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One (Obscenely Profitable) Day In the Life of Big Oil August 2, 2012

Posted by rogerhollander in Economic Crisis, Energy, Environment.
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08.02.12 – 12:02 PM, www.commondreams.org

 

by Abby Zimet

Every hour this year, the five biggest oil companies have made $14,400,000 in profits, or more in one minute than what 96% of American households earn in one year. Each hour they also received over $270,000 in federal tax breaks, or $2.4 billion a year. Romney and the GOP want to double that, even though they already pay under 17% in taxes. ThinkProgress created a great chart tracking their money and pollutants over one day.

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  • Suspiria_de_profundis 1 comment collapsed CollapseExpand

    It not just BIG OIL. It the entire rotten Corporate State that does this.

    70 percent of all income announced as profits last year by JP MOrgan were bailout funds and subsidies.

    General Electric pays a negative income tax rate as they outsource more jobs to China.

    Caterpillar makes record profits yet demands its workers in USA take massive wage cuts or jobs will be moved off shore.

    Wal_Mart employees are paid such a pittance as its owners roll in billions of dollars, thaty the State has to subsize the worker with health care and food stamps.

    CAPITALISM is the problem.

     

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  • Vlorg 1 comment collapsed CollapseExpand

    So here we have some nasty-looking facts about Big Oil, combined with a PhotoShop-ped photo of a hapless-looking GW Bush (“Will Kill for Oil”) and the assertion that “Romney and the GOP want to double” Big Oil’s federal tax breaks.

    Should we therefore see Big Oil’s evil-doing as mainly evincing the wickedness of “Republicans?” Should we therefore imagine that Democrats are any less the slaves of the oil corporations than Republicans? Isn’t there a guy in the White House named Obama who just in the past 2 years, ran interference for BP in the Gulf of Mexico oil disaster, after reversing himself and coming out in support of off-shore drilling?

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  • theoldgoat 1 comment collapsed CollapseExpand

    The wiggly fingered hypnosis of greed and power – the delusional thingification of life:

    dye your hair
    buy the most ‘exclusive’ expensive lifestyle that proves you are .001%
    live like there’s no tomorrow

    will get you

    ‘died’ hair
    exclusion from the natural paradigm
    no tomorrow

    What a return on investment – yahoooooo!!!

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  • speakup2day 1 comment collapsed CollapseExpand

    “Each hour they also received over $270,000 in federal tax breaks, or
    $2.4 billion a year. Romney and the GOP want to double that, even though
    they already pay under 17% in taxes.”

    So, will we next hear Obama and the Democrats tell us they will double the federal tax breaks to the five biggest oil companies to $540,000 per hour, or $4.8 billion a year? Because that’s how this administration works.

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