Big Oil Raked in Billions as Consumers Paid Record Gas Prices
While you were paying record prices at the pump in 2012, the cash was flowing to oil companies such as Exxon Mobil and Chevron, according to recently released earning reports. Exxon, which is now the world’s most valuable company, made $45 billion while Chevron’s profit was $26.2 billion.
In total, Big Oil–which benefits from continued subsidies paid by you, the taxpayer–earned more than $100 billion during the year.
Here are some highlights of Exxon’s and Chevron’s reports from Think Progress:
Exxon received $600 million annual tax breaks. In 2011, Exxon paid just 13 percent in taxes. The company paid no taxes to the U.S. federal government in 2009, despite 45.2 billion record profits. It paid $15 billion in taxes, but none in federal income tax.
Exxon’s oil production was down 6 percent from 2011.
In fourth quarter, Exxon bought back $5.3 billion of its stock, which enriches the largest shareholders and executives of the company.
In October, Chevron made the single-largest corporate donation in history. Chevron dropped $2.5 million with the Congressional Leadership Fund super PAC to elect House Republicans.
The bulk of Chevron’s federal contributions came from the super PAC donation, for a total of $3.87 million for the 2012 cycle. 85 percent went to Republicans.
Chevron spent $9.55 million lobbying Congress in 2012, according to the Center for Responsive Politics.
— Posted by Tracy Bloom.