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Sun, 2012-07-29 13:13Farron Cousins
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How Do You Spend $375 Million A Day? Ask The Oil Industry

The average U.S. household has seen both their net worth and their average income steadily decline over the last seven years. Unemployment in the United States still remains at uncomfortably high levels, and the poverty rate is about to reach highs that haven’t been seen since the 1960’s. But as average citizens are struggling to provide food for their families and gainful employment, there are a special few in the U.S.A. who have more cash than they know what to do with. Those special few would be the oil industry.

While most of us in the U.S. were cringing every time that ticker on the gas pump climbed higher and higher, executives at the top five oil companies were squealing with delight as their profits climbed even faster and higher than the prices at the pump.

This week, oil companies are sheepishly coming forward with their 2nd quarter earnings statements, likely praying that Americans forget about the fact that gas prices were recently at near-historic highs in areas of the country. From Climate Progress:
  

The top two corporations on the Fortune 500 Global ranking, Royal Dutch Shell and ExxonMobil, announced their 2012 second-quarter earnings today, bringing the total profits for three Big Oil companies to $44 billion for 2012 or $250,000 every day this year. Exxon profited by $16 billion this quarter, bringing its earnings for 2012 to $25 billion.

The New York Times wrote that Exxon and Shell’s earnings “disappoint,” because energy prices unexpectedly dropped for consumers this summer. Put their profits in the appropriate context, however, and Exxon and Shell still made a combined $160,000 per minute last quarter, even though the top five oil companies benefit from $2.4 billion federal tax breaks every year.
 
Fri, 2012-03-02 16:50Farron Cousins
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U.S. Chamber Hits The Road To Promote "Oily" Highway Transportation Bill

A bitter fight has erupted in Washington, D.C. in recent weeks surrounding the fate of a much-needed transportation and infrastructure bill. Congressional Democrats wanted to pass a bill that would fund projects to help rebuild roads and bridges, but Republicans were against the idea.

So, in an attempt to get something more tangible out of the legislation, Congressional Republicans loaded the bill down with dozens of handouts to the oil industry, including immediate approval of the Keystone XL pipeline and expanded access to U.S. lands for oil exploration. The amendments would also take national gas tax money away from public transportation projects, and reduce the amount of federal contributions to public employee pensions – two actions that will have devastating effects on middle class America. And with the fight bringing the discussion on the legislation to a halt, the U.S. Chamber of Commerce took it upon themselves to hit the road and sell the bill to the American public.

From the U.S. Chamber:

The business group will be hosting breakfasts, lunches and policy roundtables with local chambers and business associations this week in 12 different cities in Ohio, Idaho, Georgia, North Carolina, South Carolina, Alabama and Louisiana.

Janet Kavinoky, the Chamber’s executive director of transportation and infrastructure, will be on the road trip, along with Alex Herrgott, one of the business group’s transportation lobbyists.

“The idea is to get out, give people a good sense what the bill is and get them talking to their members of Congress and have them get the bill done,” Kavinoky said. “We want Congress to feel like it needs to come back to Washington and get the bill done and put it to bed.”
Mon, 2007-08-06 12:23Bill Miller
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U.S. energy bill clears House, but still faces White House opposition, Senate tussle

The U.S. House of Representatives has passed energy legislation that would extract $16 billion in annual subsidies from oil companies while supporting ‘clean’ energy sources like biofuels, wind, solar and geothermal. But the bill, opposed by President Bush, must be merged with Senate measures before it can become law.

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