The Obscene Profits of Big Oil
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.
Greenpeace Shutters 77 Gas Stations in Europe
Preview photo from wikimedia common
Chart from commondreams.org