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Editorial: Welfare for oil billionaires?

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Posted on May 16, 2011 |
By Angelo S. Lynn



The big five oil companies in the United States — Chevron, Shell Oil, BP America, ConocoPhillips and Exxon Mobil — made $35 billion in profit in the first three months of 2011. In his public radio address last week, President Barack Obama called for eliminating tax breaks for all oil and gas companies — a move that would eliminate about $2 billion annually in tax breaks for these five oil giants and raise $44 billion over the next decade. At $140 billion in profit per year for the big five, that’s less than 1.5 percent of their profit.

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