Stig Östlund

onsdag, juni 01, 2011

Will Ending Tax Breaks for Big Oil Make a Difference?


By STEVE AUSTIN for OIL-PRICE.NET, 2011/06/01

The controversial bill proposed by the Democrats to end the substantial tax breaks extended to the major oil companies known as 'Big Oil' did not make it. Big Oil commonly refers to the five industry giants - Exxon, Shell, BP America, Chevron, and ConocoPhilips. It is estimated that these companies have garnered profits of about $900 billion in the past decade alone! The rise in prices of gas and crude oil has fetched them over $30 billion in the first quarter of this year. Despite this, over the years, the federal government has been providing them with various types of subsidies through tax codes.

http://www.oil-price.net/

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