The world's largest oil companies — ExxonMobil, Shell, Chevron, BP, and ConocoPhillips — will begin to announce their third-quarter profits for 2012. In the first half of 2012, these companies — all ranked in the top 10 of Fortune 500 Global — earned over $60 billion.
The oil industry reinvests tens of millions of these dollars for political purposes, including nearly all political contributions to Republicans, lobbying, and campaign ads.
Through its enormous spending, these five and other Big Oil companies have fought to maintain $4 billion of their annual subsidies, while seeking to undermine clean energy investments."* Cenk Uygur breaks down this ridiculous perversion of the free market and looks into how oil companies are getting their tax breaks and spending their money.
*Read more from Rebecca Leber/ Think Progress:
By: The Judge
In: Other News
Tags: Big, Profiteering, Oil, Companies, Billions, Hard, Earned, Dollars, Tax, Breaks, Buy, Politicians
Location: United States (load item map)
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