Thursday, October 27, 2011

They need more and more

Exxon's Profits Hit $31 Billion So Far This Year, Yet Big Oil Subsidies Flourish
I'm not sure this can even be considered news anymore, given the regularity with which it happens: ExxonMobil has posted massive earnings. Again. The oil giant claims quarterly earnings of $10.3 billion dollars, bringing the yearly total thus far to $31 billion. And yet, this obscenely profitable company still gets annual federal handouts to the tune of billions of dollars a year. To make matters worse, leading GOP presidential candidates' energy plans include expanding federal handouts to Big Oil.
Hey, without the subsidies they may only make $8 billion.

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