Total SA made $3.2 in the third quarter; Shell: $3.5; Chevron: $3.8; Exxon: $7.4; and most telling of all, BP has emerged back into the black reporting a third quarter profit of $1.8 billion. This quick rebound from second quarter losses stemming from the Gulf of Mexico spill makes it clear that they are on their way to billions more in profit. All told, these significant profits continue to add on to a decade of raking in record breaking profits by the oil and gas industry. In 2009 alone, the above companies recorded $64.4 billion in profits.
With the dawning of the 112th Congress, it is imperative that Congress, whatever the makeup, stop the endless gravy train of taxpayer-funded subsidies to Big Oil. Our Green Scissors 2010 report identifies specific cuts to oil subsidies that will save taxpayers billions. With yearly deficits running into the trillions and a ballooning debt, the 112th Congress must come together to eliminate these subsidies and protect the taxpayer.
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