Big Oil’s First-Quarter Profits

Big Oil’s first-quarter profits jumped 45% to nearly $36 billion At a time when our gas prices are through the roof and disasters on multiple continents, oil companies are rolling in the dough. They are bringing in record profits (not to mention the record bonuses handed out by Wall Street for 2010).

The class warfare is becoming more and more apparent as the days and months go buy. While they are back to making money at pre-2008 and pre-Gulf oil spill levels, we are having to jump through hoops to get buy a house or hold onto a house that is under water or heaven for bid going into foreclosure.

Here are oil company profits for the first quarter of 2011; also, American companies previous profits and tax breaks:

Exxon Mobil Corp:
2011 profits swelled by 69% to $10.7 billion.
2009 profits of $19; paid $0.00 in federal income tax and received a $156 million IRS rebate.

Royal Dutch Shell:  
2011 profits jumped 60% to $8.8 billion.

2011 net income rose 17% to $7.1 billion.

Chevron Corp
2011 earnings jumped 36% to $6.2 billion.
2009 profits of $10 billion; $19 million refund last year.

2011 first-quarter profits widened by 44% to $3 billion.
2007 to 2009 profits of $16 billion; received $451 million in tax breaks

This should be unacceptable, infuriating to all of us. I truly hope we can keep up this anger that we have seen over the past few months since the 2010 election and change the trajectory our country is heading.

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