Big Oil and the Budget/Deficit Debate

There are some people who will immediately discount the following information simply because the source is  The Progress Report Banner, what is generally considered to be a liberal/progressive information source.  Whether the information comes from a liberal or a conservative source (e.g. The Wall Street Journal), the facts are the same:  the big oil corporations continue to make billions of dollars in profits even as they continue to receive government tax and incentive subsidies.  Please read closely and note that the figures below are not for a full year, say for 2010, but are for second quarter 2011, that is April to June only of 2011 and they are profits.   Three Months!

The budget/deficit debate in the House and Senate of the United States continues to slide away from the elimination of these subsidies and toward cuts to services that ALL Americans, not just corporate CEOs or shareholders, receive — Medicare and Social Security, clean air/water regulation, environmental protections and assistance to “the least among us.”  The debate has included such possibilities as doing away with or lowering PELL grants for low-income students, eliminating the mortgage interest tax deduction, defunding the EPA and Interior Departments to the point where enforcement of existing regulations that protect drinking water, mine safety and air quality, for example, is impossible.

Our government is supposed to be “of, by and for the people,” and so, unless you think this is fair (and who knows, you might), I suggest that you write/call/email your congressmen, those representatives and senators who are elected BY THE PEOPLE, NOT BY THE CORPORATION and let them know how you feel about this.  As far as I am concerned, this is absolutely unacceptable and would say, “read it and weep,” but I don’t want you to weep, weeping is generally associated with hopelessness and the facing of a situation that cannot be changed.  This can and must change.  Therefore, I say, “read it and get DAMN MAD!!!!  Call and write your congressmen and let them know how unacceptable this is!  Compromise means that both sides come together, it’s not one side of the debate completely caving!  Everyone must tighten — YES, EVEN BIG OIL!!!

Link here to find your congressional representatives:   http://www.usa.gov/Contact/Elected.shtml

No ‘Shared Sacrifice’ for Big Oil

While the government’s coffers are nearly empty (not unlike the wallets of millions of Americans), Big Oil is still flush with cash — including some of the $4 BILLION in taxpayer-funded handouts they’ll get from Uncle Sam this year. This week, the government-subsidized oil giants once again reported tens of billions of dollars in profits.

As the nation teeters on the brink of default, the GOP wants us to “kiss Medicare goodbye” (along with Medicaid and Social Security), but they still refuse to touch a dime of the $77 BILLION in taxpayer handouts that we’ll give to the most profitable industry the world has ever known over the next 10 years.

Here are the numbers you need to know:

$3.4 BILLION

ConocoPhillips’ second quarter profit.

$5.6 BILLION

BP‘s second quarter profit, which investors called “disappointing.”

$8 BILLION

Shell’s second quarter profit.

$10.7 BILLION

ExxonMobil’s second quarter profit.

17.6 Percent

ExxonMobil’s effective federal tax rate.

20.4 Percent

The average American’s individual effective tax rate.

41 Percent

The increase in ExxonMobil’s second quarter profits.

$77 BILLION

The cost of taxpayer-funded subsidies for Big Oil from 2011-2021.

In one sentence: Even as ExxonMobil made more than $118 MILLION a day in profits last quarter, it is still paying a lower tax rate than the average American.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s