Ok, here's links to Oil Companies making more Money Profit then they ever have before.
Unless Congress acts, Taxpayers will lose another $7 billion
Since 2001, energy corporations have showered federal politicians with $115 million in campaign contributions—with three-quarters of that amount
going to Republicans. This cash helped secure energy companies and their lobbyists exclusive, private access to lawmakers, starting with
Vice-President Dick Cheney’s Energy Task Force, whose report provided the foundation of the energy bill passed by Congress and signed by President
Bush on August 8.
This energy bill will do nothing to address America’s energy problems; rather, it will make matters worse. The United States is one of the largest
producers of energy—for example, we are the third-largest producer of crude oil in the world—so our problem is not that we don’t produce enough
energy, but that our rates of consumption are among the highest of all countries. Our economic competitors in Europe and Asia typically use half the
energy per person than we do, which helps explain why the United States alone uses 25% of the world’s energy every day. Reflecting the fact that
energy companies helped write the legislation, the energy bill lavishes these lucrative corporations with billions of dollars of taxpayer subsidies,
while doing little to curb energy demand.
In addition to providing billions of dollars to already wealthy oil, nuclear and coal companies, the energy bill abandons consumers by repealing the
Public Utility Holding Company Act (PUHCA), one of the most effective consumer and protection laws governing the power sector. With this law now gone,
investment banks, hedge funds, insurance companies and oil companies will now be allowed to own utilities, giving these new corporate owners license
to raid the utilities’ guaranteed revenue streams for use in leveraging non-utility acquisitions, opening the door to price-gouging of
A gusher of impressive quarterly and annual profits for the oil industry is going to attract a lot of attention on Wall Street and Capitol Hill in the
ConocoPhillips kicked off the fourth-quarter earnings season for big oil on Wednesday with an impressive $13.5 billion annual profit, up 66 percent
from its 2004 performance. The rest of the major integrated oil and gas firms will march out their end-of-year books during the coming week and a
And here is Bush giving Tax Money to the same people.
Last year, House Republicans pushed for a provision in the energy bill that allows oil companies to avoid paying fees to the federal government for
the right to drill for oil in publicly owned coastal waters. This break could amount to a giveaway of more than $7 billion over five years to an
industry that is seeing record profits (NYT, 3.27.06).
This is details, you know how the 125Billion Profit to Oil Companies is a good thing while we pay more at the pump, so Bush gives them Billions
Big Oil companies post record breaking profits. While Americans pay more at the pump, the five largest oil companies reported a record $110 billion in
profits in 2005. Exxon Mobil alone raked in $36 billion in profits, the largest annual profit of any American company. And this past week, it became
clear that those record profits are continuing in 2006.