Oil Companies Are Raking In The Profits — And Tax Subsidies

The big 3 oil companies have reported a combined profit of $44 billion for 2012. The New York Times reported that these earnings have actually dropped based on stated expectations earlier this year. They are attributing it to the lower gas prices. They also note that the top five oil companies receive a total of $2.4 billion in tax breaks each year. 

According to Republicans, in order to balance our budget, they want to cut tax credits and programs that benefit the middle class, i.e., education funding for Pell Grants and public universities, tax credits like the earned income tax credit and mortgage deductions, Meals on Wheels and food subsidies for low-income families, but they absolutely refuse to end these oil and gas industry subsidies.  

The Center for American Progress Action has analyzed Romney’s tax plan and it would actually lower the top five oil and gas companies yearly tax rates by another $2.3 billion. They say this would double what they already receive in tax breaks. 

Think Progress wrote on this subject and they actually listed some of the ways these oil companies are spending their money. 

ExxonMobil:  

– Exxon spent 42 percent — or $10.7 billion — of its 2012 profits buying back its stock, which enriches executives and largest shareholders. 

– Exxon has spent $17 million lobbying for the past 18 months, making it the top spender in the oil and gas industry. It has spent more than $52 million lobbying for the first three years of the Obama presidency, 50 percent more than in the Bush administration. 

– Exxon is sitting on $18 billion in cash reserves. 

– Exxon send federal candidates $1.3 million in campaign contributions so far this campaign cycle, sending 91 percent to Republicans. 

– Exxon paid just 13 percent in federal taxes last year, lower than the average American family. Right after Mitt Romney, Senate Minority Leader Mitch McConnell (R-KY) is the top recipient of Exxon federal contributions. 

– Exxon CEO Rex Tillerson received $24.7 million total compensation.

Royal Dutch Shell: 

– Shell will start drilling in the Arctic this summer, but its oil spill response plan is still behind schedule. It’s off to an inauspicious start in the Arctic, recently losing control of an Arctic drilling rig. 

– Shell has spent nearly $22 million for the past 18 months, making it the second-biggest spender of the oil and gas industry. 

– Shell has more than $17.3 billion in cash reserves. 

– Shell bought back 15 percent of its second-quarter profits, or $900 million. 

– Shell CEO Peter Voser’s compensation more than doubled in 2011 to $15.3 million. His salary increased (in euros) by 113 percent. 

– In its annual report, Shell noted that the number of oil spills increased from 195 in 2010 to 207 during 2011.

Good News Story — CEO Gives Bonus To Employees

Not all CEO’s are bad. Want proof? Yang Yuanqing, CEO of a technology company in China chose to take his $3 million bonus and distribute it to the 10,000 junior-level employees. Per a CNN report: 

The employees, such as receptionists, production-line workers and assistants, each received an average bonus of 2,000 yuan, which is $314, in the name of their CEO. 

Yang had received the additional $3 million boost in his bonus after the company had its best fiscal year ending in March.  

The $30 billion personal technology company saw a 73% bump in net profit from the previous year, which Yang had described as a “record-setting year for Lenovo,” according to a press release.  

Yang had earned $5.2 million in bonuses for the fiscal year ending in March. His total earnings, including salary, incentives and other benefits, amounted to $14 million, according to the company’s annual report. 

I hope we can one day see this kind of loyalty to the underlings that make it possible for corporations to thrive. I wonder what Romney would think about this.

Conspiracy Theory: Villain In Batman Movie Called Bane — Is This An Accident?

Yes, the crazy Republicans are getting even crazier.  You didn’t think it could happen, and frankly I am now passed the stage of surprise when they come out with these theories. 

Rush Limbaugh is now theorizing that the villain in the new Batman movie whose name is Bane may have been planned in order to hurt Mitt Romney.  Last night Rachel Maddow took on this latest conspiracy theory, and in her usual witty, mocking fashion she nails it making the far right look even more crazy. 

Also, just for fun I wanted to throw this picture in the post.  I found this at Upworthy.com.   

NAACP Booed Mitt Romney For Calling On Repeal of Obamacare

I wonder if Romney realized who his audience was when speaking at the NAACP convention. Did he think he was at the Koch brothers fundraiser in the Hampton’s, one of the three he attended over the weekend? Because it is hard to image why he would call for a complete repeal of the Affordable Care Act to an audience whose majority of constituents would benefit from it.  

He also told the audience that he would “support traditional marriage” I assume forgetting that the NAACP came out in support of same-sex marriage a few months back. 

Yet again, more examples of just how out of touch this man is. I think it is safe to say he failed at making any headway in gaining support from the people attending. Nice try though, Willard!