia common
Chart from commondreams.org
Comments
2nd Aug 2012 (#)
Obscene is an understatement Steve...How about criminal?
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2nd Aug 2012 (#)
Criminal sounds like the word. Thanks Jerry,.
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2nd Aug 2012 (#)
Slimy.....the worst humanity has to offer.
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3rd Aug 2012 (#)
Indeed.
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2nd Aug 2012 (#)
Almost as bad as the big profits banks post... I would say banks posting profit is even worse.
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3rd Aug 2012 (#)
I think it's perhaps a tie.
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2nd Aug 2012 (#)
thanks for more enlightenment Steve but how do they get away with it...please someone tell me..
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3rd Aug 2012 (#)
They get away with it because they own all the politicians.
Thank you cnwriter.
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3rd Aug 2012 (#)
Frankly, it a monopoly with no incentive for them to pursue alternate energy quests. The world is playing into the hands of oil producing countries and those in this trade. If the governments had subsidized solar energy instead, poor countries in Africa and Asia would have become self-sufficient in energy needs. India had a black out couple of days ago with fifty percent of population, that is 600 million without power. India imports 80% of energy needs - a tightening noose by the day! Another important fact that we take for granted; thanks Steve - siva
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3rd Aug 2012 (#)
Mitt Romney's campaign has stated, just yesterday, that he favors ending current subsidies for wind power companies, but he wants to double the current tax breaks for oil companies.
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3rd Aug 2012 (#)
Thanks for the share, Steve.
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3rd Aug 2012 (#)
Thank you Buzz.
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6th Aug 2012 (#)
Steve, before the flood (that’s a whole other debate) CO2 levels where 400 percent higher than after and people lived longer, healthier lives and plants grew at astronomical rates. My point is until there are dilithium crystals or another alternative and I can walk into a restaurant and cook my own food and serve myself, it’s the best we have. A couple of billion a year in regards to the return we get is well worth it compared to the trillion we spend on superfluous stuff, let’s not even go there. By the way, I have a better way but can’t get any help on getting it out there, writing a book about it though.
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6th Aug 2012 (#)
What flood?
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7th Aug 2012 (#)
Game on, where are the trees? I believe among other things that I did evolve from some primordial magical pool of ooze and I have seen monkeys in zoos and while I am convinced they are not my ancestors, I would agree that most people act like them. In all due respect, surely if there were not a biblical world changing event that did not happen about 4800 years ago, there would be some dang older trees than that, where are they? Let’s set aside the Dinosaurs became extinct 65 million years ago until I can do some simple math. In my mind we are not dealing with millions or billions of years because you do not have to be a rocket scientist to know that biscuit just doesn’t bake (prove me wrong). Let’s just keep it civil and respectful; obviously we have very differences of opinion. Let’s see where this goes. You believe what you believe and I believe what I believe, let’s make it a conversation. In all fairness, I have a copy of the world’s owner’s manual, granted like your car’s I need to read it more. In all respect, you have to admit it will get both of us more followers and traffic, hopefully. Let’s go!
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6th Aug 2012 (#)
good post Steve, but this is inevitable ?
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6th Aug 2012 (#)
Nothing is inevitable. That implies nothing can ever be changed.
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10th Aug 2012 (#)
Interesting facts and figures! There is hardly anything one can do as there is no alternative source of energy available to replace this fuel! That is why petrodollars are becoming more powerful day by day! Thanks for sharing dear Steve!
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10th Aug 2012 (#)
There are plenty of alternative sources of energy available, but big oil's influence prevents their development. Thanks for commenting A K.
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